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Presently, technology now affects almost every aspect of the organizational process, including designing, planning and execution of marketing efforts. Generally, every industry has changed in various aspects, this is as a result of the fast-paced and innovative nature of technology, and this has significantly, become a model for modern digital marketing efforts and strategies. Due to this significant change, marketers of today are taking a much more deliberate approach to the market in order to blend in with the change and trend. Longstanding strategies and policies that have been in use, tend to be amended to enable companies to broaden their scopes, personalize brands, make connections, and attract a larger audience. Some of the major principles of modern marketing include:
Technology
Undoubtedly, technology has changed everything, and it provides organizations with the opportunity to create customer experiences, connect with customers, and understand customer behaviour, and the impact of marketing programs and activities. However, regardless of these opportunities and technological progress, organizations have not fully explored and enjoyed the full impact of technology. Nevertheless, it is important to understand that to evolve to modern marketing, the right people and processes must be put in place to properly develop, manage, and nurture the benefits of technology. The marketing organization as a whole, however, also needs people with varied skillsets and expertise in key technological areas, people who bring creative and analytical capabilities, as well as individuals who can effortlessly fit and evolve into new roles in various areas, such as web development, data analytics, e-commerce, or new media.Sign up to the Connect Nigeria daily newsletter
Value Creation is Vital
One of the major principles of modern marketing is the ability to create value for your customers, however, it is not enough to create value, you must be able to communicate and deliver efficiently as well. In other words, you must be able to create products and services that can solve the problems of your customers. This will help the customer understand and value the product more.Collecting and Measuring Data
One of the effective principles of marketing is the ability to understand your customers, and one of the ways you can achieve this is by collecting and analyzing data. Even the smallest piece of information and data becomes valuable as long as it deals with customer perspectives. Data such as clicks, conversion rates, views, likes, re-shares, etc. are all metrics of measuring engagement. With efficient algorithms and software functions, you can collect more data in real-time to get a better view of your target market.Collaboration (Don’t Try to Do It Alone)
If you want to thrive in modern methods of marketing, there is a need for you to collaborate with other existing brands and companies. As a company, you can benefit, directly or indirectly, from being part of something bigger, via their inclusion in a platform or as a result of collaboration with others. Collaborations (external alliances or joint ventures with third parties) can also provide value for a technology brand. Collaboration helps your brand scale and realize the most value out of complex enterprise solutions through product integration, training, consulting, and so forth to achieve greater market scale. Through these synergies, customers have access to custom integrated technology solutions, teams, and expertise that enable them to deliver faultless, secure and valuable experiences to their customers, this means that two companies who collaborate can benefit from complementary areas of market leadership. Collaborating companies or brands can as well produce interrelated products and services for their customers. Marketing success for organizations in the 21st century will require adopting the best new modern practices, as well as rethinking and refining classic approaches, this remains the only way they can market effectively and remain relevant in the marketing industry. Featured Image Source: Lucid AdvertisingGot a suggestion? Contact us: editor@connectnigeria.com