Static Marketing Strategies: The Silent Killer of Established Brands
Sunando Banerjee
COO at Anonymous Digital, CEO Hanglaatherium, Co-Founder - Bongmade, Foodka, Teacher, Speaker, Brand Consultant, 24 Years in Enterprise Software, Traveller, Reader and Human
This is a follow-up to my previous article "Adapting to Survive: How Digital Disruption is Redefining Brand Loyalty". I discussed why many industry leaders have failed to make their mark in the digital age.
At one time the world’s biggest film company, Kodak could not keep up with the digital revolution. Blockbuster, for instance, was sold to Netflix for US$50 million. The large format music stores that were the heartthrob of our times, Planet M and Music World had to close down as they failed to adapt effectively to the digital era.
Conversely, Richard Branson's brainchild from the 70s continues to thrive and evolve.
The ego, in every form, is damaging. After my interaction with some of the business owners of large conglomerates, I have realised that this ego often fuels resistance to change over time.
Are we up for the competition?
When we started working with the Speciality Restaurant Ltd for their iconic brands like Oh! Calcutta! or Mainland China, I started interacting with Anjan Chatterjee. Initially, I found him to be quite rigid and somewhat unenthusiastic about digital marketing. But now I know it was probably not the ego but the pride. The pride of establishing a brand from scratch at times keep you away from the changes happening around you. And there you need people in your organization to wake you up and tell you how the world is moving forward.
The Evolving Marketing Landscape
On January 9, 2007, a significant disruption occurred in recent times when a man introduced the iPhone. It was Steve Jobs who launched the iPhone. Since then the marketing landscape has undergone profound changes in recent years, primarily driven by digital advancements. This transformation impacts how companies communicate with their customers, how marketing strategies are developed, and the types of media used to reach audiences. It is important to understand the basics of brand management have not changed but only the communication medium has changed through a digital disruption.
Marketing has become more data-centric now. The scope of assumption has been reduced to a great extent. The understanding of data analytics has helped in the evolution of dynamic marketing. No strategies are forever now. Marketing strategies keep changing as we keep analysing data.
Strategies for Transitioning to Dynamic Marketing
Transitioning to dynamic marketing is essential for businesses in today's fast-paced and ever-changing market landscape. Dynamic marketing is about being agile, responsive to consumer trends, and utilizing the latest technological advancements to engage effectively with your audience. Here are strategies to help businesses make this transition:
Embrace Data-Driven Decision Making:
The cornerstone of dynamic marketing is leveraging data to inform strategy. Use analytics tools to gather insights on customer behaviour, preferences, and engagement patterns. This data should guide all marketing decisions, from content creation to channel selection. It helps in predicting trends, personalizing campaigns, and optimizing ROI.
Invest in Technology and Automation:
Incorporate marketing automation tools and AI-driven platforms. Automation streamlines repetitive tasks like email marketing, social media posts, and ad campaigns, freeing up time for strategic planning. AI can enhance personalization, predictive analytics, and customer segmentation.
Focus on Personalization:
Move away from one-size-fits-all approaches. Use customer data to create personalized experiences. This could mean tailored email content, product recommendations based on browsing history, or personalized offers. Personalization increases engagement, customer loyalty, and conversion rates.
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Leverage Social Media Intelligently:
Social media is a dynamic platform by nature. Use it not just for broadcasting messages but for engaging with your audience. Monitor social media trends and participate in relevant conversations. Utilize features like polls, stories, and live videos to increase interaction.
Agile Content Strategy:
Develop an agile content strategy that allows quick adaptation to changing market conditions. This involves creating a content calendar while leaving room for spontaneous content aligned with current events or trending topics.
Integrate Multi-channel Marketing:
Don’t rely on a single channel. A dynamic approach involves using a mix of channels - social media, email, blogs, PPC, and more - to reach customers where they are most active. Multi-channel marketing also allows for A/B testing to see which channels are most effective.
Enhance Customer Experience:
Dynamic marketing is customer-centric. Continuously improve the customer experience across all touchpoints. This includes optimizing your website for user experience, ensuring mobile responsiveness, and offering excellent customer service.
Continuous Learning and Adaptation:
The digital marketing landscape is always evolving. Keep abreast of new tools, trends, and techniques. Encourage a culture of continuous learning in your team, and be ready to pivot strategies as market conditions change.
Experiment and Iterate:
Experimentation is key in dynamic marketing. Test different approaches, analyze results, and iterate. This iterative process helps in fine-tuning strategies to achieve better outcomes.
Prioritize Transparency and Authenticity:
In a digital world where consumers are increasingly skeptical, prioritize transparency and authenticity in your marketing messages. Build trust by being honest about your products and services.
By adopting these strategies, businesses can transition to a more dynamic marketing approach that is responsive, data-driven, and customer-centric. This shift not only helps to stay relevant in a competitive market but also fosters stronger connections with customers, leading to long-term business success. The first step in adopting this strategy is to change our perspective. We all have heard "Change is the only constant". In the digital age, if you are not changing, you will soon be out.