Marketing & Corporate Communication on the Job: Navigating the Evolving World of Marketing
In today’s rapidly changing business landscape, marketers are facing unprecedented challenges and the need for practical tools to navigate the evolving world of marketing and communications has never been greater.
With unpredictability and constant learning of new ways to do things, it is crucial for marketers to make swift, data-backed decisions.
A recent study by McKinsey highlighted the significant decrease in the average lifespan of companies listed in Standard & Poor’s 500, from 61 years in 1958 to less than 18 years today. McKinsey predicts that by 2027, 75 percent of the companies currently quoted on the S&P 500 will have disappeared. This indicates the need for companies to revamp their functions, teams, and brand offerings strategically.
For example, many companies are shifting from fossil fuels to renewable energy, banks are consolidating and turning virtual, retail is embracing the metaverse, and products-driven companies are focusing more on after-sales.
The skillset required for new-age marketers has also evolved. While it is important for marketers to consistently revisit their brand’s USPs, they must also be part of a company’s strategic efforts to stay competitive in a rapidly changing market.
With increasing competition and digital transformation, marketers need to redefine brand experiences, adapt to new market entrants, and enhance their strategic outlook. They must have a strong grasp of multiple disciplines, including customer experience, virtual reality, investor relations, loyalty, and brand love strategies.
PR efforts are now spread through executives and employees and making content key not just for external stakeholders but also for internal communication and engagement.
Marketers are now under pressure to build sustainable and eco-friendly brand images, considering the urgency and impact of climate change.
While budgets are decreasing, expectations are increasing. Marketing executives also face challenges posed by artificial intelligence, ChatGPT, and data scientists.
Today’s marketers must be adept at scanning the external environment swiftly and aligning their brands with the prevailing environmental crisis and the trends of the times.