The future of marketing
Digital transformation has changed marketing in ways few could have imagined. And digital technology is the foundation that will drive major marketing trends for the foreseeable future.
The switch from analogue to digital marketing is the biggest game changer of marketing practices in the last 50 years. It has revolutionised the way brands communicate with their customers but also how consumers respond to brands.
“Brands who don’t fully embrace digitalisation limit their business opportunities. We learn so much more about customer behaviour through the measurement and analysis of data in real time and we can develop digital content to deliver value to customers,” says Brigette McGuire, award-winning Brand Strategist and lecturer in Sports Marketing and Sponsorship at Monash Business School.
“But don’t forget, it also enables two-way communication. Consumers can research and stay informed and lead the narrative.”
It’s the accessibility to information and this two-way communication which will drive future trends in marketing. Brand authenticity is key when consumers are empowered with endless information and social media platforms to communicate through.
“Brands need to think about if their behaviour is reflecting who they are and what they stand for. They need to know their own brand better than anyone else and be consistent and authentic in their approach to marketing. There is a trend of cynicism towards marketing and brands need to be transparent and understand their impact,” says Brigette.
Community causes and societal issues such as environmental awareness, diversity, gender equity and fair work ethics build on this need for authenticity. And brands who understand their responsibility and develop robust strategies of transparency and honesty will benefit in both the long and the short term.
“People expect companies to really have that community responsibility and always lessen their negative impact if there is one. Business has become more complex, and consumers are more informed. We are asking brands to tell us the truth and be transparent and that’s not too much to ask,” she says.
The Department of Marketing at Monash Business School is the largest and oldest department of its kind in Australia. As the Department celebrates 50 years, it does so through a tradition of the best academic researchers working hand in glove with the best businesspeople.
“Monash Marketing has a wonderful history of working closely with industry to solve business issues and that continues today. For our undergraduate students, there are many ways to study marketing and gain hands-on experience through industry projects. At the graduate level, the Master of Applied Marketing is for anyone who wants to develop advanced marketing skills to open up new opportunities, change career path, or take on a C-suite role. If you want to be a CEO it’s imperative to understand your customer and this is a great course to enable this to occur," says Brigette.
The Master of Applied Marketing also offers a unique opportunity of learning, development and networking through the mentorship program with the Department’s Advisory Board.
“Students get access to industry experts on the Advisory Board who can help them navigate their career and give considered feedback and advice. That’s invaluable, especially as we maneuver through the COVID-19 pandemic,” she says.
Has it become harder for brands to reach and keep their customers today as we are inundated by advertising on all platforms?
“In some ways it has become more complex. However, through the greater accessibility of consumer data, marketers are also more empowered to take a scientific approach through robust analysis to unearth the key insights that drive consumer behaviour. This knowledge can ignite great creativity to achieve cut through to their most profitable customers,” concludes Brigette McGuire.
Want to be part of what comes next in the fast-paced world of marketing? Find out more about the Master of Applied Marketing and how it can help you get ahead of the curve.
Hear from some of our alumni and what they think have been the biggest changes in marketing in the last 50 years.