The Future of Marketing - Purpose Marketing

BRANDS ARE EXPLORING THE POSSIBILITY OF MAKING MONEY WITHOUT TRYING TO MAKE MONEY. READ THIS ARTICLE FOR CLARITY.

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Brands are no longer seeking to just sell products; they also want to impact culture and frame perceptions. It has now become unavoidably obvious that consumers are no longer just buying products, they buy an experience, they buy a personality, they buy a brand.

Take a look at yourself, the phone you have in your hand, the designer shoe or shirt you are currently wearing didn’t jump into your possession just because it’s beautiful, or durable, or matches your body, or some other stuff consumers naturally look out for while making a purchase. It is largely in your possession because of the perception attached to it, because of the way it makes you feel.

This reason has caused brands to not only develop their products but invest in enhancing their own personality. For example, you don’t just buy a Patek Phillipe you own one. If for any reason you do not understand this paragraph, kindly read through all over again, by the third time I’m certain you’ll get it.

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Truth is, brands don’t want to just sell to you, they want to be a part of your everyday life. There’s a plan, there’s a purpose, and that’s the future of marketing – Purpose Marketing.

 Meaningful marketing or Purpose marketing revolves around a company's greater purpose beyond just selling their products and services. In a recent publication by Accenture it is stated that “customers aren’t just making decisions based on the stalwarts of product selection or price. They’re now assessing what a brand says. What it does. What it stands for.” They aren’t chasing quantity but quality. They are seeking authenticity and relevance. They want to feel as though they are a part of something bigger. They are driven to connect, to grow, to make a difference. They are buying on belief.

Customer in the Data Shadow

DATA THEY SAY IS THE NEW CURRENCY BUT IT STILL CAN’T BUY PEOPLE

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What do I look like to you, a guinea pig or a lab rat? Make your pick because I need to know. Scratch that, truth is, I don’t want to know. It’s just that your marketing strategies are beginning to make me feel like one of either option. Brands and marketers these days are doing the right thing by gathering as much data as possible to fuel their marketing campaigns but they are doing the wrong thing by ignoring the human element – we all want to be touched at some point. Brands make the mistake of trying to be masters at collecting data but ignore the ability to be human therefore treating people like lab rats – if this strategy fails, try the next one, that seems to be the new mantra.

Owing to the speed with which the consumer (not a lab rat or guinea pig) is changing, brands are adopting a more agile framework – design thinking – which helps them change at the same pace the consumer does. However they tend to keep the consumer in the data shadow, this means that brands tend to take the standpoint of addressing the consumer needs as they see it on paper and/or research reports. For example, the fact that there is usually an insane amount of terrible traffic condition in Nigeria doesn’t mean that if you sell a product to them they’ll purchase it but if you can connect to their emotions at that point, you are likely to record a higher amount of sales.

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Therefore, what any brand should do is never to neglect the fact that the customer is first a human being and not a collection of data.

Consumer first (Consumer Centricity), that’s basically what design thinking is about. If you don’t believe me, you could ask Google, Amazon, Apple, and any other successful brand that has employed this strategy.

Cut Backs and Add Ons

THAT BRANDS ARE CUTTING BACK ON TRADITIONAL ADVERTISING MEANS THEY ARE ADDING ON TO SOME OTHER FORM OF ADVERTISING – DIGITAL ADVERTISING

Source: Pexels

Source: Pexels

You ever heard brand managers and marketing professionals complain? They say that industries and business owners are cutting back on their advertising spend and as such they aren’t making as much money as they used to. Well, no one wants to spend so much and not get value for their money. In an age where digital is taking over the world there is almost no sense in spending a lot of money on traditional forms of advertising and/or marketing – so they think.

Truth is, although brands are cutting back on advertising and/or marketing budgets, they are actually channeling more funds to digital advertising. In 2018, we saw a dramatic increase in marketing spend compared to 2017 and we are sure to see such a trend in 2019. Because marketing on digital space is not as expensive as traditional modes of marketing communication that is why it appears to be that there are cut backs in spend. You should know that although there are cut backs there are also add ons in digital marketing communications spend.

Source: Pexels

Source: Pexels

For agencies to excel in this capital driven market, they must tighten their digital marketing strategies and explore innovative ideas on traditional media in order to deliver value for money spent by brands.

The Future of Consumerism: Engagement, Expression, Experience

LET US CRACK THE CODE, TO WIN IN BUSINESS YOU MUST WIN WITH YOUR CONSUMER

Source: Unsplash

Source: Unsplash

The world is on a never ending upward trajectory in terms of time. You will be making the grave mistake of looking back, the right thing to do is obviously to look forward. We learn from the past, adjust the present and project to the future. This one culture leading brands and marketing agency have learned to imbibe over the years “dwelling in the past is a waste of precious time”, they say.

So in this article, I am going to take you away from everything you have ever known about consumerism, in fact, forget them. Let’s act like we didn’t exist in the past and project to the future.

With that being said, there are three big Es consumerism is tilting towards and it is drastically changing consumption patterns. Let’s take a dive:

Source: Unsplash

Source: Unsplash

1. Engagement:

Consumers are becoming more and more engaged in marketing practices, interestingly, they are very eager to co-create contents with their favourite brands, however, many brands are down playing the essence of consumer engagement on every platform. The marketing landscape is a battle for consumers’ attention and the most engaging brands are poised to win.

2. Expression:

More than ever, consumers are seizing opportunities to express themselves over societal woes and product nonchalance. Brands who create platforms or amplify the voice of consumers through enhanced corporate social responsibility efforts are definitely going to create loyalists out of their customers.

3. Experience:

There are over 7 billion people on the surface of the earth and it is so easy for one to get lost in the clutter. Consumers want to feel special and are craving for more personalized contents and mobile devices are driving this trend – make me feel like I am the only one in the world.

Source: Unsplash

Source: Unsplash

So you want to win with your consumers this new fiscal year? Crack these trends and you’ll surely do so.

Do You Dig.It.Al?

THE NEW VOICE OF THE AFRICAN CONSUMER IS DIGITAL

Source: Pexels

Source: Pexels

A few days ago my sister ordered for a particular product she needed urgently from an online store, when the product was delivered it wasn’t of the same quality as advertised on the store. Soon after, she took to social media to express how upset she was, immediately the brand saw it, they shut down the online vendor and got a replacement for her order. One other time I was having issues with my television subscription so I sent the brand a direct message on twitter and in a few minutes they responded and fixed my TV. There’s a long record of customers who have been duly satisfied through digital media platforms and this wasn’t so a few years ago.

Before the revelation of digital media, interacting with brands seemed to be a treacherous journey to undertake. If you bought a product and it was bad, you practically had no one to complain to so you just dispose it and buy another one –more money for the brand and more loss for you.

Source: Unsplash

Source: Unsplash

Now that digital media has given us a voice, we will troll brands and vendors until they hear our voices and deliver value; little wonder why we see a trend in brands and businesses include integrity as one of their core values.

Digital media has made it easier for customers to interact with their favourite brands and we dig.it.all day long.