Decoding The Quantum Marketer
Given this unprecedented time, disruption in consumer behavior & experiences, game-changing new technologies, data and cultural shifts have set off as a natural consequence. This, in turn, has resulted in challenging the traditional marketing frameworks and strategies. Adding to the worry is the industry witnessing many CMO roles being eliminated and the practice itself being fragmented.
Sharing his views with BW Marketing World, Raja Rajamannar, CMO, Mastercard discusses how marketing must now be completely reimagined and reinvented for the immediate future. In his new book, ‘QUANTUM MARKETING: Mastering the New Marketing Mindset for Tomorrow's Consumers’, he reveals the new approaches to marketing that will reestablish its relevance and impact, putting its practice back in the driver’s seat to lead brand equity, business growth, and a competitive edge.
A practitioner, a CXO, a CMO & now an author, Rajamannar brings together his rich experience of 30 years and gives an inspiring outlook on the future of marketing through this new book. He begins with sharing how Phillip Kotler’s marketing principles have been his guiding force throughout. However, most of these classical marketing technologies do not work today. With rapid advances in technology, this classical marketing isn’t helping. This is exactly what triggered him to write this book, suggesting marketers to look at new ways to approach marketing.
Evolution of Marketing
We are well aware that marketing as a craft is nothing new. It has persisted from a long time, perhaps in crude forms in between. However, with concepts of psychology, sociology, anthropology in play, influx of technological tools and digital acceleration, there seems to be a new wave of marketing approaches that are riding the consumer behaviors.
Rajamannar intricately talks about these evolving times through the chapters in the book- Marketing’s Journey: From Antiquity to Algorithms, The Fifth Paradigm, Reset the Mission of Marketing, The Data Dilemma, to name a few. He goes on to elaborate on the need of multidisciplinary marketers today. He captures them progressing through four paradigms:
- Product Marketing (1st Paradigm) – literal, rational, and product-driven; presumed consumers applied logic to make purchase decisions
- Emotional Marketing (2nd Paradigm) – applying emotions to attract and engage consumers
- Digital Marketing (3rd Paradigm) – the inter net and democratized data analytics brought digital to the forefront, and
- Mobile & Social Marketing (4th Paradigm) – ubiquity of connected mobile devices and explosive growth of social media platforms transformed the discipline.
“The first three paradigms were ushered with two technologies at a time. However, today, there are two dozen technologies that are coming at us like a tsunami (AR, VR, Mixed R, self-driving cars, 5G, smart speakers, etc.). Each of these has a profound impact on the audience. Hence, a greater need for marketing to reinvent and redo itself,” he states.
Where Does Advertising Stand Today?
In the era of influencers, social media, online searches and offline purchases, there hangs a question of whether advertising is still alive and effective. Rajamannar answers this with a rather realistic perspective. He asserts, “As the president of the World Federation of Advertisers and a board member of Association of National Advertisers in the US, I get an opportunity to interact with peers across big and small advertising firms.
As marketers, what we often miss is realizing the human aspect of advertising. Say, for example, YouTube ads that play between my favorite song. They completely destroy the sanctity of my experience. In fact, the experience of the medium is also compromised.
Reports show too that 700 million- 2 billion devices have installed ad blockers, in order to have an ad-free experience. Hence, it becomes imperative for marketers to work on the friction created with their ads.
While I agree that advertising is dead, that does not take away the need to communicate. Rather, the models must change.”
What Makes A Quantum Marketer?
Marketers have typically come from the qualitative side of the house. However, with a more data-driven and technologically led environment today, most classical marketers have failed to keep pace with these new developments.
Rajamannar throws lights on a report that states that nearly 75% of CEOs have stated a lack of confidence in their marketing teams, questioning their knowledge of the business and ability to drive growth. “Marketers today are facing an existential crisis. With elimination of CMO roles, even in blue-chip companies, they are losing their seat on the table. Also, a number of new C-suite roles are being introduced (Chief Growth Officer, Chief Customer Officer, etc.), that are leading to an apparent fragmentation of marketing functions.”
He goes on to add, “What marketers do is level the field for all. In an area that is democratized, marketers will make you stand out. The golden era of marketing is just ahead of us. This new breed of marketers is what I am calling the Quantum Marketer- they need to be business people, they should be general managers who understand multiple fields, have a good grasp of technology and data, understand finance, involve actively in PR, etc.”
