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How This Recession Mandates A Radical Change In The Rules Of Marketing

Marketing Process Change Here are some salient points from the January 18, 2009 edition of Business 24/7.

The emphasis falls on Marketing innovating its operations process to exploit new opportunities in a dramatically shifting world.

The rules of marketing are changing.


1. Prepare to make structural changes to your marketing operation.

"Media companies have not, as yet, dealt with the structural pressures confronting them. Despite digital media being the dominant growth opportunity as marketers seek advertising that is more targeted, accountable, and interactive, many media firms have yet to profit from it. It will become more popular during the downturn. . . .

2. The days of a captive TV audience are behind us. A fragmented audience online is the target.

"Consumers now spend more time online, devoting time and attention to online news and video entertainment, blogs, search engines, online games, social networking, and e-commerce. Demographically, reports suggest that members of Generation Y spend 30 per cent more time online than watching TV. . . .

3. Go digital or go bust!

"Leading companies that did not limit their efforts to quick fixes and instead undertook efforts to reshape their cost structures fundamentally, found themselves stronger following previous downturns. Media companies should do the same by directing money and attention to digital assets and related capabilities that are key to growth following the downturn, and by shedding struggling analog. . . .

4. Cash is King

"Cash and liquidity provide significant advantages in the media and entertainment world today, with more opportunities for players with strong balance sheets to pursue acquisitions. . . .

5. Innovate to survive

"The best companies recognise that a harsh economic climate does not mean the end of innovation. . . .

6. Focus on giving customers the experience they want. The money will come.

"Today, marketers will pay for media environments that deliver an engaging experience to a targeted audience and move consumers closer to a purchase, and they will pay for the opportunity to create a consumer relationship. Online newsletters, video games, online video, and mobile phone content represent target-rich areas that are ripe for advertising-oriented innovation. . .

7. Build the digital customer relationship and your business might survive to see a new era.

"Media and entertainment companies that target such spending need to adapt faster and stay ahead of demand. This current economic downturn will accelerate a shift in consumer behaviour and advertising toward more digital media, with intensity and permanency. . . ."

No matter how you phrase it, marketing won't be the same after this recession. The Digital Age will require more systematic, disciplined and targeted processes that blend marketing strategy with deep technological know-how.

Read the original blog entry...

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Arturo F Munoz is an expert business process designer specializing in demand generation, marketing database and CRM operations workflows that consolidate disparate data sources into meaningful and actionable knowledge for the complex marketing and sales organization.

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