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 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.
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.
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.