Digital marketing has changed the entire dynamics of the game.There has never been so much change in the way people communicate than there is right now. New generations use tools their parents don’t even understand, and young people consume news as easy as they create and publish it themselves. These shifts in communication will undoubtedly have consequences for the communication industry. Can marketing campaigns still be based on a mix between the stone age old tv commercials and print ads in top-down media?Things certainly are changing rapidly. So how does this impact the marketers who have always been the face of any firm, to multiple stake-holders?
Roughly few years after closure of thesecond Internet bubble, technology gurus are regaining trust in the World Wide Web. But not in the internet era as we know it or sense it at a superficial level. This time it’s about conversation, cooperation, and empowerment of the social networks connecting millions, nay, billions. People are taking back the web that companies have been trying to commercialize for the past 10 years, without much success.No wonder have the very core theories of product marketing and services marketing have been impacted deeply over the times with the advent of the internet and needs to be revisited.Today it is all about data and its analytics.
This time, the web is going viral in a different way. Within the Internet community, this new,grown up version of the web is called the Internet of Things.If we combine the social aspects of new web applications and connect it with the applications in all hardwares with technological developments such as the ever dropping price ofhardware, the rise of wireless communications and the commoditization of mobile phones, we can start to see major changes in a lot of businesses and economical turnover as today’s advertisingattempts to be more effective. What’s the effect of an advertising campaign, in a world where every consumer has instantaccess to all hard data about any given product? How can we even reach these consumers in amedia landscape that consists of millions of personal blogs, podcasts and time shifted television? These are the questions that need to be addressed by the technology service providers. No wonder, analytics firms are sprouting like anything.
So probably, the time has come for all the marketing practitioners to deliberate on the long term focus and strategic vision, with which they are engaging themselves with their customers. Not only does this change massively challenge existing paradigms, but also opens up immense scope for further improvement for the firms to achieve “sustainable competitive advantage” .