The Gartner survey‘s revelation that 71% of CMOs feel constrained by their budgets is a clarion call for introspection. In a world where ‘Nobody gets fired for choosing IBM‘ once reigned supreme, we’re now at a crossroads. If we were to hypothetically infuse a 10% increase into these constrained budgets, how would we navigate this newfound wealth? Let’s challenge the status quo.
1. Investing in the Creator Economy
The Gartner survey indicates a slight dip in marketing budgets, but what if we had that extra ten per cent? I’d advocate for a significant portion to be channelled into the creator economy. These creators, with their niche communities, offer a goldmine of engagement. They’re not just influencers; they’re the gatekeepers, the new-age media channels, each with its dedicated frequency and audience. Investing here isn’t just about tapping into ready audiences; it’s about co-creating content that resonates, that’s authentic, and that drives engagement at levels traditional media struggles to achieve.
2. Blockchain: the untapped marketing frontier
The survey underscores a decline in technology utilisation rates, but here’s a thought: What if we leverage blockchain beyond its ‘cryptocurrency’ fame? With an additional 10% budget, I’d delve deep into harnessing blockchain for transparent, tamper-proof, and engaging marketing campaigns.
Imagine a world where your audience doesn’t just see your brand story but becomes a part of it. They can validate it, add to it, and more importantly, trust it. In an era where trust is gold, blockchain is the new bank.
3. Tokens: amplifying loyalty
Loyalty programs have been the bread and butter of marketing for decades. But with an extra 10%, why not revolutionize it? Tokens, powered by blockchain, can be the new loyalty points. But here’s the twist: instead of just transactional rewards, these tokens can offer experiential rewards, stakeholder rights, or even a say in brand decisions. It’s loyalty on steroids, ensuring that your most loyal customers aren’t just passive consumers but active brand ambassadors.
4. Due diligence: the compass in uncharted waters
While the allure of the creator economy and blockchain is potent, it’s essential to navigate these waters with a compass: due diligence. The Gartner survey emphasizes strategic investments, and this cannot be more crucial. Every penny of that extra ten per cent should be invested after thorough research, ensuring alignment with brand values, audience resonance, and potential ROI.
It’s not about being everywhere but being where it matters most, creating a positive impact, through authentic brand interactions, elevating perceptions through brand empathy, and making change through brand actions.
The dawn of disruptive marketing
The age-old comfort of ‘Nobody gets fired for choosing IBM‘ served as a beacon of safety in a predictable world. But today’s marketing landscape, as highlighted by the Gartner survey, is anything but predictable. While reliability was once the gold standard, the modern marketer’s gold lies in agility, innovation, and the courage to venture into uncharted territories. If that hypothetical ten per cent extra were in our grasp, it wouldn’t be about seeking the next ‘IBM-like’ safety net. Instead, it would be about pioneering the next big shift in marketing, setting new standards, and challenging the norms.
So, as we stand at this crossroads, the real question isn’t about choosing the safe bet or not. It’s about whether we’re ready to redefine what that looks like in this new age.
I pose these questions: Are you ready to challenge the norms? To dive deep into uncharted territories? To not just tell your brand story but to co-create it with your audience? The future of marketing beckons, and it’s not for the faint-hearted. It’s for the bold, the curious, and the game-changers. Let’s be them.
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