What challenges do marketers face these days? How are they different from previous years?
The consensus among advertising executives is such that advertising is not about finding new revenue or growth but about survival of the INDUSTRY as we know it.
We all know there's a recession going on at the moment, it's everywhere. In case you've been trying to sleep it off under a rock somewhere I'm sorry to say but it's forecasted to go on for a while. So lets get down to the reality, what added challenges are marketers now faced with in branding their products and services in today’s marketplace. .
It is no longer is it possible to reach a wide section of individuals across a few channels from twitter to facebook, search engines and television etc etc the new 24/7 technological age means marketers have to be more aggressive and creative in gaining consumer attention in order for their brand to withstand the crowded marketplace.
1. Media fragmentation & Consumer segmentation go hand in hand:
Consumers now have a wide array of media choice, channels, modes and mediums to communicate and receive information, on the back of which normally results in them being bombarded by thousands of adverts everyday. Quick test, how many adverts can you recall from the day? This was hard for me too but just adds to prove the point. All of this advertising 'noise' means marketers are now fighting to get consumers attention as they binge on the media buffet.
What's the result? There is now a major power shift, where once the marketer was in charge of the communication flow consumer are now in the driving seat, not only are they more savvy they are also less likely to be persuaded and dictate which messages they attend to. Subsequently the increasing concern for advertisers now is to communicate with increasingly smaller segments in the global market, as in the case of Shell and HSBC every brand should endeavours to emulate their concepts to 'think global but act local'.
2. Customisation age bites the marketers behind
As the days of mass marketing can no longer stand the heat in today’s society personalisation of products and experiences is focused across mass customisation and micro - addressability. In a marketplace full of 'me too' products and convergence (where people may receive emails on their television or be reached by marketers with advertising content on such personal devices as their mobile phones) it is imperative that consumers are treated as individuals with varying needs and wants. Moreover in the climate of consumer generated networks and media enabling individuals to communicate, file share and collaborate individuals are relying more on peers to generate insight on brand trust and credibility. However, a brand can not mean all things to everyone yet it has to substantiate itself with a myriad of potential appeals to be personally relevant. So gaining differentiation becomes harder and the old adage of USP's (Unique Selling Proposition or Unique Selling Point) becomes seemingly more diluted.
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