Today is just like any other. You wake up, perform your daily morning ritual, just like you did yesterday. You open your phone and check your notifications on Facebook and Twitter. As you scroll through your Facebook News Feed, you see a picture of a coffee maker that’s similar to the one you were researching last night because your current one is gross and Google told you that a new one is only thirty dollars ($30). You click on the picture and are sent to Amazon.com. You have an Amazon Prime membership so you are even more inclined to make a purchase, so you do.
After placing the order, you arrive at the order confirmation screen and see an area labeled, “People who purchased this ‘XYZ Company Coffee Maker’ also purchased….” Amazon is now recommending you try out a new brand of ground coffee, as well as suggesting that you purchase new coffee filters for your new coffee maker. These add-on items are a no-brainer to purchase, so you are more than happy to buy them for an additional twenty-five dollars ($25). Shortly after this purchase, you begin to see more advertisements for coffee makers in your Facebook News Feed, as well as advertisements on your favorite websites. It’s somewhat uncomfortable when you see ads like these, but you brush it off and move on with your life.
To the everyday consumer, this “Coffee Purchase” scenario above seems relatively familiar; conversely, a modern-day marketer sees: conversion rates; SEM; social media marketing; relational database workflows; and the almighty return on investment (ROI).
In the year 2019, marketing can be found just about anywhere: a mobile phone; a television that doesn’t use cable; a tablet that doesn’t even have internet access; and more. Simply put, marketing is everywhere we look. Sometimes marketing and advertisements appear in front of us just as we are thinking of a certain product or service. Other times, we see ads and emails for products and services that we would never buy in our lifetime. Ultimately, this is all marketing, and it often subtly and subconsciously determines what we buy; where we buy; how we buy; and when. Just talking or reading about marketing can be taboo or scary, but to an average marketer, it is an exciting world of art, science, math and technology that tells an elaborate story about their company’s consumers.
In Netflix’s series “Mad Men,” the audience binges episode after episode to observe the journey of masterful salesman and marketer Donald Draper. This 1960s perspective of the average marketing agency in Manhattan, New York is an absolute contrast to what would be a 2019 rendition of this same series.
During the 1960s, companies and marketers faced a different set of challenges when it came to marketing than those we find today in 2019. Moreover, today’s marketer has a plethora of tools and data at their disposal that significantly enhance their ability to scale marketing programs across the country, and even around the world. Not only is it easier for businesses to scale their marketing programs and reduce costs, but consumers can now be reached in more ways than ever!
Television, radio, direct mail, publications and billboards used to be the primary channels and tools for marketing professionals. These methods are/were expensive, slow, and often difficult to measure in terms of impact and ROI, but they were the only options at the time. If a company were to advertise on the radio for $500, it was a no-brainer because it was a traditional marketing channel and the radio was a common and popular device that people (ie: consumers, clients) were listening to with regularity. The radio transmitted a wide array of stations that primarily featured shows (Podcasts), music, and the daily news. Advertisements were weaved throughout broadcasts, but you certainly could not skip them like you can on Spotify or Pandora. All-in-all, terrestrial radio was a great channel for marketers, but lacked visual representation for companies and brands to communicate their products and/or services. Thus, the television and product catalogue books became other sought-after channel for marketers. Though these more visual channels were lucrative for any brand, they also carried even more expensive pricing models for marketers, which forced marketers to develop a more strategic approach to their annual marketing programs and budget. Ultimately, companies and marketers during the 1960s were constantly looking to stay in front of their target audience demographics, just as they do today in the year 2019.
The biggest contrast between now and then is purely in the number of ways — or “channels” – in which marketers can promote their brand:
- Social Media (ie: Facebook, Twitter, SnapChat)
- Mobile Devices (Phone, Tablet, Laptop)
- Mobile Apps (Google Play and App Store)
- Streaming Platforms (ie: YouTube, Twitch, Hulu, Spotify)
- Search Engines (ie: Google, Bing, DuckDuckGo)
- Video Game Consoles
- Programmatic Display Advertising (ie: Ads seen on websites)
- SMS Texts
- And more!
Not only are marketers equipped with more channels, but we now have more access to consumer information and data. By marrying these marketing channels together with targeted, segmented audiences, marketers can better understand their consumers, as well as where/when/how to market to them. This winning combination of accessibility and data enables marketers to design advertisements that introduce customers to their business, while also establishing a sense of brand loyalty.
Similar to other professionals, marketers find themselves constantly researching and discovering new, profitable ways to improve their craft – and more specifically – the way they acquire and retain customers for their brand. But the challenge doesn’t end there for marketers. With the advent of database marketing, marketers are challenged with constantly developing new strategies for their marketing programs, while also fostering an ecosystem of intelligence for internal stakeholders. A company who knows more about the specific demographics of their consumers, the smarter the company is when developing its products and services (…and less wasted marketing dollars, to boot!).
In summary, business and marketing practices have evolved dramatically within the last 60-years. This era of digital transformation within the marketing department has been an overwhelming evolution for marketing professionals, and can commonly be seen as an intimidating and worrisome investment for business owners. Because marketing practices are continuously expanding into areas of technology, it can be difficult to keep up with. Not only is modern marketing fast-paced, it can also be difficult to determine how to allocate the marketing budget in an intelligent, accountable way. At Frasca Analytica, we have a firm understanding and appreciation of fundamental marketing practices, and our goal is to help companies of all sizes in determining a modern solution for their timeless products or services.