Classically Trained or Modern Marketing?
Updated: Jun 10, 2019
Over the past 6 months, I've invested time in networking with people across multiple industries. A common theme that emerges is that a number of senior leaders portray themselves as classically trained in marketing. There seemed to be a point in time that the phrase "classically trained" meant credibility and trust in the individual's skill sets.
Does that mean the same thing anymore?
Here are a few reasons why I think everyone needs to rethink where marketing as a capability really is.
Check out this 2018 infographic from www.chiefmartech.com. This shows the number of marketing technology companies that have emerged in the past 5 years. This shows almost 8,000 companies! For perspective, in 2011, there were less than 200. This is disruption on a scale that's truly massive. The choices on which technology within each of its verticals is truly amazing.
If one were to scan job postings, it seems like there are numerous roles. But the expectations on experience varies significantly. Consistently, there's a pre-requisite, or so it seems, for experience in CRM, data analytics etc. that typically were not part of the classically trained marketeer. Not that skill-sets are not transferable. They should be. However, the technical requirements for these roles are quite different.
With new business models emerging in practically every industry like, 2-sided platforms, subscription based services, and bundling to name a few, this has implications on the role of first party data and analytics associated with it. A number of companies that are the disruptors are leveraging data science, analytics in unique ways to learn and influence customer behavior.
Finally, there are new sources of data that are being generated via connected devices, blockchain and the like. How do established products leverage this from a customer experience and branding perspective are new territories that need to be learnt and experimented with.
Perhaps, this is stating the obvious. There is one area that's going to be important for everyone. We need to upgrade our skillsets through this disruption. Would love to hear your perspective.