On November 15, 2017, Mindshape attended the World Marketing Summit (WMS) in Toronto. For those unfamiliar with the event, the WMS was founded in 2011 by Kellogg School of Management Professor Philip Kotler – a distinguished leader of international marketing – as a global movement bringing together marketing professionals for the betterment of the industry.
The insights identified below are focused most prominently on increasing market share and improved bottom-line results for our clients, regardless of industry.
Serving a Higher Mission
As we know, marketing simply can’t take a back seat in business decision making. It is, after all, the business discipline driving company growth in today’s marketplace. The role for marketing needs to continue to evolve – we should be partnering with research and develop, operations and product management. Marketing today is no longer solely about selling what you make, but also determining what to sell. Through direct integration with the business strategy and in overseeing customer experience, marketing is a vital partnering in knowing what to create in your set of future products and services.
Keeping up with Today’s Consumer
Following nicely on the need to be integrated into your customers’ experience is a point that really hit home from Google Canada. Today’s research-obsessed shoppers are more curious, demand and impatient than ever before. Supporting that insight are a 3x increase in ‘open now’ searches and the fact that 53% of site visits are abandoned on mobile if load time exceeds three seconds. The response shouldn’t be to simply release more information and content. All this does is add complexity to the lives of your consumers. Instead, focus on being strategic, targeted and relevant – add value don’t fill inboxes with yesterday’s spam!
The Neuroscience Angle
Far and away the day’s most engaging speaker, Dr. Moran Cerf, brought up that human decision making is fraught with biases that cloud our judgment. Consumers often misremember experiences – good and bad – allowing their emotions to turn a rational choice into an irrational one, often using social cues to make choices they otherwise would not have. The opportunity for marketers is to harness this insight. How you may ask? Build emotional connections with your audience. This creates more value and satisfaction with your customers and the long-term financial rewards that benefit a company on the bottom line.