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Marketing Insight to Grow your Business

Evolve Your Marketing Mix or Risk Extinction September 22, 2008

Times they are a changin’. And, so are the dynamics of the marketing landscape. According to Mike Iaccarino, CEO of Epsilon, a leading marketing services firm, “In this economic climate, businesses are seeking accountability and measurable results. Data driven marketing is an increasingly important component of corporate marketing campaigns as senior marketers employ sophisticated segmentation strategies to recruit and retain customers.”

In a survey conducted by Epsilon in August 2008, 175 U.S. Chief Marketing Officers and marketing executives of some of the largest brands in the nation gave us a peek at their evolving marketing mix. The shift to digital marketing is evident- new media in the form of social computing and blogs is getting increasing attention from businesses:

  • Social computing (including word of mouth, social networking sites, viral advertising, etc.) was the most popular emerging channel with 42% of marketing executives expressing interest in adding it to their marketing mix.
  • Blogs were the second most popular emerging channel: 35% of marketing executives want to pursue blogs and 19% already use blogs
  • Almost one-third of CMOs mentioned Podcasting as an area of interest: 31% are interested in adding Podcasting to their marketing mix and 18% already have.
  • Mobile devices also elicited interest: 29% are interested in Mobile Devices (Phones/PDAs) and 22% have added them to their marketing mix.

Interesting responses. These execs know that when budgets are tight accountability is key. If marketing is an expense that you are considering cutting it’s probably because you can’t justify the cost. And, that’s a sign that it’s time to evolve your approach.

Thanks to Larry at Epsilon for sending me the link to the article.

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