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Old marketing is dead- price waterhouse say so

January 15, 2007

PWC has put together a nice report entitled How to capitalize on Lifestyle Advertising in a Customer-Centric World. It’s a strange title, but in essence, its about the future of communication.

For the marketing blogging community there is nothing radical and new in the report, the significance is that an established organization with a presence in the boardrooms of the world’s leading corporations, gets it.

Quote from PWC Report

Chart from PWC Report

Quote from PWC Report

The report has been put together from the analysis of published data and focus groups and interviews with consumers and senior management in the media and ad industries.

PWC’s recommendations include the following-

1. Monitor online conversations
2. Identify key influencers
3. Experiment with new advertising models
4. Test new ideas in new media environments, rather than trying to put the old world into the new
5. Consider revenue sharing models that encourage participation in social networks
6. Participate in the conversation with consumers directly
7. Measure in real-time
8. Invent new ways to measure media- go beyond CPT

They recommendations runs to a huge shopping list of dozens of things, many of them rather complex, that together amount to a fundamental shift in the marketing function.

PWC identifies the need and makes suggestions on what do to in most areas, but it misses the hardest thing of all, transforming organizational cultures.

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