The only constant thing in marketing is change. In such a highly-dynamic and competitive arena, marketing agility is a potent strategic weapon. It definitely seems to be much more than just a new buzzword, and many claim that the ‘X factor’ has been finally discovered. Marketers have always considered customer value as the basic axis of alignment, but this time there is an actual theory and practice to serve as a guiding light.
Agile marketing reminds us that keeping our fingers on the pulse of the market is a perpetual process of learning, as well as optimisation of marketing practice itself. The goal is to respond quickly to customer and market opportunities that present themselves. A lot of external and internal factors induce the adjustment of your strategy and test the limits of your responsiveness each day.
Top Gear
Many people are looking to jump on the agile marketing bandwagon, without having a clear idea of what that means. They fail to understand that agile marketing is actually a formal approach. It has a specific methodology and requires proper technology and infrastructure as a support. In the manufacturing stream, agility refers to the ability to adjust the supply to the ever-changing demand. A more agile business enterprise is considered to have an edge over the competition because the market is always shifting.
Now, marketing teams do not make tangible products, do they? The virtue of marketing lies in anticipating and satisfying the needs and wants of the customers. Hence, marketing agility is the speed at which you can tailor your marketing mix to the audience you are targeting. It enables you to deliver more consumer value and to earn more green, which is ultimately the purpose of the whole marketing endeavor.
The Marketing Mix
So, marketing agility is all about the speed of turning your marketing ideas and strategies into something that brings results. It can include activities ranging from price modification and product upgrade to decisions like changing marketing channels. Agility accelerates these management processes and propels companies towards business growth faster. It is clear that some streamlining and automation is necessary if you are to speed things up in all essential areas of the marketing mix: ideas, work, and results.
The first thing to do is to imagine the world through the eyes of the customer. Their feedback is the backbone of your enterprise, just as marketing metrics are, since there is no crystal ball for predicting market currents. Although making a decision based on facts is a safe bet, it is not always an option that is readily available. Sometimes, marketers have to work in conditions of uncertainty and ambiguity. They have to accept that living in a moment and staying alert to the surroundings is the only way to go.
Planning On The Go
Embrace the art of iterative planning and adapt as your projects unfold. Still, this is not to say that you should not have a strategy or a clear idea where your company is heading. Anything that does not bring value to the consumer should be considered waste, and eliminated. Making small, incremental changes is desirable because this enables you to keep the high pace.
The problem is with big overhauls, of course. That is when marketing managers must think beyond their department and get into the sales, finance, and manufacturing departments. Transparency becomes one of the crucial aspects when you have to coordinate various teams and ensure that everyone stays on the same page. Rethinking your business model might be necessary to assemble an organisation that has a great learning capacity.
Looking For A Gold Mine
To illustrate the scale of the task, let us take the example of the Australian market. There are many trends that are changing this kinetic landscape. Customers have their eyes set on not just one, but multiple screens. Mobile devices are used for finding business-related information and making online purchases. Many marketers are changing their spending patterns, and increasing the funds for re-marketing. The latter pays off because people, who have already expressed interest in the brand, have more chance of being converted.
The surge of digital marketing has only made the transition inevitable, and extensive budget resources are allocated to online platforms. This means that marketers must acquire new skills and knowledge in fields like search engine optimisation (SEO). Furthermore, TV and cable viewership is declining, overshadowed by social media advertising and video services like Netflix. Reaching a broad audience became a more dispersed and complex process, since there are many places to be. Note that these developments are both serious challenges and opportunities to strike gold.
Now, To The Future of Marketing Agility
The market is heading where the customers are going, it follows their habits and whims. This is a constant effort to source ideas, set marketing priorities, and execute strategies on the go. Agile marketing enables businessmen and marketers to stay in tune with the consumer needs and desires, and enhance the productivity and flexibility. So, keep the opportunities and threats on your radar and be strategically opportunistic.
Act upon customer insights, foresee emerging trends. Finally, remember that the present strategies and methodologies only scratch the surface of the immense potential that agile marketing has. This is just the beginning of something that could revolutionise the world of marketing. It is the bright future, and that future is in the now.
Lilly Adams
Latest posts by Lilly Adams (see all)
- Marketing Agility: The Future of Marketing - March 8, 2016
