Future of Marketing: Recent Trends, Emerging Issues & Future Outlook
St. Petersburg College
Marketing is all about the promotion of goods and services and as the options and outlets for doing so evolve so too does the way the marketer must look at their methods. This paper will discuss the impact of technology, content, the internet, co-marketing, product value, discounts and networking. The most recent trend in marketing is digital marketing. While companies continue to print advertising digital media can easily be updated with changing developments. If a company wants to communicate with their customers about a new product, new features or new ways to use the product, digital marketing is the way to do it. A printed article, on the other hand, has a definitive end. It can’t be modified later without starting all over with a new article. Social media is a huge piece of digital marketing. Websites like Facebook, Twitter and LinkedIn connect not only individuals but businesses as well (Gunelius, 2010). Its pages are a great way for business to communicate with their customers, get feedback and offer discounts or coupons. Social media gives the company an avenue to advertise and it doesn’t cost anything. Some say that this need to have thousands of followers to build your business is not necessary (Gunelius, 2010) but it can’t hurt either. Quality connections with those that are loyal to the business and the brand are far more helpful to spread your message than large groups of connections who will disappear after the first interaction. As a side benefit, increasing the number of visitors to their site gets the company listed higher in Google search results. If the website can’t be found, it can’t be utilized. Social media sites can also generate information about their customers and website visitors. This data could help the marketer determine how, when and where to market a product. Companies must create quality content as a viable marketing tool. Social marketing and content marketing go hand-in-hand and businesses will start creating useful content that adds value to the online conversations. Consumers spend more time online so companies need to move away from print and radio advertising and focus online. To accomplish this, companies must increase their budgets for social and digital media (Gunelius, 2010). In addition, marketers want customers to be truly interested in their messages and to perceive them as useful. Ignoring ads is at an all-time high and it’s understandable because we are constantly bombarded with advertisements. Therefore the most successful way to get business from online marketing is through referrals. This most happens through comments by peers. Recommending or discouraging a business is easily done online and the message is shared by many. With the online addition of some sites like Groupon and Eversave, consumers can find deals and reviews about businesses in their neighborhood (Gunelius, 2010). Creating targeted, local marketing campaigns using these tools is starting to become the norm. Integration of offline, online and mobile marketing initiatives creates an opportunity to get messages to consumers (Mynewsdesk, 2011). This form of cross-promoting links multiple components, like discounts and events which is more effective at spreading the word. Another new trend is co-marketing (Gunelius, 2010). Companies develop partnerships with other companies that offer complimentary services. In this way the companies share in the marketing expenses and can potentially increase profits for both businesses if the products work well together. This practice is more readily used because the internet has become so integrated into our lives. Online it’s easy because there are various components that can be used in conjunction to market multiple products at the same time. Videos, podcasts, links to other sites and the like can easily market...
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