A recent IBM survey of chief marketing officers showed "that many feel unprepared to handle today's social media-infested waters." No doubt, marketers with an "old-school" approach are losing their grip in this world of digital media and data explosion.
The gist of the survey conducted by IBM:
The gist of the survey conducted by IBM:
- 71% said they are under-prepared to manage current "data explosion"
- 68% struggle with changes in social media.
Phil Kotler, author and marketing professor at the Kellogg School of Management at Northwestern University said, "Marketing was just easier in the past."
To me, "marketing" never got easier or harder. It was a matter of how much marketers were able to understand the consumers and their motivations. Back then, the expectations put on a marketer were much lower than what they are today. Creating a great buzz around a product or brand is great... but that will no longer suffice today. Marketers and businesses want more than just exposure and engagement. They want to measure the EFFECT - an obvious link between the ad and the resulting purchase. So far, only the world of online advertising and e-commerce has been fairly successful in tracking a specific user's site visit, duration and activities.
Marketers today shouldn't feel overwhelmed by the influx of information. We won't have all the answers for every question and, sometimes, the answer leaves us even more confused and uncertain. But that's okay... we should be comfortable living and making decisions in a VUCA World. If anything, marketers today should get excited of the deep consumer insights they can uncover thanks to the availability of data and technology to analyze what's happening on a larger scale.
In the words of French Physicist, Marie Curie:
"Nothing in life is to be feared. It is only to be understood."
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