5 Ways the Old Marketing Paradigms Have Changed
It is not business as usual. The Internet has provided consumers with unprecedented access to information and choice. The emergence of social platforms has meant that, for the first time in history, everyone has their own media channels. The days of relying on the patronage of publishers, or record companies, for people to have their work recognized have long since gone. In a world where information has become abundant, attention has become scarce.
These fundamental changes, in the rules of communication, mean that a different mindset and frame of reference is required when people think about marketing. Many of the old paradigms are now obsolete. Here are five of the "old school" to "new skool" changes in our digital universe.
1. 'Return on Investment' Is Now 'Return on Engagement'
In a world where information is now abundant, it has become harder for businesses to obtain the attention of their prospects and customers. Companies used to win attention by shouting loudly at target groups. In so doing, they would hope that a percentage of their audience were looking to buy and would respond. The success of a campaign was measured solely on how many responses were received and the ROI achieved.
Consumers now pay less heed to these messages and have been empowered to initiate the customer journey themselves. Therefore, attention is no longer obtained by shouting at prospects and hoping they respond. Rather, it is achieved by engaging with prospects and customers, over the longer term, and in so doing, being front of mind when a customer is ready to make a purchase.
2. 'Unique Selling Points' Are Now 'Customer Engagement Points'
The unique selling proposition was always one-dimensional and pre-dates even the service economy. It came out of Madison Avenue from the requirement to make TV advertisements that stood out. The idea was to come up with a unique benefit that would attract customers. But in the fast moving world where we live there no USPs. In the service sector, there is nothing a company can offer that a marketer cannot copy. Even in the world of products, first-mover advantage is measured in weeks not years. As we enter the experience economy it is more three-dimensional offers that will resonate with consumers. It is not just what a business does that matters but how it does it and how that makes a customer feel. This is not easily articulated by one unique selling proposition but rather a series of customer engagement points.