Digital Marketing is a Fallacy
Earlier this month our sister agency, iProspect held its 'Future Focus: Driving Business Performance in the Digital Economy' event at The Tetley, an iconic venue in Leeds. An audience of over 100 heard from key thought leaders from iProspect, the broader Dentsu Aegis Network and our partners Google and Facebook. Here we look back the topics covered and what this means for our clients.
The importance of looking forward
Business is focussed on the short-term. Daily performance dashboards, quarterly reports to the city; most of what we do is focussed on ‘just getting things over the line’. The world however is changing at a pace. The more we focus on doing what needs to be done today, rather than what’s coming in the future, means we will end up with entirely the wrong business infrastructure to compete in the Digital Economy.
The revolution has begun
Right now we are in the middle of a revolution. Not since the beginning of the 19th century have we, as a global society, been able to make so much economic progress so quickly. 3.17 billion people globally are now connected to the internet through 8.4 billion connected things, and are creating 2.5 quintillion bytes of data every day! This has given us an entirely new perspective on how we communicate, the experiences we seek, the information we consume and the things we buy.
Digital marketing is a fallacy
Necessity is the mother of invention and Digital Marketing as we have known it over the past 20 years is an entirely invented construct. We have identified the digital opportunity for business, separated it out from the non-digital business opportunities, siloed it off, given it some targets and asked it to report back once a week to let us know how it’s doing.
This is no longer good enough as we move into a world where the lines between online and offline are becoming increasingly blurred. “Digital” is not just a collection of things that can be easily categorised and given a label (think: website, PPC, content, social etc.) it is the world our customers live in and the platforms on which our competitors are building their entire businesses so we sure as hell need a digital-first business strategy to succeed.
Marketing in the Digital Economy
As we lay the wreath on the freshly laid soil on the grave of ‘Digital Marketing’ and ask ourselves what is next, the answer is quite simple… Marketing in the Digital Economy.
Marketing theory has remained largely unchanged; understanding audiences, developing and promoting great products that people want, acquiring customers and listening to them so that you can make sure you treat them really well and retain them. The only thing that has changed is the tactics.
As marketers we need to embrace the convergence of channels, understand the new market environment, restructure and de-silo and challenge our colleagues in other areas of our businesses to understand the digital opportunity so we can deliver great value for our customers.
Ask yourself this question:
...Does the impact of this Digital revolution motivate you as much as it should to drive the kind of business change required in order to make the decisions and take the actions required to succeed in the long term?