Free Essay

The Essence of Marketing in the Digital Age

In: Philosophy and Psychology

Submitted By owusuagyei06
Words 476
Pages 2
Here are four ways consumers are breaking down the big brand wall:

Search-created experts. Search engines made a lot of content available by providing access to tons of information on anything. With that information, came a new way of thinking about the consumer, since consumers became really smart, really fast.

Consumers not only have access to, but are also sharing an incredible amount of insight, opinions and knowledge. They're two steps ahead of brands. And, they have the upper hand in influencing sales while creating trends instead of following them. The tables have turned in marketing-consumer relations, and its hurting older companies slow to adapt.

Hello-sharing economy. Technology and innovation are at an all-time high, consumers have gobs of information at their disposal, and the economy has been sluggish. This trifecta created what is now heating up to be a real way of doing business known as The Collaborative Economy, which argues that sharing is in full swing.

The movement is questioning the ways of traditional businesses like car rentals, hotel stays, bike riding and buying clothing. Consumers don't have to go through large corporations to get what they need. They're going through a network to rent a neighbor's parking spot, they're finding dog sitters online and investing money in great ideas on their own. People are turning to each other for what they need rather than brands they know and once loved because of cost, convenience and overall quality of service.

Wearable tech knows. I recently downloaded Saga, a life-logging app that helps me predict my next move by passively checking me into places and attaching photos to my experiences -- giving me a personal stream of where I've been. The app seeks patterns in human behavior, such as how much time someone spends at home. Based on this information, the app provides suggestions, which for the first time in a long time, I find useful from a provider.

Wearable technology is a breakthrough market and is bound to hurt big brand comfort levels by helping people learn more about themselves and their behaviors. Individuals can now make decisions based on what they've learned about themselves and not what businesses are pushing down their throats.

The app race. Apps are a way of doing things and living life. At times, apps help us survive, like the maps app. The world is an app race, but the day of a million apps are numbered and only a handful of winners will emerge determined by their ability to deliver ongoing, meaningful value. Just like we've seen with tech trends like MP3 players and daily deal sites, there will be few apps after the hype dies down.

Soon, there will be a time when only the most advantageous apps will dominate the marketplace and they will challenge traditional marketing models more than ever.

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