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So what characterises the market at the moment?
Continuing rapid evolution.
Technology and platforms evolving rapidly – this impacts (ultimately) on buyer behaviour.
Pre-digital revolution, the sellers were in control of the information flow – they determined how, where and when you got to hear about prospective products and service, through outbound marketing.
In the digital age, the buyer is in control – they can access information wherever and whenever they want, through online content and inbound marketing.
The old model of funnel-marketing where people arrive at the top and are filtered through to the bottom, is broken – if it ever worked at all.
What that means is that marketers need to focus on content, in all formats, to lure in potential customers and give them the information that they need to shortlist their products.
But more than that, they need to create a sophisticated matrix of content – for different size of companies, in different sectors, and different functional units within them.
No wonder more and more brands are increasingly bringing content creation as an internal skillset and resource, relying on agencies less and less.
Here’s a slide from the Corporate Executive Board – who are a business advisory organisation.
The marketing funnel was invented in 1898 and describes how an individual is taken through Awareness Interest Desire Action.
But this slide suggests that the Funnel is broken. The average B2B purchase is 57% complete by the time the individual raises their hand.
The 70/20/10 rule is as old as the hills, but its resonance is now greater than ever, given the constant evolution of technology and the migration of digital natives into prime buying positions.
Marketing has never been more important to the success of business.
There have never been so many tools or techniques to help marketing deliver and demonstrate its value.
Technology is opening up massive new opportunities.
The potential is enormous.