This blog post will discuss a number of global marketing trends put forward by Deloitte in their 2020 Global Marketing Trends report.
What is important to keep in mind is that this report is not about digital marketing but it is rather about doing marketing in the digital age!
Digital technology has changed the face of business. Across the globe, Deloitte Digital helps clients see what’s possible, identify what’s valuable and deliver on it by combining creative and digital capabilities with advertising agency prowess and the technical experience, deep business strategy and relationships of the world’s largest consultancy. Deloitte Digital empowers businesses with the insights, platforms and behaviours needed to continuously and rapidly evolve to perform beyond expectations.
Purpose is everything
In today’s world, purpose is paramount. The more businesses talk about purpose, the more it runs the risk of becoming just another corporate buzzword. But in its truest form, purpose is different from the rest. How? Purpose answers an all-important question, “Why does a company exist?”—and the answer can serve as the beacon for all organisational decision-making.
Paying down experience debt
Despite efforts to replicate human behaviour and gestures through automation and AI, the essentials of human connection—eye contact, personal touch, empathy—remain irreplaceable by technology. We believe that the rapid pace of digital change is adding to a build-up of unintended consequences, which we call experience debt.
Fusion is the new business blend
Fusion denotes the erasure of boundaries between traditionally distinct industries, enabled by companies’ newfound ability to access technology and talent that spreads across boundaries. It requires businesses to move beyond industry silos and recognise they are operating within broad ecosystems, requiring rethinking of capabilities, brand, partnerships and its entire existence.
Are you a trust buster or builder?
Digital transformation has changed how organisations should account for the issue of trust. Organisational trust is a bilateral relationship between businesses and their customers, workforce, partners and governments. This means companies should build an infrastructure that protects what stakeholders value most, while proactively detecting threats in the domains of cybersecurity, data protection, regulatory compliance and reputation. Companies that don’t systematically safeguard these domains likely face existential threats that have a bearing on:
- The market value of the brand
- Potential decline in customer loyalty
- The possibility of a public relations fiasco due to the unethical deployment of artificial intelligence and data usage
- The ability to meet customer needs
- The amplification of consumer participation
Many brands and marketers have recognised that to keep up with the competition, they need to evolve their approach and create a dynamic two-way engagement across all stages of the consumer journey and the product life cycle. Participation is all about unleashing the power of the consumer as the brand advocate, with consumers becoming the brand “media.”
Valuing your most important asset—talent
In this new world of talent, it is important for businesses to recognise that their collective workforces often comprise individuals from different backgrounds and diversities, who come with differing perspectives, experiences, and goals.
Diffusing agility across the organisation
What is agile marketing? It is a framework that can enable organisations to move closer to customers by helping them embrace adaptive thinking and structure cross-functional teams to increase their speed, quality, flexibility and effectiveness in reacting to moments in the market. It also can help companies capitalise on emerging technologies such as artificial intelligence (AI) to predict and generate meaningful engagements with customers in nearly real time. Agility pushes marketing to move beyond mere content creation by offering an organisational model for businesses to quickly design, create and launch marketing campaigns. An agile model can allow companies to validate hypotheses and pivot based on customer interactions and timely insights. Further, agility facilitates learning and assessing the impact of marketing on connections with customers to capture return on investment.