We often talk about disruptive technology, new media, the changing business landscape, etc. Marketers should be able to foresee the challenges and face them confidently.
In the current context, organizations are compelled to cut down costs as profit margins become thinner and thinner. The marketing & advertising budget is the first to be cut when an organization wants to cut the cost. So, marketers who love to spend without looking at the ROI will have a tough time. The reason why finance professionals have a better say in an organization is that they show the management how to cut down the costs and increase profit margins. As margins get thinner and thinner; to win the hearts of the top management marketers should be able to achieve the marketing objectives at a lesser cost. That doesn’t mean that we always have to be cost-conscious. We have to be competent to handle every stage that business is going through.
Marketers should be multi-skilled to handle the challenges in 2025 & beyond. How many times have we seen that the product was designed by operations experts, the price was decided by finance professionals, the place was decided by the top management and ultimately marketers are asked to promote the product and show the results? If marketers know the numbers to calculate ROI, are up to date on the latest technologies, knowledge of HR & administration they can actively be involved in every stage of the product development process & bring a better product that can achieve the desired targets.
Can every marketer make a sale? I’m afraid the answer is no. Selling skill is the key for any marketer to understand the actual situation in the field and the behavior of the customer. It will help them to design an effective promotional campaign.
I’m working on important concepts to make the future marketer more competent, which I will share with you in the future. The below concepts will help marketers to add more value to the shareholders by improving profit margins.
Marketing in Finance.
Marketing in HR.
Marketing in Operation.
Disruptive technologies will not be a challenge for marketers if markers can foresee the opportunities.
The Internet of Things is everywhere. Virtual screens, advanced versions of Google glasses, wearable high-tech gadgets, embedded chips in the body to communicate with each other & give regular alerts on health situations, 3D/4D printing, etc. some of the things marketers should consider when planning marketing campaigns in the future. One day our personal identification number can be a global identification number (GIN), whereas we will have only one number from birth to death. This can be a great opportunity for all marketers to track the customers’ buying patterns and build brand loyalty. For example, companies will be able to track the product from factory to end consumer or will be able to capture the details of all the customers who walk into the customer service area. Now it’s time to think on these lines to foresee the future of marketing.
