Digital marketing is a trillion-dollar world, so huge that traditional marketing can easily be forgotten. Within the next two years we’re likely to see booms in marketing-as-a-service, cognitive marketing, digital post-purchase marketing, and many other cutting-edge developments in digital marketing. When was the last time you heard a new buzzword about traditional marketing?
Well, you might have heard one. Convergence. More specifically the convergence between digital marketing and traditional marketing. Gartner, the market research firm, predicted back in 2012 that by 2017, a company’s chief marketing officer would be spending more on technology than the chief information officer. That seems to be on trackThat seems to be on track. Take a look at this infographic talking about technology spending in 2015 from Gartner.
In a survey of over 330 organizations, 98% of respondents said that offline (traditional) and online marketing are merging. A smaller fraction said that they are letting online marketing call the tune for the rest of their business model.
As marketing analytics continues to bring forth new conclusions, companies are scrambling to keep up with the pace of new innovations. We are going to witness a flowering of strange and new business models with these changes. In the meantime, convergence is happening and businesses that want to succeed must ahead of the pack. The entire digital revolution has upended the traditional roles between companies and consumers. Convergence is just another sign of that renegotiation. The companies that can converge their traditional and digital marketing and turn the data gathered into compelling customer experiences will come out on top.
Post culled from Digitalmarketinginstitute.