Catalyzing digital marketing with 5 elements
McKinsey’s recently quarterly research report (February 2015) talks about five elements required to extract the most out of the $1 trillion of marketing expenditure happening globally. The elements are named: Science, Substance, Story, Speed and Simplicity. Though the research encompasses all forms of marketing, we have extracted the important takeaways for digital marketers.
- Science: Refers to the science of understanding how a consumer selects a brand and consumes it. The implication for those using the digital medium is to put analytics to use to map the decision journey. The results can lead to better targeting insights.
- Substance: How can digital add to customer experience? At minimum getting a quick response from the CRM team and as engaging as enabling “co-creation” of their favorite brands.
- Story: The quintessential “story telling” continues to be an important element, albeit that it could be two-way. Marketers need to let go control of stories allowing consumers to interpret and modify them as they please. Ability to create “light” content in an agile manner is becoming paramount on digital.
- Speed: Thinking continuous versus batch and keeping up with dynamically changing consumer preferences. Digital marketing teams should work with product development teams, providing them with instant feedback, consumer inputs enabling launch of new, relevant products and services.
- Simplicity: Simplifying corporate structures and removing hierarchy is important to leverage digital in an effective manner. Combining offline an online campaigns to amplify impact of campaigns can help improve impact.
Digital marketers who are A-listers are using the medium to be more precise, are addressing a broader scope than just communication, moving quicker and striking engaging conversations with their audience.