Marketing Trends
The history or marketing has seen a fair amount of evolution over time, particularly with the integration of technology and big data. The origins of marketing are much simpler than modern marketing, revolving primarily around managing relationships and personal selling. Marketing tactics and methods have changed over time, spanning from simple personal selling to advertising, promotions, affiliate advertising, social media, PR, branding and market research to support each of these investments and initiatives.
Holistic Marketing
This tables lists out the various dominant perspectives in marketing over the past century, underlining holistic marketing as the latest phase in the evolution of marketing.
As globalization, mass production, and big data became prevalent across industries, marketing evolved to be more targeted and specific across many different potential channels. This resulted in marketing segmentation, or the strategic decisions to pursue specific groupings within the broader population of the market. Segmentation through target markets has been (and currently is) a powerful trend in marketing strategy and tactics.
Holistic Marketing
This targeting and segmentation through broader market opportunities has substantial advantages, and is a useful perspective for marketing managers to take. However, holistic marketing assumes that segmentation is as much a threat as it is an opportunity. The prospect of 'divide and conquer' is potentially more expensive than uniting the market based on shared initiatives and needs. Holistic marketing unites the market on shared ideals and vision, creating an inclusive, relationship-oriented and socially responsible strategy. This typically includes four perspectives:
- Relationship Marketing - A large field (often referred to as retention), relationship marketing is the simple idea that retaining a customer is significantly cheaper than getting new ones. Relationship is about building a meaningful engagement with current customers, not so much to make a sale but simply to ensure a continued relationship with the organization.
- Integrated Marketing - Another substantial branch of marketing is referred to as integrated marketing communications. Integrated marketing focuses on aligning the messaging, communication and brand image across a variety of channels, customer groups, stakeholders and other communications. Through integrated a consistent brand across the board, companies can build a sense of trust, reliability and matched expectations when dealing with the firm.
- Internal Marketing - Potentially viewed as a facet of integrated marketing, it's important to keep in mind that internal stakeholders such as employees require careful organizational brand management as well. Employees impact what the organization stands for (brand), and play an integral role in driving the organization towards it's objectives, mission and vision. Internal consistency of intention and vision is therefore a critical part of external consistency.
- Socially Responsible Marketing - Finally, the modern holistic view of marketing takes into account some of the ethical criticisms of the past advertising eras (and with good reason). Organizations should stand for things that society values. Let's take an example. An organization sells carpets and furniture. They realize the negative impact of their operations on the environment. This company decides to define their brand on perfect efficiency in terms of shipping, complete utilization of recycled goods, large donations to environmental research and local sourcing. As a result, they build meaningful relationships with their consumers based on shared values, while cutting operating costs and capturing subsidies. This is a great utilization of holistic marketing.
While holistic marketing is an evolving field, the general concept is simple. Markets are full of people, and these people are often quite united on certain initiatives. By aligning the organization with the people who work there and the people it serves, the organization's brand will evolve holistically across various channels, underlined by operations that align with the vision of the customers.