The true value of marketing in today’s world

Marketing has existed in society for as long as humans have existed, but perhaps not with the current branding. In this blog, we’ll consider how this evolution has happened, how it’s changing and how it’s likely to change over the next twenty years or so. 

How we got here

Marketing has changed dramatically over the last 100 years or so, although its existence has been present since the dawn of humanity. The way in which we advertise ourselves to each other, the way we present ourselves and how we attract a potential partner is rooted in our genetics and is as clear a form of marketing as can be expressed. 

That said, marketing quickly became in vogue over the last 100 years, with the famous anecdotes from founders such as Henry Ford and the advent of mass production and over capitalism. According to Henry: ‘A man who stops advertising to save money is like a man who stops a clock to save time.’

It’s worth pausing for a moment to consider why this happened, as along with mass consumption of consumer goods, consumer choice increased dramatically and so did the requirement to capture their attentions.

But that wasn’t simply the end of it, as the digital age changed everything once again. The opportunity to get in front of consumers almost endlessly through multiple digital mediums created a whirlwind of new techniques and theories, as did the marketing industry. It was out with the old ‘art’ and in with the data driven ‘science’, where everything came down to clicks, data, and metrics. 

However, this also was only the next stage and far from its end point. We have now move beyond this, driven by the consequential understanding that simply relying on metric related aspects and brand exposure, quickly creates focus away from the art associated with marketing and the elements that can’t be measured. Furthermore, the saturation and over exposure to digital content that we all experience has created a lack of connection and substance in marketing, and more broadly in society. 

Where we are now

Perhaps obviously, with so many marketers now following the same processes, and marketing now being run by data scientists as opposed to those with natural behavioural instinct, the next phase is upon us. This is one where the natural new frontier is an understanding of how people actually think and act, and thereby finding the best way to engage with them on their terms. In a sense, it is moving away from the manipulative techniques that have been made famous by so many companies during the digital age and instead to a more positive age altogether.

This age of authenticity requires a clear understanding of how a brand should act because it is in-tune with its target audience and society more broadly. Furthermore, by understanding this audience, marketing becomes uniquely in sync with the business’ mission and its products. Of course, like in every age that has gone before, there are businesses that have always pioneered this approach. In fact, the people leading many of the most successful companies during the digital age e.g. Google, Apple, and Tesla were in fact experts in both the art and science and marketing. And this age will be driven by a realisation that both art and science are crucial for marketing success.

But this age is about more than just combining what has gone before. It is about using the techniques from the digital age to power a new one in which the art of marketing can be unlocked more clearly. By using behavioural economics, for example, businesses will be able to validate their ideas and remove the hunches required to select campaign and creative activities.

What changes will we see

Over the next decade or so, we will see greater and growing specialism in marketing personnel who are behavioural scientists and modellers. These individuals will not be pure play data scientists, but instead use heuristics to build ad-hoc behavioural models with data to understand how people think, act and behave. 

The result of this is that we will see much greater differences between brands that are truly authentic and those that are merely trying to hack their marketing efforts for short-term gain. Being authentic is in itself the great hack, as it ensures that a business is truly relevant in the first place. If it is, then it is presented in the best possible way to customers, and subsequently, it is likely to grow most successfully in the short, medium and long-term.

Of course, the businesses that follow this approach will quickly rise to prominence and gain the interest of investors who are looking to model growth and investment. Once this happens, these approaches will be a requirement in the same way that data science is now a de facto element within a marketing department.

What will be the societal impact

People need to fall in love with marketing again. They need to believe that the best brands really do have the best products, and that the premium price tags associated with them are justified by higher quality products. The brand devaluation to a point of status and not quality, along with advertising and data usage being seen largely as negative societal factors, will drive a need to change.

We will therefore see a natural movement where brands attempt to move towards being authentic. Some may use the techniques badly to paper over the cracks and create short-term gain, while others that do it properly will gradually come out on top.

Any thoughts? Get in touch.