Reflections Week 1 MKT 570 – Steve Overslaugh
The new digital age brings new media and technology into the marketing mix to maximize the level of engagement from a target market with the continued goal of acquiring new and retaining your existing core customer or increasing their spend on your products.
Classic Marketing or Digital Marketing
Week one provided examples of how the classic attributes of marketing may be different than the newer digital tactics however they still share the same core values and strategy required to have effective executions. Some contrasts below include, type of marketing, direction of communication, availability, scope, experience, and language to state a few.
Old Sales Model vs. New Sales Model
The topic of the old sales model and new sales model was also discussed. The generalization I would apply to this model is the new model requires a much deeper relationship and specific and relevant value added detail to earn someone’s business. One can no longer use traditional cold calling and assume a gross percentage of calls or mailers will convert to X percent of a close ratio. A new marketing manager will need to become an expert in their area and adjust their business cases and ROI based on a longer sales cycle, but hopefully customers for life type revenue status associated will result.
3 Stages to Earn a Customer, does it cost more?
Finally, in week one we reviewed the 3 stages of a sale per the below chart. The new digital marketing strategy is more about a deeper and more meaningful relationship with a target audience, while also being able to get them to interact with your brand and not just make a purchase. I understand how this deeper level of engagement may take more time, extend the sales cycle, and use more resources to fully manage, however the goal is to increase future retention and more frequent purchases through deeper engagement.