Essay Sample on The Future of Product Marketing: Consumers in Control of Data

Introduction

Within the next 20 years, it is expected that product marketing and the brand will be on another level. The brands will need to revise their digital, mobile, and the strategies of the call center. In this case, it is therefore projected that there will be a probability that the consumers will have control over the data. Nowadays, the customers have increasingly become wary, especially concerning the safety, as well as the application of their data once it is handed over to a brand. Thus with many brands taking advantage of the information collected on the customers, the consumers have begun seeking control over what they are sharing with the processors of the brands' data.

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The impact of CRM and product marketing is that CRM has allowed people to do online shopping and also collecting from the stores. Besides, CRM offers tailored communications. Through the CRM in product marketing, there are three possible outcomes, which include optimization, personalization, and automation. Also, before companies can effectively engage with their customers, a culture of internal engagement must be thoroughly embedded. Despite that businesses strives actively to tear down the silos between sales, marketing as well as service departments, division remains as the communication barriers consistently prevent the kind of the organizational engagement that is required by the current market.

Through optimization, the main goal is to improve on the manual as well as the complex strategies by leveraging on the analytics, tools as well as technologies in a bid to eliminate the bottlenecks (Agrawal, 2009). With the automation, the advent of the new generations into the market, as well as the workplace, have highlighted the resurgence to the point of accepting the absence of human interaction. This will affect the brand and product marketing by increasing sales marketing as well as customer service. On the other hand, the brand and product marketing will advance on the CRM by creating a required platform where the management of the customers will be more effective (Parvatiyar, 2011).

There have been ways in which customers can partner with companies for their mutual goals. First, before the companies can develop an effective engagement with the customers, a culture of internal engagement needs to be thoroughly embedded (Katsioloudes, 2007). Many companies have seen that engaging customers is just about offering the right channel combination. This contributes to the creation of a partnership between the customers and the companies. In the financial services industry, companies have learned that engaging customers is not about choosing the right channel, but rather offering the right combination of the channels. This makes customer engagement as the future of the CRM.

References

Agrawal, M. L. (2009). Customer relationship management (CRM) & corporate renaissance. Journal of services Research, 3(2).

Parvatiyar, A., & Sheth, J. N. (2011). Customer relationship management: Emerging practice, process, and discipline. Journal of Economic & Social Research, 3(2). https://www.marketingweek.com/how-crm-is-becoming-the-new-advertising/

Katsioloudes, M., Grant, J., & McKechnie, D. S. (2007). Social marketing: strengthening companycustomer bonds. Journal of Business Strategy. http://www.1000ventures.com/business_guide/crosscuttings/customer_partnership.html