I believe there is such a thing as Marketing 2.0. On a basic level, one could differentiate Marketing 1.0 as a cost to the business. Marketing 1.0 is operating under the age-old witticism articulated by the late John Wanamaker, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Marketing 2.0 is a revenue or demand generator where we know the effectiveness of nearly every penny spent.
If you were to search on the almighty Google, you’d see a modest 296 million results. So let’s level the field and say that Marketing 1.0 is a cost center, a service center, product (or service) based messaging, spreadsheets, email blasts, gobbledygook, brochure-ware web sites. In short, Marketing 1.0 is outbound crap. In contrast, Marketing 2.0 is a revenue engine, strategically integrated to the business, audience engagement, producing useful content, content marketing, tight ROI tracking and reporting, smart and clean databases, managed and integrated outbound and inbound activities, real value messaging, two-way digital conversations and relevant/timely personalized messaging.
Make sense? I believe the majority of businesses are closer to Marketing 1.0 than Marketing 2.0 in that they are product focused business cultures used to engaging with customers in the sales function. The good news is that those companies able to rapidly evolve from Marketing 1.0 to 2.0. Those companies able to evolve will mop up market share in their respective markets. In most conventional industries (especially manufacturing) there is a window of opportunity to take the lead in the market. Will you be the company who evolves and grows or will you be the laggard stubbornly hanging on to the old culture of Marketing 1.0?
Some businesses are in transition, some stubbornly refuse and some have realized the fruits of Marketing 2.0. What are the fruits?
- Increased growth rates
- Increased revenue
- Increased market share
- Improved marketing function efficiency
- Improved marketing activity efficacy
- Establishing Marketing as a revenue generator
Check out this Slideshare presentation with a few more details and let me know what you think.