Are you aware you’re only reaching 20% of your market?
By only reacting to customer demand instead of stimulating and creating it, marketers enter a price-driven, zero-sum arena that inevitably becomes a race to the bottom. The time has come to take a break from the insatiable hunt for empty digital conversions and look at the bigger picture to plan a race back to the top of your sales charts.
- By: mikkel Bach-Andersen
- Published: 08-12-2016
Digital channels are fundamentally changing the way consumers buy. It is an incredibly exciting time to be a marketer, but also one where a dangerous cocktail of unproven tactics and a lack of perspective are added to the marketing tool box.
Twenty years ago, a campaign typically comprised TV, print and POS material. Fifteen years ago, we started adding digital media to the plan. And recently, within just a few years, there has been a move from “digital as an add-on” to “digital only”. Consequently, marketers who used to have a cross-channel perspective have become one-eyed. The challenge with this is that digital tactics are thereby seen as a direct substitute of analogue channels such as print ads, offline, events and TVC, when in reality they often complement each other. So, what are the consequences for companies that blindly follow the digital high-priests?
To understand that, most would (hopefully) say, “Let’s start by understanding our customers”. Or, equally as important, our potential customers.
“The fact is, few people actually know what they want until they…well, until they know what they want!”
Today, that is exactly the point at which many brands enter the playing field – when the customer knows what he wants and, unfortunately, also knows what he is willing to pay. (Note: this is not good for your business).
The rise of marketing automation, search engine marketing and inbound marketing has lured many marketers to increasingly focus on reacting to signals from the consumer about when and how they are in the market for a product or service.
Focusing exclusively on digital tactics leads brands astray
Most digital marketing tools are, in essence, mid- to lower funnel tactics. (And yes, the funnel does still exist!) They are tactics that can help brands build a stronger presence in the consideration and decision...
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Mikkel Bach Andersen
Mikkel is Group Account Director at Kunde & Co. For more than 5 years he has helped primarily international companies use marketing and branding as business drivers.