Marketing was much simpler when information flowed in one direction, from company to customer. However, with the rapid proliferation of touch points over the past decade or so, and the ability for customers to generate and share their own content about brands, the nature of the game has truly changed – forever.
While most companies realize and understand this, the extreme rapid pace of change has left many somewhat bewildered and slow to adapt in shifting from a product or company-focussed organization to one that truly is customer-centric.
Last year, Coca-Cola produced a visionary and informative video communicating their vision for marketing and communications over the next decade. I recently learned about and watched the video, and I wanted to share my key takeaways – I have done so below.
First, here is the video. Trust me, it is well worth spending twenty minutes of your time to watch.
Key takeaways Coca-Cola’s Content 2020:
1. Content Marketing is Going to Become Critically Important
People are drowning in a vast ocean of information and content. Most of it, when viewed from the perspective of a particular individual, is completely and utterly irrelevant. However brands that are able to create interesting and meaningful content – in the mindset of customers, that is – will be better positioned to set themselves apart. In developing a compelling brand story, companies most focus on fitting into the unique individual narratives of a customer’s everyday life, and in someway creating real and genuine value. Marketing “fluff” just won’t cut it.
2. Company Structures and Processes Need to Evolve
The environment has changed, and company structures that were well-suited for the mass marketing era have become antiquated. In particular, companies need to become more open and willing to partner with different contributors in an effort to collaboratively achieve objectives. Essentially, companies need to consider new ways of doing things – such as, for example, inviting input from customers through crowdsourcing or perhaps partnering with a technology company to reach customers in a new and innovative way.
3. Companies Must Adapt to an On-Demand Culture
Digital technology and social media has truly facilitated the development of an on-demand culture. While marketing and communications campaigns, finite in nature, will still play an important role – companies need to focus more on being present when customers want them to be present. Engagement opportunities now exist 24 hours a day, 365 days a year, across multiple touch points.
4. Think Big, But Keep Business Objectives in Mind
The rapid pace of change necessitates that companies become more innovative in how they engage with customers. An innovative corporate culture requires big thinking – ideas that push boundaries, perhaps getting companies out of their comfort zone. However, in developing innovative approaches, companies must not lose sight of their business objectives. Connecting the dots might not be easy, and the path might not always be clear, but companies must consider how “idea X” will help the company achieve “objective Y”.
5. Learn to Operate in Perpetual Beta
Test, learn, measure and refine. Companies like Google continually test and refine products – often not even dropping the “beta” label once a product has been launched. Big, creative thinking and innovative content requires testing, and the reality is not everything will work. But companies that focus on identifying successes through measurement, and refining those successes based on insights gained, will be well-poised to create relevant content for customers that truly has meaning and provides value.
What are your thoughts?