Revolution in the marketing system was the focal point of the address by Daniel Morel, Chairman and Chief Operating Officer, Wunderman, at the GoaFest 2011.
The unprecedented pace at which the marketing industry was growing was the biggest challenge for marketers today, according to Morel. He remarked, “Social media is the steam engine for the marketing revolution. M-commerce is the biggest revolution in Marketing 3.0. The industry is in a constant state of change and markets need to be flexible, adapt, evolve and learn to leverage their brand.”
Morel spoke on four important elements for a successful formula for a good communication strategy. Geography or location bases commodities; Context of the consumer’s buying habits; Community or the power of people; and brand impressions and the fuel thrust by m-Commerce were the four focus areas for marketers.
Speaking on the privacy issues that intrusive marketing and information sharing is leading to, he added, “Self regulation is the only way ahead for the marketing industry to avoid oppression from the government. We need to invest in producing more digital content and assets for a data legacy. We have access to near limitless information in real time, which is the power of information and a treasure trove for markets.”