Here are ten essentials of marketing for the next 100 years to ensure that this industry continues to thrive and contribute to the growth of the U.S. economy.
1. Become increasingly targeted, focused, and personal: The future is a world in which consumers receive only messages that interest them… and only when they are receptive to these messages. However, marketing goes beyond just communicating with customers. It encompasses the entire process of customer relationship management… attracting, retaining and growing long-term loyalty.
2. Build real, tangible and enduring brand value: Fundamentally, marketing is about building brands and brand value. As an industry, marketing must focus on taking strong brands and making them stronger; taking brands that have lost their way and restoring them to prominence; and building new, powerful brand that meet the emerging consumer needs of tomorrow.
3. Become increasingly effective, more creative, insightful and accountable: Marketing effectiveness depends on smart consumer insights that are meaningful, actionable and predictive. Effective marketing also requires great creative, driven by these consumer insights. Effective marketing must be reliably and consistently accountable, informing us about how well we are building brands and growing business.
4. Become more integrated and proficient in managing expanding media platforms: Marketing must be seamlessly integrated across all media and marketing functions. Integrated marketing, however, continues to be talked about more than actually implemented. Marketers must strategically approach decisions and media choices in a completely agnostic fashion. Every marketing resource must seamlessly work to build brands and grow businesses.
5. Supply chain must become more efficient and productive: Marketing efficiency enables us to shorten the supply chain, reduce waste and improve productivity. Ad-ID is the foundation of digital workflow throughout the marketing process. It will improve the accuracy of reporting and evaluation of advertising assets, affording process improvements and cost savings for everyone.
6. Ecosystem- including agencies, media, and suppliers- must become increasingly capable: Today’s marketing ecosystem comprises a complex, interconnected community of advertising agencies, media organizations, research firms, production companies and other resources that support marketers’ needs to build brands and expand market share. Marketers need these partners to continuously create new ideas and competencies.
7. Professionals must become better, highly skilled, diverse leaders: As we prepare for the future, we must cultivate the talents, skills and continuous development of marketing professionals. We must also embrace diversity, a vitally important factor in reaching and influencing culturally different consumers. Diversity contributes to a more inspiring and creative environment… one that grows companies for a lifetime.
8. Be indisputably socially responsible: Consumers must have trust that the companies they choose to do business with respect their personal values and are sensitive to larger societal issues. As an industry, we must continue to commit resources to socially responsible endeavors. The future of marketing depends upon us behaving and acting in the best interests of society.
9. Be unencumbered by inappropriate legislation or regulation: We must protect marketing’s First Amendment rights, even with regard to controversial products. We must also vigorously work to defeat proposals for taxes on advertising and efforts to alter its 100% tax deductible status. Finally, we must continuously strengthen our exemplary record of self-regulation.
10. The Marketing discipline must be elevated and respected: We must continually underscore the fact that, nationally, marketing generates over $5 trillion in economic activity, or about 20% of total U.S. economic activity. Sales of products and services stimulated by advertising support 15% of the jobs in the country. Building respect for marketing’s economic impact will help attract the best and the brightest to our profession.
Great list. Thank you so much and the timing couldn't have been better. I just about finished my virtual assistant website, ("In A NY MInute") which took forever but I'm grateful for the learning experience. I am really crunched for business- -dealing with 2 years unemployed, when I've never been without a job, I am ready to put my all and make this work and God willing never be here again. With my website ready, I am now focusing on marketing and resources (equipment) so that I can better provide some of the services I am offering. Phone dictation, answering services, etc. My mind is on overload and I just need to get started and stop going in circles. Your list was very insightful with each "Must do" turning the light bulb in my head and providing me with the sense of direction I've been lacking. Thank you very much.