by Wolfgang Ulaga and Christoph Senn
Companies must secure “killer marketing and sales skills” in a dynamic landscape where commercial competencies rapidly become obsolete.
The marketing landscape is undergoing a remarkable transformation, driven by the rapid expansion of the Internet of Things (IoT). In 2019, the estimated number of IoT-connected devices stood at 8.6 billion, but by 2030, this figure is projected to soar to 29.4 billion. This exponential growth is blurring the boundaries between products, services, data and software, heralding a significant shift in how marketing is perceived and executed.
On September 21st, INSEAD’s Marketing and Sales Excellence Initiative (MSEI) hosted a members-only event in Fontainebleau, France, titled “Next-Generation Marketing Skills”. Speakers at this seminar delved into two pivotal inquiries: What are the competencies required for next-generation marketing? And how can Marketing & Sales professionals best collaborate with Human Resources and Learning & Development teams so their firms acquire, grow, and retain the essential talent and skills?
What’s happening in the marketing landscape?
The burgeoning array of IoT devices offers both blessings and curses for marketers. On the bright side, it presents a golden opportunity to enhance value propositions and build trust with customers. However, the complexity of managing and leveraging this ecosystem will inevitably pose challenges, making it somewhat of a curse. Moreover, as customers become increasingly aware of the growing number of sensors in everyday devices, their expectations of value from marketers are set to reach new heights.
Internally, the pressure on marketing teams will also mount. As investments in IoT marketing strategies increase, business leaders, including CEOs, will demand a clear demonstration of the return on investment (ROI). The famous line, “Show me the money,” will echo through boardrooms, underscoring the need for marketers to prove the value of their initiatives.