The title question has a strong connection to our ongoing career series during the COVID-19 era: What is marketing today? Why do we say that? Because our marketing career path will be directly affected by the way in which the field of marketing is evolving.
Before we dig in, consider this historical infographic of marketing’s evolution. From SM Study.
A McKinsey Analysis: What Is Marketing Today?
In a new analysis by Sarah Armstrong, Dianne Esber, Jason Heller, and Björn Timeline of McKinsey, the focus is on “modern marketing.” This oft-reported concept takes on a new meaning today:
What does “modern marketing” mean to you? We can all probably think of a clever digital campaign, an innovative app, or some inspired creative work shared across multiple channels. While these examples contain some hallmarks of modern marketing, in our view it is much bigger than that.
Modern marketing involves the ability to harness the full capabilities of the business. In order to provide the best experience for the customer. And thereby drive growth. In a recent McKinsey survey, 83 percent of global CEOs said they look to marketing as a major driver for most or all of a company’s growth agenda.
Delivering on this promise requires a whole new way of operating. Marketing departments must rewire for speed, collaboration, and customer focus. It’s less about changing what marketing does and more about transforming how the work is done. Based on successful cases we’ve seen, we estimate that making this change may unlock 5 to 15 percent of additional growth. And also trim 10 to 30 percent of marketing costs.
These McKinsey charts illustrate the parameters of modern marketing. In addition, click the link above to access much more from McKinsey.