At this time of year, magazines often look to “gurus” for their take on the 12 months to come. Here is a somewhat tongue-in-cheek look at some trends we have observed and others that have been conspicuous by their absence.
Marketing is hot. After relentless cost cutting in the post bubble years, companies woke up to the fact the consumer is alive and spending money they do not have, even if they have to hock their homes and hearths to do so. Expenditures on marketing, including spending on marketing infrastructure and analytics, went up significantly this year.
Being hot also means being in the hot seat. The increase in spending came with strings attached. In the era of Sarbanes-Oxley, even marketers have had to account for their spending and their results. Of course, not being used to it, many of them have had to scramble to figure what they spend and why they spend it. Some have had to attend foreign language classes to understand terms like NPV and ROI so they can learn to talk to the folks who actually sign the checks. As always, exposure to foreign cultures has been an invigorating and awakening experience for some, while frightening for others.
The plumbers are in the house. The term “marketing process” may not remain an oxymoron for much longer. The Six Sigma and TQM guys have finally gotten to this last corporate frontier and are mapping marketing processes and making them more comprehensible and transparent to those on the outside, as well as making it easier for sales and service to work with marketers. Better processes also make it a little easier to deal with the explosion of channels and the increased interactivity of these channels.
And the mechanics are too. Measurements and dashboards are becoming more ubiquitous in marketing departments, part of the reaction to the demand for more accountability and transparency in marketing.
It is still not time for real time. Instant analysis and trigger-based marketing were forecast to replace the more rigorous analysis and scoring procedures in direct marketing by now. While these approaches continue to make inroads in some channels such as the Web and call centers, they are still waiting for their day in the sun. Perhaps when marketers have better processes and measurements, they will finally learn to leverage these technologies more fully.
We see a great deal of flux and excitement in the field of marketing. These are very interesting times. Whether that is a blessing or just a curse depends on what we all make of it.
Dr. Naras Eechambadi is CEO and founder of Quaero Corp.
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