The Modern Marketing Model (M3)
Legacy marketing models and frameworks used by strategic marketers are becoming increasingly archaic.
This has lead to the creation of a new model, which attempts to align traditional and digital marketing disciplines within one overarching strategy.
In a marketing environment that is now heavily focused on the implementation of various digital marketing disciplines, it’s essential that organisations plan effectively to implement effective and cohesive marketing strategies. The arrival of the Modern Marketing Model (M3), researched and curated by E-Consultancy, is an enormous step in marketing theory that will help Marketing Directors and Marketing Managers formulate strategic marketing activity.
The Modern Marketing Model (M3) and its role in today’s marketing landscape.
Previous models, such as the 7 P’s and the McKinsey 7’s framework, provide strategic guidance on creating effective, integrated marketing approaches. However, as the transition from traditional marketing activity to digital-based strategies speeds up, the classic models are struggling to bridge the gap between the two, often leaving Marketing Directors and Marketing Managers in a difficult position to harmonise their overarching marketing approach and integrate their teams effectively.
Businesses that have heavily adopted digital marketing disciplines will understand that managing expansive digital teams, covering variously defined specialisms, can become challenging to integrate with the traditional elements of marketing. This traditional marketing activity is often undertaken by internal teams that can feel distant from the overarching digital strategy.
It’s also commonplace that marketing agencies (like Clicky) are actively used on a retained basis to fill the skills gap of teams within certain digital disciplines.
As the digital marketing landscape continues to expand and grow, the integration between traditional and digital could grow further apart.
For larger organisations, strategic Marketing Directors and Managers will plan the business’s overall market positioning strategy, along with business growth objectives and revenue goals. The wider marketing activity is then strategised around the core marketing plan and strategy, taking into account digital and traditional disciplines.
For example, Purple Bricks’ defined market position is based on their disruptive online service and incredibly low, flat commission rate (Property Week). These defined business and brand principles would then need to be adopted and implemented within various activities across the business, spanning traditional and digital channels.
Ultimately, this places heightened responsibility on key individuals within specialist departments and disciplines to communicate their activities to each other, whilst all adhering to the overarching marketing strategy. This is where the management of an integrated marketing strategy can become a serious organisational challenge.
What is the Modern Marketing Model (M3)?
The marketing research think tank, E-Consultancy, have proposed a new ‘Modern Marketing Model'(M3) which focuses on creating a defined synergy between traditional and current digital marketing principles.
Upon first inspection, the model still inherits marketing elements from older, more classical frameworks, but the Modern Marketing Model (M3) integrates strategic digital-focused functions, such as ‘Customer Insight’, ‘Customer Experience & Content’ and ‘Data & Measurement’. These are the key areas which businesses need to capitalise on and begin to analyse within their organisational structures. It then links these functions to the delivery of the wider marketing activities.
All businesses are different in their approach to marketing. Successful businesses see their marketing output as invaluable and will invest heavily if revenue is decreasing, whereas other businesses will cut marketing budgets because they feel external industry pressures are the main contributing factor to the revenue problem.
As a Marketing Manager, it’s your purpose within an organisation to correctly position and steer the business away from these pressures.
By considering the Modern Marketing Model during the strategy planning stage and assessing industry pressures, you can appropriately analyse your business market position on an on-going basis, whilst analysing the behaviours of customers through gathering data via all touchpoints at the execution level.
The customer experience and content collateral should then be aligned to the insight gathered. The approach should then be assessed by the data and measurement functions where further analysis can be undertaken to determine the effectiveness of the implemented activity. Data gathered can then be re-invested back into marketing approach to influence the wider marketing and business strategy.
To use and adopt the M3 model within your organisation, different specialisms could all be aligned to create value for the end consumer. Synergies between the different elements could open up considerably more opportunity for collaboration across different disciplines which could seek out opportunities for a more efficient service or stronger product proposition.
The underlying theme of the model is to seek out actionable opportunities where more value can be provided to customers, either through competitive service improvements or product differentiations.
For example, Hyundai analyse their own customers’ behaviours regularly, not only for product development, but also for service differentiation and improvements. Recently, Hyundai found insight that suggested their customers wanted flexibility when searching for a new vehicle. Based on this insight, they provided customers with the opportunity to have test drives from their own homes and places of work (Think with Google). This invaluable insight would then have influenced the ‘distribution’, ‘promotion’ and ‘customer experience and content’ elements at execution level within the model.
The 4 deliverable functions, Strategy, Analysis, Planning and Execution, can provide a more detailed framework as to how Marketing Directors and Marketing Managers can plan a fully integrated marketing approach. Not only for the marketing plan, but also for the structuring of communication links between specialist marketing disciplines.
The M3 model can certainly play an incremental role in the planning and implementation of a business’s marketing strategy. The synergies between the elements within the model could be adopted and curated by the lead marketeer to match the business’s service or product proposition.
The M3 model is certainly a dynamic attempt at creating synergy across the multitude of traditional and digital elements that a Marketing Manager must consider when looking at the marketing strategy for a business, but it will need to be adapted appropriately to the nature of the business and industry.
Property Week – https://www.propertyweek.com/data/online-estate-agents-evaluated-tepilo-vs-emoov-vs-purple-bricks/5081671.article
Think With Google – https://www.thinkwithgoogle.com/marketing-resources/experience-design/hyundai-car-shopping-customer-journey/