The marketing world has seen many new technologies enter the market that were supposed to revolutionize the industry. The year of mobile had been predicted many times, but it took a while before it actually happened. This experience taught many marketers an important lesson. No matter how exciting a new technology or trend seems, the question of if and when it will hit the mass market must still be answered. Customer centric organizations now put the customer at the heart of everything they do and create value out of this knowledge.
GE's former CEO Jack Welch once said, "There are only two sources of competitive advantage: the ability to learn more about your customer faster than the competition and the ability to turn that learning into action faster than the competition". Adaptation or 'transformation' is nothing new in our industry. Since the Industrial Revolution, marketing has evolved from a sellers' market to a buyers' market:
- Era of mass production and efficiency - marketing came into effect to shift goods quickly
- The 'sales pitch' is born as a means to convince consumers into purchasing an item
- The beginning of market research as a means to understanding what consumers wanted to buy
- Building relationships with consumers for repeat sales and customer loyalty
- The consumer is put at the heart of companies & campaigns for more consumer focused strategies
- Using digital, data & technology to reach customers at scale, and in a targeted way