The 8th M in Marketing
Marketing as a field has been continuously evolving. What perhaps a few decades ago was centred around product features, is now hinged on consumer experience. This evolution has been at the cornerstone of the advent of the 7Ms in marketing wherein each M represents a key component of an all-in-one marketing strategy. However, with changing times, emerging trends and technology, paradigm shifts in the domain, and new directions to innovate — there requires an 8th M today.
So, let’s build from the traditional 7Ms and find out what this 8th M is:
Market
The foundation of any marketing strategy is the market. This involves knowing who your customers are, what they want, and where they are. A deep understanding of the market helps in creating targeted marketing strategies.
- Customer Segmentation: Identify different segments within your market. This helps in tailoring your message to specific groups.
- Market Research: Conduct thorough research to understand the needs, preferences, and behaviors of your target audience. This includes surveys, focus groups, and analyzing market trends.
- Competitor Analysis: Keep an eye on your competitors. Learning about their strengths and weaknesses can give you a great competitive edge.
Message
Your message is what you communicate to your audience. It’s how you convey the value of your product or service. A clear and compelling message is crucial.
- Clarity: Your message should be simple and easy to understand. Avoid jargon and complex language.
- Value Proposition: Clearly state the benefits of your product or service. Why should customers choose you over your competitors?
- Emotional Appeal: Connect with your audience on an emotional level. Use stories and testimonials to make your message more relatable.
Media
Media is the channel or platforms through which you choose to deliver your message. Opting for the right media is critical to reaching your target audience without any unforeseen impediments.
- Traditional Media: This includes TV, radio, and print. While traditional media still has its place, it’s important to consider its reach and relevance to your audience.
- Digital Media: In today’s digital age, online channels are crucial. Social media, email marketing, and content marketing are powerful tools for reaching a wide audience.
- Influencer Marketing: Collaborate with influencers to reach a broader audience. Influencers have a loyal following and can help amplify your message.
Money
Marketing requires investment in various stages of the process. Allocating and distributing your total budget wisely is pivotal to the continued success of your marketing campaigns.
- Budget Allocation: Determine how much you’re willing to spend on each aspect of your marketing strategy. This includes market research, content creation, advertising, and more.
- Return on Investment: Monitor the ROI of your marketing efforts. This helps in identifying what’s working and what’s not. Adjust your budget accordingly to maximize ROI.
- Cost-Benefit Analysis: Evaluate the potential benefits of your marketing efforts against the costs. This helps in making informed decisions about where to invest your money.
Measurement
Measuring the effectiveness of your marketing efforts is essential. Without accurate measurement, you won’t know if your strategy is working and which adjustments must be prioritized for better outcomes.
- Key Performance Indicators: Identify the KPIs that matter most to your business. This could include metrics like website traffic, conversion rates, and customer acquisition costs.
- Analytics Tools: Use tools like Google Analytics, social media insights, and CRM software to track your performance. These tools provide valuable data on how your campaigns are performing.
- Continuous Improvement: Regularly review your metrics and adjust your strategy as needed. Continuous improvement is key to staying ahead in a competitive market.
Method
The method is how you execute your marketing strategy. It involves the plan, process, tactics and techniques you use to achieve your marketing goals. It may also include assets created as collaterals for the strategy.
- Content Marketing: Create valuable content that resonates with your audience. This could include blog posts, videos, infographics, and more.
- SEO: Optimize your website and content for search engines. This helps in driving organic traffic to your site.
- Social Media Marketing: Engage with your audience on social media platforms. Share relevant content, interact with followers, and build a community around your brand.
Mindset
Mindset is about the attitude and approach you take towards marketing. A positive and proactive mindset is key to success. However, this may vary depending on the choices and preferences of your target audiences, and issues the product or service being marketed addresses.
- Customer-Centric Approach: Put the customer at the center of your marketing efforts. Get to know their needs and prioritize their satisfaction.
- Innovation: Stay open to new ideas and be willing to adapt to changing market conditions. Innovation is key to staying ahead of the curve.
- Resilience: Marketing can be challenging. Keep yourself motivated, resilient and tenacious in the face of setbacks and keep pushing forward.
The 8th M in Marketing
The 7Ms in marketing are integral to a successful marketing strategy wherein each M plays a vital role in delivering you results. By focusing on these 7Ms, you can create a marketing strategy that is customer-centric, cost-effective, and outcome-driven. However, marketing is an ever-evolving field. Staying updated with the latest trends and continuously improving your strategy is key to staying competitive. This is where the 8th M steps in.
The 8th M is merely “Moment”. It is the process of taking advantage of an instance in time. While the 7Ms in marketing quite successfully cover time as a period or range, the 8th M of moment considers time as an instant.
Impact of Moment in Marketing
Moments are fleeting. They are brief, but they can be powerful. In marketing, seizing a moment can make the difference between an ordinary campaign and a legendary one. The concept of “Moment” involves being present, agile, and ready to act when an opportunity arises. It’s about understanding the significance of the “now” and capitalizing on it.
- Real-Time Marketing: Amul, the iconic Indian dairy brand, is known for its witty, timely, and humorous ads that respond to current events. Be it a cricket match, a political event, or a Bollywood release, Amul is always quick to create a catchy cartoon that resonates with the audience. These topical ads capture the moment perfectly, making Amul a brand that’s always in tune with what’s happening around the globe.
- Creating Emotional Connections: Moments can stir emotions. Take Tata Tea’s “Jaago Re” campaign. Launched during a time when India was facing several social issues, the campaign encouraged people to wake up and take action. It wasn’t just about selling tea, it was about connecting with the audience by tapping into the emotions of social responsibility. The campaign created a moment of awakening for many, making it memorable and impactful.
- Personal Touch: The 8th M also emphasizes the power of personalization. In a moment, you can deliver a message that feels just for someone. Think about Myntra’s personalized app notifications. Just when you’re browsing or adding items to your wishlist, you might receive a notification about a special discount on that particular product. It’s a small moment, but it makes you feel like the offer was crafted just for you.
Why Moments Matter
In today’s fast-paced world, information comes and goes quickly. Trends pop up and disappear in the blink of an eye. Consumers are bombarded with content, so grabbing their attention in the moment is crucial.
- Social Media Buzz: Platforms like Twitter, Instagram, and Facebook thrive on moments. Remember the time when Zomato’s witty social media posts became a sensation? Their humorous takes on everyday situations, food cravings, and even popular dialogues from movies struck a chord with the audience. These posts were shared widely, turning Zomato into a brand known for its quick wit and relatability.
- Cultural Relevance: Moments are often tied to cultural events or social changes. Consider how brands like Cadbury have beautifully aligned themselves with Indian festivals. During Diwali, for instance, Cadbury’s campaigns often focus on the joy of gifting chocolates to loved ones. By being a part of these culturally significant moments, Cadbury has become synonymous with celebrations in India.
- Urgency Creates Action: Moments can drive people to act. Limited-time offers, flash sales, and countdowns make people feel the need to act quickly. Flipkart’s Big Billion Days sale is a great example. The sale creates a sense of urgency with its limited-time offers and massive discounts, making shoppers rush to grab the best deals. The excitement of the sale becomes a moment in itself, with people eagerly awaiting it every year.
How to Master the 8th M
To truly embrace the power of the 8th M, you need to be proactive and prepared. Here’s how you can master the art of moment marketing:
- Stay in the Loop: Keep an eye on what’s happening in your industry, in pop culture, and on social media. Use tools to track trends in real-time. Be ready to jump in when the right moment appears. Think about how Swiggy, India’s popular food delivery app, uses social media to engage with trending topics. Whether it’s a cricket match or a new movie release, Swiggy often joins the conversation with clever and timely posts that resonate with their audience.
- Be Ready to Move Fast: Your team needs to be agile and ready to act quickly. This might mean having content ready to go or being able to adapt on the fly. For instance, when the COVID-19 lockdown was announced, many Indian brands quickly pivoted their messaging to focus on staying safe and healthy. Brands like Dettol launched campaigns around hand hygiene, while Domino’s India introduced contactless delivery. These swift actions showed that the brands were responsive to the moment.
- Know Your Audience: Understand what moments matter to your audience. What do they care about? What makes them laugh, cry, or feel inspired? The more you know, the better you can tailor your moment marketing efforts. For example, Paytm’s “Go Cashless” campaign resonated with the Indian audience post-demonetization. The campaign captured the moment when India was transitioning to digital payments, and Paytm became the go-to solution for many.
- Bring Creativity to Life: Moments call for creativity. Whether it’s a clever tweet, a beautiful visual, or a heartfelt message, how you present your content will make all the difference. Remember the “Har Ghar Kuch Kehta Hai” campaign by Asian Paints? The campaign creatively linked memories with home colors, making people nostalgic about their homes. It turned the simple act of choosing paint colors into a moment filled with emotions and memories.
Conclusion
The 7Ms in marketing provide a strong foundation for a successful strategy. But the 8th M — Moment — adds that special touch of relevance and immediacy. It’s what makes your campaign not just good, but unforgettable. By integrating the 8th M into your marketing strategy, you ensure that your brand is not just following trends but leading them. Moments are what people remember. They’re what turn a campaign into a conversation, a product into a memory.
