Marketing Needs a Collaborative Approach to Win Over Customers
Knowledge@Wharton in collaboration with Wipro
In today’s digitized and connected world, consumers are becoming increasingly impatient and demanding, and to keep pace with them companies are churning out products faster than ever before.
Take automobile firms, for instance. Earlier, marketing teams would first do a series of customer surveys and then introduce new models three to four years down the line. Today, that process has reduced dramatically to just a few quarters. Similarly, in the telecommunications industry, new models of cell phones are being launched at a blistering pace. When it comes to buying a home or deciding on a holiday destination, customers can experience a virtual tour and get a taste of what is in store before taking the final decision.
In this new paradigm, the role and responsibilities of the chief marketing officer (CMO) are being completely redefined. Traditionally, the main objective of marketing was to create brand awareness — typically through advertising campaigns in print and electronic media — and grab the attention of consumers. But now, marketing is driven by business impact.