MARKETING MANAGEMENT FOR THE DIGITAL FUTURE

I have chosen the topic of Marketing Management for the digital future because the digital market demands new marketing management competencies.
It advances new marketing management competencies to meet the challenges of an evolving digital market. Digital marketing strategy has focused on information control and the advantages of computing technology. Future strategic value, however, will be largely derived from collaborative intelligence and applications of intelligent digital content.

Marketing is undergoing a period of intense change, and there are several inflection points on the horizon which will have a transformational effect, so that by the middle of the next decade every facet of marketing will have been changed radically by the digital revolution. To date, the emergence of digital technology has caused great debate, and in some sectors has led to revolutionary change.

While ‘small advertising’ such as classifiers and personals has moved online in a wholesale way, brand advertising has been affected in a more marginal way. Most innovation has been in the form of ‘media firsts’ – finding new places to stick advertising. Until very recently there has been little progress in targeting. The proliferation of media has in some ways made demographic targeting easier. But it has done this at precisely the same time that demographics have been declining in relevance as a predictor of consumer behaviour

It is interesting because marketing plays a vital business function in connecting consumers with things they want to buy. For marketing to service the new needs of business, and for it to profit from rather than suffer from the changing world of media, it will have to adapt in a radical way.

The broad themes of the new media consumption landscape and the new age of marketing will be about:

Relevance; will be key to ensuring that yours is among the few marketing messages with which your target consumer will truly engage.

Interaction; will offer individual consumers unique experiences, feeding back information to the brand.

Relationships; will be the vital pathways by which marketers reach consumers, including relationships with media, with brands and with fellow consumers.

The importance of these three factors will compel marketers to exploit more fully than at present the inherent advantages of digital media, including: the addressability of individual consumers rather than a broadcast model interactivity rather one way communication learning about individuals and their behaviour and using this information to determine what information and entertainment to service them with in the future.

The core attributes of successful digital marketing are increasingly being centered around relevancy and personalization being delivered on-demand, whether reaching someone via email, mobile or the Web.
Software as a service platforms execute on-demand deliverability while taking into account relevance, personalization and other targeting metrics along the way. In addition, Software as a service platforms contain seamless integration between all digital marketing mediums such as e-mail, mobile and the Web. It is easy to use, easy to implement, cost-efficient and can adapt to changing market conditions with inherent scalability and unlike most previous proprietary methods.
In literature the earliest independent mode of the digital market availed access to customer data to support traditional marketing management strategies, using interactive” techniques (Hegel and Rayport 1997). Digital ethics at this juncture enforced fairness principles regarding consumer rights and proprietary company data (Nowak and Phelps 1997; Malone 1997; Milberg, et al. 1995). These protections constitute “data bank” competency, because they safeguard autonomous and independent digital market activity (Carter and Goel 2005). This independent mode of the digital market is clearly chronicled by the marketing management literature.
The contributions evolve incipient digital marketing strategies, such as e-tailing and online relationship management programs. Consumer information privacy constituted a wedge issue between enterprise strategies relying on data mining and ethics stakeholders regulating data manipulation. By protecting the “data base,” the benefits of digital markets to support traditional market exchanges are preserved. (Chen, et al.‟s 2001) Later research examined time and location free interaction in the digital market‟s immersive or marketspace mode (Hoffman, et al. 1999b; Rayport and Sviokla 1996, 1994). Greater acceptance of electronic presence made market participants accustomed to exchanges that transpire entirely in digital space. Traditional marketing mix elements were recast for an immersive digital context commonly referred to as a “hypermedia computer-mediated environment” (Hoffman and Novak 1996). Marketspace theory transforms marketing management functions into digital network competencies for operating cybermediaries (Sarkar, Butler and Steinfield 1998).
The digital marketing strategy literature combines networking, agency, and transparency/ authentication competencies in the property of interactivity. Digital market success depends on the strategic coding of interactivity into electronic commerce networks, online websites, and virtual communities (Song and Zinkhan 2008). In fact, enhanced interactivity is an essential for digital customer relationships to thrive. The strategic viability of web-based relationships (Yoon, et al. 2008), as well as entirely “virtual customer environments” such as Second Life have been linked to competencies for coding advanced “interaction facilities” (Nambisan and Baron 2007).


In my opinion digital marketing is a significant part of marketing because the world is changing and people are using the technology in their daily lives. Also in marketing, things are starting to change: companies are moving online across the spectrum of marketing activities, from building awareness to after-sales service, and they see online tools as an important and effective component of their marketing strategies.
In conclusion it is easy to marketers to deliver real-time, personalized services and content, one consumer at a time. Digital marketing leverages the unique and powerful characteristics of interactive media: it is addressable, meaning that each user can be identified and targeted separately; it allows for two-way interaction; services can be tailored for each individual customer; and purchases can be made and influenced on line. However, to capture the benefits of digital marketing, companies must integrate interactive media into their existing businesses and marketing programs.

REFERENCES

SARATHY, R. and C.J. ROBERTSON (2003),
“Strategic and Ethical Considerations in Managing Digital Privacy”

E. VINCENT CARTER, California State University, Bakersfield,
“Competency Codes for marketing management”

BRIAN DEAGAN, “Digital Marketing Trends”

ALEXA KIERZKOWSKI, SHAYNE MCQUADE, ROBERT WAITMAN, and MICHAEL ZEISSER “Marketing to the digital consumer”




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