Established brands, which became successful by delivering mass products through physical channels, are now struggling. New, innovative competitors are passing them by with unique customer propositions, a keen understanding of customer preferences and expectations, and agile operating models.
To reclaim growth, traditional brands must first reclaim their customers. That means making every customer experience meaningful, orchestrating customer-centric ecosystems, and creating a marketing capability that is as dynamic and “alive” as the customers they want to reach.
That’s a tall order. Most marketing teams still exist in organizational silos, rely heavily on their agency partners, remain highly product-focused, and view the world as static. Each day marketers cling to these legacy approaches is a day their growth erodes.
It’s time for something different. We call it Living Marketing.
Living Marketing paves the way to growth by ensuring that brands, products and services are hyper-relevant to every customer and are part of a unique, personalized experience, hyper-relevance
Living Marketing is dynamic, happens in real-time, and differs for each brand. It doesn’t just mean a new way of Marketing by Marketing for Marketing, but a company-wide shift in mindset, behaviors and priorities.
To bring this new vision for marketing to life, CMOs and other leaders in the organization must work together, addressing the myriad issues that make or break customer-centered growth.
The information gained from these live marketing experiences can be:
- Brand recognition
- Brand awareness
- Customer engagement
- Lead data collection
- Product testing, what worked and what didn’t work
- Get instant customer feedback
- Increased sales
What is living marketing?
Living marketing is a concept that refers to an approach to marketing that focuses on creating and maintaining an ongoing, dynamic relationship with customers or consumers. It emphasizes the idea that marketing is not a one-time event or a static process, but rather an ongoing conversation and interaction with customers that evolves over time.
Living marketing recognizes that customer preferences, needs, and behaviors can change rapidly, and that marketing strategies and tactics need to adapt accordingly. It involves continuously gathering and analyzing data on customer behavior, preferences, and feedback, and using that information to inform marketing decisions and strategies. Living marketing also involves actively engaging with customers through various channels, such as social media, email, and other forms of communication, to build relationships, foster loyalty, and respond to their changing needs.
One of the key principles of living marketing is the focus on customer-centricity, putting the customer at the center of all marketing efforts. It involves understanding and catering to customer needs, preferences, and expectations, and delivering personalized and relevant experiences to build long-term relationships.
Living marketing also emphasizes agility and adaptability, as it requires being responsive to changes in the market, customer behavior, and technology. It involves regularly reviewing and adjusting marketing strategies and tactics based on data and insights, and being open to experimenting with new approaches to better serve customers.
In summary, living marketing is a dynamic, customer-centric approach to marketing that recognizes the ongoing nature of the customer relationship and the need for continuous adaptation to changing customer preferences, behaviors, and market conditions.
Traditional marketing uses offline media, such as newspapers, television, and radio, to reach an audience, while digital marketing uses digital media, such as social media or websites. Additionally, some articles discuss the differences between content marketing and traditional marketing, with content marketing being more interactive and offering a wider range of opportunities. Without a clear definition of Living Marketing, it is difficult to compare it to traditional marketing.
To regain their growth momentum, CMOs and marketing executives—as well as other business leaders—need to do three things:
Live in the moment. A new mindset is required to respond to customers’ desires for deep, authentic connections. Leaders are paving the way by building an acute understanding of their customers and refining their insights to meet customers’ needs in real time.
Gear up for speed and innovation. To achieve change at speed, leaders need to create Living Marketing organizations that work as connected organisms and deliver flawless, seamless experiences across touch points.
Pivot to the new. CMOs need to strengthen the basics of marketing. At the same time, they need to chart a new course to growth. Unmatched experiences, extended ecosystems and agile platforms are just three ways to get there.
A New Lease on Life: Brands can reclaim growth with Living Marketing from Accenture
With growth among established brands all but standing still, CMOs need to re-imagine how they can build customer relationships and engagement. Winners will realize that their journey back to their customers and back to growth will be based on the experiences and capabilities that only Living Marketing can deliver.
Which marketing strategy is more effective for small businesses
There are several marketing strategies that small businesses can use to promote their products or services. According to Investopedia, the most effective marketing strategy for small businesses combines social media, networking, and traditional methods like flyers, posters, and more. Salesforce suggests that creating a relationship with interested leads is one of the most effective strategies for small businesses. Additionally, Wordstream recommends email marketing as a perfect opportunity for small businesses to establish loyalty. Forbes suggests that earned media/PR is a valuable marketing strategy for small businesses. Overall, the most effective marketing strategy for small businesses may depend on the specific business and its target audience. A combination of different marketing strategies may be the best approach for small businesses to reach their goals.
Step to improve living marketing in my business
Here are some steps you can take to improve living marketing in your business:
- Understand your customers: Develop a deep understanding of your customers by conducting market research, collecting data, and analyzing customer behavior, preferences, and feedback. Use this information to create customer personas and segment your audience based on their needs, preferences, and behaviors.
- Foster customer engagement: Actively engage with your customers through various channels, such as social media, email, chatbots, and customer feedback forms. Encourage and respond to customer feedback, reviews, and comments. Use these interactions as opportunities to build relationships, provide personalized experiences, and address customer needs and concerns.
- Emphasize customer-centricity: Put the customer at the center of all your marketing efforts. Tailor your marketing messages and content to meet their needs, preferences, and expectations. Use personalization techniques, such as targeted email campaigns, personalized offers, and relevant content, to deliver a personalized experience to each customer.
- Be agile and adaptable: Stay agile and adapt your marketing strategies and tactics based on data and insights. Regularly review and analyze your marketing performance and make adjustments as needed. Stay informed about changes in the market, customer behavior, and technology, and be open to experimenting with new marketing approaches to better serve your customers.
- Build long-term relationships: Focus on building long-term relationships with your customers, rather than one-time transactions. Use strategies such as loyalty programs, customer retention initiatives, and customer advocacy programs to foster loyalty and repeat business. Invest in customer relationship management (CRM) tools and systems to help you manage and nurture your customer relationships effectively.
- Deliver exceptional customer experiences: Provide exceptional customer experiences at every touchpoint, from initial contact to post-purchase interactions. Exceed customer expectations by delivering outstanding customer service, personalized offers, and timely responses to inquiries and issues. Consistently deliver on your promises and create memorable experiences that will keep customers coming back.
- Continuously innovate: Stay innovative and keep up with the latest marketing trends, technologies, and best practices. Look for opportunities to differentiate your business from competitors through unique marketing strategies, creative campaigns, and innovative customer experiences. Experiment with new marketing channels, techniques, and technologies to stay ahead of the curve.
By implementing these steps, you can improve living marketing in your business and create meaningful and lasting relationships with your customers, leading to increased customer loyalty, repeat business, and ultimately, business success.
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