Ever notice how a small idea can take off and change the face of an industry forever? In the last 10 years 5 powerful ideas have come to life and changed the face of marketing more than the previous 50 years combined. These ideas are Decission Support Systems (DSS), Relationship Marketing (RM), Integrated Marketing Communications (IMC), Balanced Scorecards (BSC), and Social Media Marketing (SMM).
Decision Support Systems (DSS)
Take a database (which were around long before computers, just harder to manage) and combine it with different business models for the purpose of enhancing the speed and ease of interactive decision making, and you have DSS. This system of mining databases for target markets allows for quick simulation models that assess the value of defined customer classes. These simulations then allow marketers to create, plan, schedule, and control goal-oriented strategic planning activities with unprecedented speed and accuracy.
Relationship Marketing (RM)
These systems were born from several studies that showed it was far more cost effective to keep the customers you have than it is to get new ones. The key idea of RM is to get existing customers to become committed, long-term customers involved in a mutually beneficial relationship. To achieve this ideal we have seen the birth of new media marketing technologies, new communication methods, and advanced customer care tools.
Integrated Marketing Communications (IMC)
Before the thoughts, methods, and tools of IMC existed all of your marketing efforts lived alone on it’s own island. This made it difficult to get the most out of your campaigns and even brought about some levels of confusion when administering each with no connection. Today that’s not the case as your PR, online, offline, direct marketing, SEO, PPC, SMM, etc. can and should all work together.
Balanced Scorecards (BSC)
These frameworks take company resources and align them with marketing initiatives, missions, and strategies for the goal of creating strategic plans. BSC systems help you constantly keep tabs on the performance of your campaigns and compare them to your target objectives. In the last few years the BSC has expanded beyond just “the bottom line” and has begun including customer expectations, internal business processes, learning & growth environments, and combinations of each.
Social Media Marketing (SMM)
The current Belle of the marketing ball is making enormous strides in the way customers and companies communicate and interact with one another. Social media is changing the face of marketing on an almost weekly basis with the type of information one can gather from customers conversations online. The key tenent of SMM is to listen and engage to build a better community and sense of trust between the company and it’s customers.
These 5 ideas have been instrumental in shaping the face of marketing today. Without them we’d still be stuck in the marketing styles of the 40’s and 50’s. Which maybe be great for nostolgia and the creators of Mad Men, but just don’t work as well in today’s era.
What do YOU think? Are there any other systems or ideas that should be on here?
Thanks for reading,
Josh “Shua” Peters
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