Contemporary Marketing Issues
While commendable and desirable, the quest for transparency has its pitfalls also. Within a competitive framework where asymmetry in information comes as an advantage, opening up everything can bring at par the corporate battlefield. Although transparency in financial revelation is not only wanted, it is compulsory, but transparency in marketing strategy can be devastating. Besides, in the ultimate analysis, although a company might bring about transparency, success cannot always be assured. There are chances that plans laid up in the best possible manner can still go haywire. (Tapscott. Ticoll, 2003)
In the 21st century, we are witnessing the development of strategic alliances and networks in which businesses work in unison towards shared goals and maintain partnership in their operations. Managing of such relationships in the most efficient manner is nearly the solution to success or failure. The preceding is at the core of marketing strategy that has to include the following factors (i) the opening and shutting of strategic windows (ii) the effect of market propellers. (iii) The type of competition within the market place. (iv) The stage of the market or the industry life cycle. (v) The assets and the abilities which the company possesses or is able to readily obtain. Understanding of all these five factors is vital if efficient long-term marketing strategies are to be advanced that will result in a company establishing a strategic competitive advantage in industries or in product markets. (Proctor, 2000)
The current era of informational transparency calls for building marketing strategies through customer relationships and integrating communications across multiple channels. This is driven by the fact that marketing is witnessing a rapid shift of power towards the consumer and the management of communication processes was being raised to strategic levels to facilitate in building customer relations and drive business results. Marketers are trying to cope with increasingly tough competition while the cost of acquisition of new customers is rising. Privacy concerns and regulatory acts like ‘Do Not Call’ legislation gave higher focus on setting up true relationships instead of blindly luring customers with uncertain mass-communication strategies. (Developing Effective Multi-Channel Marketing Strategies)
Channel proliferation spawned by new media like websites and e-mail also added channels through which new methods of marketing are surfacing that seek to more efficiently use customer data to filter across target lists, build personalization rules and build marketing campaigns across and within the complete spectrum of media channels available. Therefore the two main constituents of efficient multi-channel marketing are building pertinent offers through personalization and coordinating and management of multiple marketing channels. (Developing Effective Multi-Channel Marketing Strategies)
In order to build a consistent and effective multi-channel marketing and Customer Relationship Management — CRM strategy, the answer lies in integrated solutions. It is through integration that companies are able to restructure CRM and marketing, keeping up a consistent message, leading to more efficient campaigns and increased Return on .Investment — ROI.