The Power of Change: How Marketers Can Embrace Transformation to Drive Profitability

From my early days as a college newspaper editor in 1961, urging brevity with "less is more," to my present-day advocacy for leveraging first-party data to differentiate profitable buyers, I've always championed the need for clear, focused strategies that align with evolving business and consumer landscapes.

Core Themes for Necessary Change

1. Less is More: Focusing on What Counts
In 2014, ANA CEO Bob Liodice highlighted a timeless truth: "Measure only what counts." This principle is critical today as marketers face a deluge of data. Instead of spreading resources thin, companies must focus on key insights that drive real outcomes. For instance, first-party data can now differentiate full-price buyers -- who may represent only 10% of customers but contribute over 50% of profitability -- from reduced-price buyers. This focus enables marketers to tailor strategies that preserve margins and enhance growth.

2. Emotional and Rational Marketing
In 1981, I redefined creative briefs to prioritize understanding a target audience's perceptions, attitudes, and emotions -- not just demographics. This approach paid dividends when Phil Dusenberry won the Visa account with the memorable line, "Visa, it's everywhere you want to be." Emotional resonance remains a powerful driver of brand loyalty, and marketers who align rational benefits with emotional connections will always stand out.

3. The Value of Mentorship and Collaboration
From 1994, when I sought digital mentorship from three early internet pioneers to 2024's advocacy for two-way mentoring, I’ve seen the transformative power of shared knowledge. In today's diverse workforce, mentorship is no longer a one-way street. Companies thrive when leaders mentor their teams and diverse staff mentor their organizations, offering insights into their communities' attitudes, perceptions, and emotions.

4. Data-Driven Profitability
First-party data has revolutionized marketing, providing unprecedented insights into consumer behavior. There are five key sources for this data:

• Users of experiential marketing
• Accessors of influencer marketing
• Appreciators of purpose-driven branding
• E-commerce users
• Retail buyers’ data

By leaning into these sources, marketers can better understand and engage customers who value their brand and are willing to pay full price. This shift from broad price promotion to targeted value recognition not only enhances profitability but also builds long-term brand equity.

Why Transformation Matters

History shows us that clinging to outdated models leads to irrelevance. Change -- though often unsought -- creates opportunities for growth. Whether it’s the early adoption of digital media in the 1990s, the integration of emotional insights into creative briefs, or the rise of two-way mentoring, businesses that embrace necessary change consistently outperform their competitors.

To accelerate growth, marketers must not only welcome innovation but actively disrupt the status quo. This means challenging internal processes, adopting bold ideas, and focusing relentlessly on constructive results. As Rishad Tobaccowala said at the 2012 Transformation Conference, "The future is not about the containers of the past."

Final Thoughts

Today, with easy access to first-party data, marketers have the tools to drive profitability by focusing on what truly counts -- understanding and serving their most valuable customers. By embracing necessary change, we can create strategies that are not only relevant but transformational. As I like to say, I'm not retired -- I'm in reHIREment -- and I continue to champion the ideas and innovations that propel our industry forward.

Marketers, let’s stop measuring everything measurable and focus on what matters most. The rewards are waiting for those bold enough to seek them.

Posted at MediaVillage through the Thought Leadership self-publishing platform.

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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.