In the modern connected economy being in touch with your customers is an absolute. However, effective advertising has changed dramatically. The days when a business would list in the yellow pages and hope to be found are history. Running an ad in print media and hoping someone will read it is the proverbial needle in a haystack advertising. Producing and filming ads for TV is expensive and often has a low return on investment (ROI). Most TV shows are taped, and ads are skipped. They aren’t much different than spam in an e-mail inbox. The majority of consumers, including myself, consume most audio content through podcast and music through digital storage. Radio advertising is becoming a limited method to reach your customers.
Changing History of Advertising
A hundred years ago advertising was reaching a large market with the same needs. The industrial revolution created a new economy built around large scale efficiencies like large factories, mass media, mass marketing and mass communication.
Seth Godin in his book Permission Marketing: Turning Strangers into Friends and Friends into Customers
The concept of Permission Marketing is that you develop trust with a potential customer. After you have their trust, then you can discuss what you offer. Traditional methods of advertising just aren’t an effective use of capital.
Social Change
The industrial revolution is ending and the economy that it produced no longer functions as it once did. This massive economic shift is also bringing great social change. The good jobs that industry provided are becoming fewer and fewer. Income gaps between the people at the top of their industry and the average are likely to increase.
We now are in the growing phase of the new connected economy with all the opportunities that it will produce. Yes, there will be displacement of workers and many of their jobs will change or cease to exist. New jobs will be created to adapt to the changing market. Yes, there are new challenges to marketing our products or services. But, by understanding the changes it opens up new opportunities.
Opportunity of a Life Time
Because of the connected economy, today is the best time in history to be in business or to start a business. Opportunity abounds. The tools that are available today allow you to connect to millions of people to offer your product or service. If you want to increase your success, become connected to your potential customers
Modern Marketing
With all of the changes that have taken place mass advertising is being replaced by Permission Marketing. Before you have the confidence of the potential customer, you have to provide them with reasons to buy your product or service.
To gain their confidence you have to connect, demonstrate your competence, and be consistent.
Question: How can you take advantage of changing economics to market your product or service?
Quote of the Week: “Permission marketing turns strangers into friends and friends into loyal customers. It’s not just about entertainment – it’s about education. Permission marketing is curriculum marketing.” – Seth Godin
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