The digital marketing world is changing everyday, and marketers need to constantly stay up to date with industry trends in order to find new opportunities to reach their audience. That can be difficult. It’s easy to talk to other marketers about optimized marketing techniques, but I’ve learned that there are plenty of companies who aren’t aware of basic marketing techniques, which can oftentimes keep a company from going out of business.
The problem is that basic marketing techniques sometimes include data collection methods that consumers aren’t always comfortable with. In the past two years, more data has been collected than all of the data ever collected in the entirety of human history. Consequently, consumers need to be better educated on how and why their information is being collected. More importantly, companies need to adjust their marketing efforts to a consumer-first approach.
I’ve witnessed people denounce modern marketing tactics as unethical, and even harmful, to customers who have their personal information collected and monetized. This is understandable, but also a fallacy. A lack of data actually limits a brands ability to reach its most valuable customers. The fact of the matter is that consumer data enables marketers to better suit consumer needs. Successful marketing can lead to millions of dollars in revenue,which enables brands that have a positive impact on the world to execute their mission effectively.
I initially chose to get into marketing because I like to shape the way people think. Now, I know that there is an emerging concern regarding big data, and I want to be on the ride side of it. The terms transparency and accountability represent two key elements of ethical marketing practices according to the Data and Marketing Association (DMA), who’s served as the United States’ leader of the industry’s self-regulatory framework for over 60 years. These terms are vague, so it’s important for companies and individuals to abide by these guidelines to the best of their ability, and to always put the customer first.
Understanding consumer needs is why the iPod squashed the mp3 player, it’s why over a quarter of the world active on Facebook, and it’s why someone who doesn’t care about climate change will buy a Tesla Powerwall – not because of the environmental benefit, but because of how much money it will save long-term.
As we progress through a global community, innovation is a constant theme. In 50 years we will be living incredibly healthier lifestyles with more sustainable and energy efficient products. That is, however, if companies can market their products and services effectively.