Organisations need to adopt a new model to blend classic and digital marketing. This is why The Modern Marketing Model has been introduced.
The increase in new channels and technologies has dramatically changed the environment in which marketers operate. But the way in which marketing is taught, understood and operates has not really changed. This is not sustainable. We need a new unifying framework as a reference for what marketing has become.
Alongside this need for a new framework, there are new requirements for marketing competencies and capabilities around domains ofexpertise such as data and analytics, customer experience, content, multichannel and personalisation, which are neither properly understood nor being met. This is acknowledged in the marketing industry but not reflected in any definitive model.
As a resultof these changes, and the rise of digital, the marketing function is going through an existential crisis: it is not clear on its own remit, it does not know what skills it needs nor how to organise itself and it struggles to resolve a dislocation, not only in how it interacts with other business functions, but within itself with ‘digital’ versus ‘traditional’ schisms.
In ‘The Trouble with CMOs’, recently published in the Harvard Business Review, we are reminded that CMOs have the highest turnover in the C-suite. They are in office for an average 4.1 years, compared witheight years for a CEO, according to Korn Ferry analysis.The relationship between the CEO and CMO is also troubled. A global survey by the Fournaise Marketing Groupin 2012 set out the scale of the problem, revealing that 80% of CEOs do not trust, or are unimpressed with, their CMOs.
Why do marketing leaders have such short average tenures in their jobs? Because of poor job design resulting from confusion around what marketing actually does.
There are serious repercussions if we cannot define and agree on a a fresh start, a new paradigm. This is why the the Modern Marketing Model (M3) was developed.
Without a clear reference like M3to help clarify an organisation’s expectations of what the marketing function does, we will continue to see turmoil that is damaging value. If we cannot reconcile digital and classic marketing, we will see further organisational silos, duplicated work and a lack of clarity and focus around roles and responsibilities which leads to inefficiency, frustration and bickering. Opportunities are missed and the growth that marketing, and the business, wants to deliver will by stymied.
For academia and providers of marketing education, it is important that what they teach is relevant and current with what the marketing industry and employing organisations require from their teams. We must encourage educators to update their courses and curricula with reference to a model like M3
In creating M3,we have not sought to create a brand new intellectual and conceptual vision of marketing processes or terminology. Rather,we seek to clarify, structure, and make more consistent what are currently different dimensions and evolutions that we feel need to be brought together in a contemporary and holistic view.
There are many elements where the tactical and executional opportunities may have changed, largely because of digital, but which do not need renaming for the sake of it. Conceptually they are still valid and based on robust and enduring data, research and best practice. These elements includemarketing strategy, market orientation, customer insight, brand, segmentation, targeting, positioning and promotion. Even the change from ‘place’ to ‘distribution’ is slight.
Removing ‘price’ as a core element will no doubt excite debate. In our experience price is rarely under the direct remit of the marketing function, except perhaps in FMCG businesses. Price is also still covered under other areas like ‘brand & value’and ‘marketing strategy’
We have changed ‘product’to ‘customer experience & content’which may also be controversial. Our new description still covers classic product, or service, development and innovation but ‘customer experience’ is deliberately broader than just ‘product’ and covers services as well as the customer journey and experience around the product itself. ‘Content’ recognises the importance of content marketing to support the customer journey.
‘Data & measurement’is the only new element added. We believe data is now a marketing asset in itself (e.g. rich metadata) so needs to be considered part of the marketing mix. We now market to machines with data,as well as to people. Marketing also now has more dedicated roles and capabilitiesaround data, analytics, measurement and optimisation and these need to be a distinct domain of marketing competence.
In 2013, Ashley Friedlein, co-founder of Econsultancy,authored the Modern Marketing Manifesto, an articulation of our beliefs that the marketing discipline should embrace digital and classic marketing. The Modern Marketing Model (M3)now creates a new framework for applying this thinking within organisations.
The Modern Marketing Model is a unifying force which fuses digital and classic marketing into one future-facing framework. This informs marketing’s remit, required competencies and organisational design. M3 defines marketing in the digital age.
More information about the Modern Marketing Model (M3) can be found at https://m3.econsultancy.com
Econsultancy’s mission is to help its customers achieve excellence in digital business, marketing and ecommerce through research, training and events. Founded in 1999, Econsultancy has offices in New York, London and Singapore. Econsultancy is used by over 600,000 professionals every month. Subscribers get access to research, market data, best practice guides, case studies and elearning –all focused on helping individuals and enterprises get better at digital. The subscription is supported by digital transformation services including digital capability programmes, training courses, elearning, skills assessments and audits. We train and develop thousands of professionals each year as well as running events and networking that bring the Econsultancy community together around the world.Econsultancy is part of Centaur Media Plc.
Subscribe to Econsultancy today to accelerate your journey to digital marketing excellence.
Research -Data -Training -Online Classroom -Events -Digital Transformation
Call us to find out more:• London: +44 (0)20 7970 4767• New York: +1 212 9710630• Singapore: +65 6653 1911email: email@example.com
About Centaur Media
Centaur Media Plc is a market-leading global media organisation delivering expert content and insight, engaging events and smart digital technology. From our digital media and iconic print brands to our award-winning events and cutting-edge data products, we enable and inspire the very best performancein a range of selected markets. We are a team of 600 people in the UK, with our main office based in Central London (W1). We also have offices in New York and Singapore. With high profile brands like Marketing Week, Celebrity Intelligence, The Lawyer, Fashion Monitor and Money Marketing, Centaur Media is one of Britain’s most exciting and progressive media companies and offers a dynamic environment with excellent opportunities for career progression, training and development.