Monday, February 20, 2006
Technology forever reshaping marketing
byTechnology is shaking up the foundations of marketing, reshaping a “creative art into a business discipline.” This assertion comes from Association of National Advertisers President and CEO Robert Liodice in a recent ANA blog posting.
“I can’t recall a period in my career when so many aspects of our business changed – and changed so rapidly and fundamentally,” Liodice says, as technology has shaken the foundations of marketing in four profound ways.
First, Liodice says technology has put consumers in control, giving them the power to decide when, where and how they will get marketing messages, if they want them at all. Just look at the power of remote controls and digital video recorders to fast-forward through commercials.
Second, he says technology has introduced new media alternatives, increasing reach and targeting power for marketers via blogs, podcasts and mobile technology.
Third, technology has changed the notion brand management. According to Liodice, brand loyalty, once considered a “given,” is now being challenged thanks to the widespread and instant availability of competitive information.
Fourth, says Liodice, technology has transformed marketing measurement. Aspects that marketers once thought were beyond the scope of quantification have given way to the reality that everything can be measured. If fact, CEOs are demanding marketing accountability like never before.
As Liodice summarizes, these four factors are forcing businesses to make tougher choices about how to spend their marketing budgets. Add to this corporate governance, transparency requirements, and a much shorter window of time to prove success to top management and shareholders – and it’s no wonder that the average chief marketing officer’s tenure is just 23 months.
In ending, Liodice says that marketing is a business discipline that is being reinvented. In fact, “marketing’s reinvention is an absolute requirement to be more flexible, more adaptive and – most importantly – more astute at decision-making to meet higher expectations of performance” by management and shareholders.
