The world has changed dramatically over the past couple of years. Marketers must rethink how to treat consumers and get comfortable with prioritizing integrity, authenticity and community.
Fact. Inflation fundamentally reshaped the relationship between companies and consumers.
Companies, faced with rising costs, responded with price hikes, product shrinkage and similar tactics, eroding consumer trust.
In response, consumers became more discerning, demanding value and authenticity. This new era of skeptical consumers requires a radical shift in marketing strategy. Marketers must adapt to a world where survival requires a deep understanding of consumer needs; innovation; and a relentless focus on delivering value.
Listen, learn, respond
Last year, there were several incidents where large groups of consumers used social media to complain about brand problems.
For example, Chipotle’s customers used social media to complain about inconsistencies in portion sizes. Their videos amplified the issue and news outlets began reporting on it. Chipotle’s experience, four years ago with a food-poisoning crisis, almost certainly showed the company how to respond. Instead of a press release or polished ad, Chipotle used social media to convey its promise of the larger portions consumers expected. This went a long way toward earning back customer trust.
While only some companies face such a public reckoning as Chipotle, many acknowledge the shifting landscape and adapt their strategies accordingly.
For instance:
- Domino’s CEO pointed out a preference for pickup over delivery due to high delivery costs.
- Whirlpool is trying to come to terms with a decline in appliance upgrades focusing on base functionality or keeping old appliances rather than upgrading.
- Frito-Lay is noticing and adjusting to the fact that customers are no longer buying as many $ 6 chips.
Kudos to these companies for being honest with themselves and their customers, sharing the truth and defining plans to adapt.
The end of traditional marketing
The marketer I once was, steeped in the confidence of proven strategies and systematic planning, is grappling with a new reality. I entered the workforce as the digital age took hold, witnessing the rapid transformation of marketing strategies and careers. In my career, I have mastered the art of crafting compelling narratives, building brands and driving sales in an era dominated by mass media.
The rapid evolution of the digital landscape undeniably disrupted traditional marketing paradigms. What once were reliable strategies and career paths now feel uncertain. The once-promised stability of the marketing world is now a climate of constant adaptation and reinvention. It’s a challenging reality that many marketers are grappling with.
I recently talked with David Teicher, director of community and content at Brand Innovators. David has extensive experience engaging with thousands of brand marketers.
He said, “Some of the most consistent feedback I get from marketers in this industry is around this senior director/vice president level sweet spot, where people have had what they say is a very clear trajectory that’s led them to this point. And then all of a sudden boom, they hit a wall and that path they’ve been on disappears in front of them.”
The pandemic and subsequent economic challenges forced many companies to focus on short-term survival rather than long-term growth. As a result, marketing roles emphasizing strategic planning are being reduced or eliminated.
These days, marketing has shifted from a discipline based in understanding root causes and addressing underlying consumer needs to a world dominated by quick fixes and tactical maneuvers — often out of necessity.
While marketers aren’t solely responsible for the broader economic challenges, we can contribute to solutions.
A new era of marketing
Teicher’s observations resonate with Carlos Gil’s experience. From pioneering digital strategies at larger companies to building a successful entrepreneurial venture, Gil is a go-getter who never sat on the sidelines. His career has been marked by innovation and resilience. However, in this tough economy, marketing spend is at all-time lows. Apparently, Gil was having trouble making ends meet.
Like many, he faced the difficult decision to refocus his entrepreneurial aspirations and explore more traditional roles. This marked a moment of profound vulnerability, which he courageously shared on LinkedIn and other social platforms.
Gil openly discussed his job search and what he wanted and needed and he was open and honest about his struggle to find work as a highly competent 40-something. He leveraged his strong network and the community he built over many years. He transformed a challenging situation into an opportunity for connection and growth.