Impact of marketing on personal life and future outcomes

¶ … Marketing Will Affect Someone's Life in the Future

How Marketing Will Affect a Person's Life in the Future

The growing reliance on social media as a means to communicate has created a new level of collaboration between customers and the brands they trust. This, along with several of the trends identified and analyzed in this paper, are accelerating in their impact on people globally. Over the next decades and generation, these changes will also serve to redefine the relationships between customers and brands they choose to trust. One of the most significant of all factors that is emerging today and will continue to accelerate is the critical nature of trust. This is a galvanizing thread that runs through all of the trends and observations mentioned throughout this analysis. The net or aggregate effect of all of these factors and trends will be a truer, more accurate and purified form of marketing that seeks to serve the customers with greater clarity than ever before. Experiences, not transactions, will be the dominant factor that leads to profitability of companies as well. The return on relationships (ROR) will be predicate don trust and the ability to deliver exceptional experiences on a consistent basis, not just about hwo efficient a distribution channel is or how low a given products' pricing is.

Marketing Trends and Future Developments That Will Affect Consumers In the Future

Beginning with the aspect of trust, the most dominant trend will be the continual validation of both a brands' identity and value, and the customer's identity as well. Analytics and mechanisms for ensuring authenticity, transparency and validation of identities will flourish in the coming decades. And not in the way that many critics of these technologies portray them; it will not be comparable to the book 1984 by George Orwell. Rather, this level of authenticity and transparency will be part of defining the multiple roles and personas people fulfill in their daily lives. The aspects of quantifying trust and creating solid relationships with customers will be more oriented towards supporting and strengthening their various roles and persona-based needs. An example of this are the multiples roles of husband, father, member of a work team in a company, in addition to being a sports coach for a children's team for example. Inside these roles and specific personas as well. Marketing in the future will use trust-based analytics and key performance indicators (KPIs) that are used for evaluating the level of satisfaction customers are experiencing in each of the roles they participate in. These scores of satisfaction by role will be invaluable to marketers who seek to serve their customers even more completely in the future as well. The Net Promoter Score (NPR) is a nascent approach to this level of analysis. The future of this type of loyalty metric framework will concentrate more on the quantifying of trust as a dynamic of long-term persona stability and recency of behaviors; and while no model will be able to precisely define and predict consume behavior, these metrics will provide useful insights to a greater level of accuracy than has been attained in the past.

Another key trend that is already impacting customers today and will accelerate is the reliance on mobility-based technologies for their everyday lives. Starting out with cellular phones and progressing to smartphones and WiFi and 3G-enabled tablet PCs, these technologies are changing how customers choose to keep current on brands of interest and learn about new products of interest as well. Mobility is going to open up entirely new approaches to attracting, selling and serving customers as well, as marketing becomes much more attuned to specific customer needs as defined by roles and personas. Mobility-based advertising is already being tested in Japan by Google and Yahoo. The ability to create mobility-based advertising that is relevant to the customer will also require an entirely new series of strategies for updating cell phones, smart phones and tablet PCs. The development of these technologies continues to accelerate as Web-based advertising companies continually seek out new strategies for gaining incremental revenue. Advertising based on traffic patterns will also begin to emerge, bringing contextual, high quality display advertising to customers regardless of their location in a city or community. For the customer this means even greater discernment and a focus on ensuring security and privacy. There is going to be even a greater focus on security and privacy controls to the operating system and device level, going beyond the software application today. The controls in Facebook, now advanced by social networking standards, will appear very fundamental and elementary within just three years.

The ability of social networks to be more discerning in terms of contextual group associations and affiliations will eventually replace the en masse approach happening today. The catalyst of this change will be the focus on greater security and privacy. Paradoxically this shift will open up entirely new technologies for marketers to successfully segment markets and smaller audiences. By creating smaller, more distinct groups as Google Plus allows today for example, customers will be able to control which information gets to them, and which doesn't. This is why trust is going to be such a major factor to be considered in creating marketing strategies in the future. Only with a strong level of trust will marketers be able to gain access to these select social groups of a customer. There is a shift in the balance of power coming within marketing, and the customer or consumer is winning. As has been written often about social networks creating entirely new types and approaches to having conservations with customers, the role of social media will be to amplify customers' voices louder than they have ever been. This will in turn lead to the development of entirely new multichannel selling and service strategies where the customer becomes co-creator.