Four Marketing Principles for the Digital Economy 1.0
The 20,000 Foot View: The ascent of the digital economy has resulted in a radical change of marketing principles, the consequences of which have not yet been sufficiently understood. This report outlines four marketing principles derived from the new rules shaping measurement, creativity, purchase behaviour and consumer agency in the digital economy. These four principles are a set of tools and concepts for driving effective ad campaigns that support the business of building sustainable brands in 2019 and beyond.
Four Marketing Principles:
- Measurement – a new formula to gauge success: Reach measures that fail to give proper attention to the relevance of the intended audience risk their own irrelevance. MIDiA’s engagement score formula qualifies engagement potential, taking account of audience relevance and new digital contexts within which marketing messages are delivered.
- Real-time purchase – a revised marketing funnel: Social e-commerce has inverted the traditional marketing funnel. With one simple piece of content, the entire marketing funnel, including purchase, can be delivered. This revised marketing funnel illustrates the ways real-time purchase is revolutionising marketing strategy and tactics.
- Opt-in – ads sought are better than ads served: New marketing channels have opened up within the digital content ecosystem – channels that court consumer attention rather than attempting to seize it, as traditional advertising does. These new opt-in channels are changing the way brands and consumers relate to each other.
- Purpose – co-created content and connected purpose: The digitally-facilitated age of information has empowered consumers and changed their expectations of what the role of companies should be. Social media is enabling constant dialogue and content co-creation that is changing the nature of advertising itself.
Companies and brands mentioned in this report: Amazon Prime Video, Amazon Studios, Boiler Room, Casper, Instagram, Nike, Red Bull Music Academy, Starbucks, Whalar