Good Ideas Outgrow Their Initial Usefulness
Concepts and strategies created in response to a specific challenge can often later be implemented on a grander scale. When they are born of creative and well-supported critical-thinking, the best can be adapted to solve a far-reaching variety of problems.
Core marketing concepts and strategies, for instance, have been undergoing rapid, evolutionary changes since the internet became easily accessible and popularly used. Along with connecting people with brands on a personal level, it allowed businesses to collect and store large amounts of data concerning their product, service, and customers. In response to this evolution, a more comprehensive form of data analysis emerged, and it doesn’t measure success by standard methods.
Other marketing strategies such as targeting audiences and creating innovative content have seen similar reform as well. Their updates have benefitted brands and accomplished goals, but they have also infiltrated the millennium’s zeitgeist. The following are a few examples of where these strategies can be found outside of a company’s success.
Educational Growth and Evaluation Portfolios
At a basic level, hitting externally-determined goals and performing to expectations does work to measure growth and success. However, complex data analysis has proven that determining success is far more than annual goals and average comparisons. To understand success, and to project what is further needed, data analysts look at massive amounts of information pertaining to a company and their customers. They use this information to generate reports on numerous business facets which provide comprehensive, up-to-date insights of a brand’s standing. Consequently, these successful analytical techniques are being tried in areas such as education.
Instead of traditional grades and standardized-testing – which have been all but proven to be a poor way to determine academic progress and improvement – academic professionals are implementing growth portfolios or evaluation portfolios to determine performance. In lieu of grades, these show change over time and track development that better define a student’s standing.
While there are still marketing campaigns that believe in wholly enveloping consumers in their brand – commercials, billboards, gear, social media ads, radio advertisements, etc. – savvy marketing professionals look to make the most out of their budget. This is why smaller businesses have boomed recently; they can market on the same playing field as the big kids. By targeting specific audiences and marketing directly to them, businesses can get more bang for their buck due to a higher conversion rate. This strategy has spread to other business ventures such as raising capital.
Crowdfunding may seem like a shameless query to anyone and everyone, but in reality, it isn’t. Platforms like Fundable and GoFundMe cater to specific audiences through filters, and give the requester a chance to appeal to those audiences. In 2015, crowdfunding raised over $34 billion, proving that it is a successful system. People with visions and goals no longer have to cater to a bank’s interests – which might not appreciate the venture – and can reach out to those who share similar thoughts.
Obviously, the use of innovative content isn’t responsible for the current progressive landscape which celebrates uniqueness, but it did help overcome certain obstacles. A company’s voice and brand are an integral part of who they are, but it can be coupled with something or someone else that gives it spirit per se. Businesses who stay ahead of the curve implement interactive marketing, and look to support people within their community which buys them good press along with doing something beneficial.
It’s a win-win. It’s a different kind of sponsorship, where they invite unique talent from outside the structure to participate in goals or competitions. Brands are still into themselves, but they’ve made room for growth through a unique perspective. In turn, more and more people have felt invigorated and want to express themselves instead of conforming to traditional mindsets or appearances.
This is a guest post by Ryan Ayers. Ryan has consulted a number of Fortune 500 companies within multiple industries including information technology and big data. After earning his MBA in 2010, Ayers also began working with start-up companies and aspiring entrepreneurs, with a keen focus on data collection and analysis. Follow Ryan on Twitter: @TheBizTechGuru