The “BIG” problem with the Marketing Industry
A couple of days ago, I talked with a couple of my friends, and I ended up saying the following:
“I remember when Freia Milk Chocolate was only 15 NOK.”
Today, the same plate of chocolate cost anywhere between 30-45 NOK, depending on location and store.
What correlation exist between chocolate and business, except my occasional urge to consume a 100g, while writing my blog posts, business plans or strategies after making the sweat cover the entire floor at my local gym?
One word. Value.
In these new times, marketing needs to change
When discussing business development with friends and family, I cannot emphasize the importance of being human enough.
Just look at the world around us, covered in technology, and innovation is like an unstoppable train chasing for the unknown future.
We are more connected than ever before, yet less social.
More people are showing signs of apathy and social anxiety.
We live in a world that is chasing towards an automated, technology-driven society. The effect? Less human interaction, less patience due to instant gratification, and few deep and meaningful relationships.
As society change, businesses adapt. Marketing funnels, messenger bots, automation and highly sophisticated systems are the new meta.
However, nothing can replace genuine human interaction, being real and transparent.
That is why businesses need to change. Marketing needs to change. Sales need to change.
Inbound was the first shift, but it isn’t enough.
Imagine this. The year is 2100. Technology is everywhere. AI, machine learning and applied big data has replaced countless services and the need for humans. At restaurants, we order from a machine. At hotels we are alone. At home, we talk with a computer. We are more alone than ever, and we are still bombarded with marketing and sales messages all day long.
What do you long for?
After a hardcore workout, I occasionally buy a 100g of dark chocolate and eat it while I plan the next day or write a blog post. It gives me the instant energy I need to take the next step. The energy that will help me take action on my dreams. The energy that will help me plan what value I will pour into my community.
In a world where people are focused on automation, try taking a step back. Be human, provide value and only that.
Provide more than value than all your competitors, and you will start cultivating a community. A community that sees you, your authority, your contribution, your transparency, your effort.
People connect with people. That is why being human will give you an edge.
Beautiful things happen when you let go.
The same thing goes for innovation.
You can be a genius in a locker, but no one will recognize you. Step outside. Share your knowledge. Share your belief. Connect, contribute and people will come to you.
Most people should be familiar with the concept of push and pull marketing. Traditional marketing is typically push marketing. You trying to push your service on your client, or customer. Businesses use cold calling, cold emails or marketing to get in touch with clients in the B2B and B2C segment.
I would argue that this is an obsolete way of running a business, and you should never do cold calling.
Instead, if you apply the concept of providing value, you do two things.
First, it transitions you from push to pull marketing. Providing value and making your clients come to you. Asking for a quote, requesting a consultation call, or calling to ask where to pay.
Second, you become an authority. By providing more value, you establish yourself as an authority, a mentor, someone that can help the client on their journey to tackle their problem.
This provides you with a unique opportunity and position.
In business, we are told to focus on maximizing profit. Cause it is what our shareholders want us to.
However, with more than 10 years of steady market growth, we haven’t had one recession or correction. How can you argue that solely building your financial currency is logical?
You need to do more. Take the concept of differentiation into your business strategy, and start building more than only one currency.
Audience. Relationships. Financial.
These three types of capital are something every business should build, nurture and double down on.
Remember how I told you that solely providing value would transition you from a push to pull business while building authority and position in the marketplace?
When you do it this way, you will also build all three currencies, making your business more robust, and sustainable for the long term.
Cause, in the end, that is why we do what we do. Not to hustle or to work our butt off. But to build a legacy, something that will make an impact on the world.
What do you think?
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@ Oslo, Norge