Market-ing – dealing with the ever changing market.

Summary below:

  1. 3 Power shifts that are going to shape marketing in the near future
    1. Exclusivity to Inclusivity: Embrace differences and focus on social inclusivity
      • World: from hegemony to multilateral power structure
      • Economic power: are more evenly distributed
      • Technology: enables automation and miniaturisation brings down costs enabling mass market access
      • Reverse innovation: products developed form emerging markets first
      • Inspiration: clone businesses with local twists
      • Convergence and integration of industries: even sub-sectors withing industries are difficult to distinguish
      • People: living harmoniously despite differences
    2. Vertical to Horizontal: Reveal authentic character and be honest of its true values
      • Innovation: from within to to market supply
      • Competition: from high volume main stream to low-volume niche ones; from across other relevant connected industries; from outside home markets
      • Consumer Trust: from brand campaigns to peers
      • Relationships: treating customers as targets to seeing them as peers and friends
    3. Individual to Social: Social conformity becoming critical
      • Connected consumers
      • Social conversations
      • Consumers as active media of communication
  2. Connectivity to be viewed holistically – as a) mobile connectivity, b) experiential connectivity and c) social connectivity;  It has caused 3 major paradoxes
    1. Integrate online and offline elements into total customer experience as interactions happen everywhere
    2. A large proportion of future consumers are going to be distracted but yet, dependent on information from others
    3. Brand advocacy, both positive and negative are critical to make conversations engaging