Digital marketing represents the fastest growing new channels of targeted communication, interaction, engagement and delivery for an organization’s branding, communications and products and services. Millennials buy differently than their predecessors, and they’re also very good at tuning out the “noise” of traditional promotions. But they value word of mouth from close friends highly, which makes a strong, genuine social media presence critical for retailers. “Likes” and “retweets” and “shares” and “pins” are the new branding currency for retailers that will bring new younger customers into the fold.
As digital marketing has evolved, we’ve seen digital engagement progress in waves. As we look back, the first wave of digital engagement led many companies and entrepreneurs to believe that if they built a killer web site, revenue would follow. The second wave, characterized by channel-based digital interaction, had marketers struggling to adapt this multichannel approach. They had to face an ever-growing number of digital touch points to manage. Marketers realized that to truly provide world-class digital engagement across key customer journeys in an efficient and effective way, they would have to integrate and interact with other parts of their organizations, such as sales, finance, supply chain, production, HR, engineering, product design, etc. The third wave is currently transforming the operating model of marketing, by also transforming the operating model of the entire enterprise to ensure the enterprise remains relevant in a digital world.
This enterprise transformation is further necessitated by the impending emergence of the “Internet of things,” which has the potential to turn every product into a touch point for digital engagement. Marketers will need to adapt fast and realize that this is not just a marketing or a technology transformation exercise, but an enterprise transformation initiative.
How do you see the third wave play out? And even further, what will the fourth wave hold? Let us know what you think and as always stay #TopRight.