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Thursday, April 18, 2024

PaM++ Unveils Paradigm Shift for Modern Marketing!

Unveiling a paradigm shift in modern marketing, Pam Plus Plus (PaM++), Thailand’s premier Brand & Marketing Communications consulting firm, highlights the profound transformation spurred by the onset of COVID-19 in 2020. Across various dimensions, marketing has evolved, fundamentally altering how businesses perceive, engage, innovate, and establish connections with their diverse audiences.

“The pandemic compelled businesses to shift their focus,” says founder and managing director Panasporn Pam Nopasri. “We’re witnessing companies targeting their audiences in fundamentally different ways, reflecting the profound changes that the pandemic wrought on society. Thailand went into lockdown in April 2020, leading to adjustments in consumer habits almost overnight and a profound impact on psychology, resulting in changing purchasing behavior and adaptation to new ways of everyday life. In this dynamic landscape, where 61%1 of individuals are actively trying new experiences or adopting new habits to improve their lives, businesses are navigating uncharted territories and redefining strategies to connect with a transformed consumer base.”

Crafting Immersive Experiences in Fragmented Markets
To substantiate this, Pam Plus Plus (PaM++) highlights the shift in customer behavior and expectations. Today’s consumers crave personalized, digitized, and seamless experiences, rejecting operations that make them “waste time” or undergo unnecessary steps or navigate multiple channels. The demand for excellence is so high that 49%2 of these customers will start looking for shopping alternatives the moment a digital platform does not meet their expectations. Thailand’s lockdown in April 2020 accelerated the shift in consumer habits, emphasizing the critical importance of businesses providing not only innovative experiences but also ensuring the reliability and efficiency of their digital platforms. This shift underscores the need for companies to not only adapt to new consumer behaviors but also to consistently exceed digital expectations to retain their customer base in an increasingly competitive landscape.

Moreover, the methods to connect with customers have expanded significantly, moving beyond a limited number of key channels to fragmented platforms that cater to distinct interest groups. This diversification, however, has led to information overload for customers. Therefore, crafting content that is both intriguing and relevant becomes crucial. Additionally, reaching the right audience is key, emphasizing the importance of specialization over attempting to cover everyone.

Emphasizing the shifting landscape, Pam Plus Plus (PaM++) notes the escalating competition centered on meeting customers’ yearnings for immersive experiences and seamless journeys, complete with varied touchpoints. Brands that disregard the vast needs of present-day travelers jeopardize their standing in the competitive fray.

“We’ve noticed many businesses coming to us, not only seeking technical services that fit today’s evolving marketing dynamics, but also seeking advice on how they can improve their brand experience and customer journey since COVID-19. The urgency is palpable, especially as decision-making executives prioritize enhancing the customer experience, with 32.6%3 considering it the single most important business metric. This shift underscores the growing recognition that a seamless and engaging customer journey.” Panasporn adds. “As an agency, we emphasize that this forms the foundation of any marketing and communications plan and requires meticulous work. Companies need to consider how their brand DNA reflects customer promises and their positioning in the marketplace. Moreover, they must understand new behaviors, receptive trends, fragmented marketing, and employ modern marketing tools to achieve success.”

Agility, Sustainability, AI: The Trifecta for Marketing Mastery
Panasporn has identified another pivotal shift in marketing since the pandemic—an escalating demand for agility in decision-making and content creation. Companies now require increased flexibility, reaching out through platforms and behaviors that resonate with their customers’ evolving needs. Rather than adhering strictly to annual plans, there’s a growing emphasis on adopting monthly plans and a swift, dynamical approach as an integral part of the organizational culture. This doesn’t negate the importance of planning; instead, it encourages a quicker research-driven, responsive, and systematic approach to decision-making.

In this dynamic landscape, where companies are navigating evolving consumer behaviors, it’s crucial to acknowledge that 88%4 of executives surveyed believe their customers are changing faster than their businesses can keep up. This underscores the urgency for organizations to not only recognize these rapid shifts but also to embed agility into their strategies and operations, ensuring that they can effectively respond to the changing demands of their customer base.

Moreover, sustainability and social responsibility, and overall ESG are emerging as a central core in marketing, no longer confined to merely PR activities. They must be integrated into the DNA of the business, extending beyond altruism—it is a demand by the growing generations. Panasporn believes that soon, it will become one of the key components in the entire integrated marketing communications landscape. Many businesses provide customers with incentives to encourage contribution, whether leading the customers or responding to their demands, it must be done as it is expected to be a permanent fixture.

This commitment to sustainability is reflected not only in changing consumer attitudes but also in the actions of businesses. Notably, 83% of consumers have increased their sustainable shopping in the last 12 months, indicating a growing consciousness toward environmentally friendly choices. Among consumers, 27% consider making environmentally-conscious choices as their top motivation, while 21% are equally motivated by saving money and making environmentally-conscious choices.5 Simultaneously, the corporate landscape is responding, with 67%6 of companies surveyed adopting more sustainable materials such as recycled materials and lower-emitting products. This dual movement, both from consumers and businesses, underscores the importance of sustainability as a strategic imperative, shaping not just purchase decisions but also the broader market dynamics and corporate strategies in today’s conscientious marketplace.

And of course, Pam Plus Plus (PaM++) has some insights into the hype of Artificial Intelligence (AI). In the ever-changing business landscape, companies are increasingly recognizing the need to integrate AI technologies for an enhanced customer experience. As they navigate towards 2024, the infusion of AI-driven strategies becomes pivotal within the comprehensive business plan and model. This shift transcends the traditional confines of the IT department; it must originate from top leadership and infiltrate every facet of the company, influencing both its people and culture. The prevailing understanding must underscore that AI serves to augment and streamline efficiency, not replace human input. Regardless of personal sentiments, AI stands as a permanent fixture, anticipated to embed itself faster than any other marketing trends or outlooks. It is essential for staying competitive and meeting the evolving demands of today’s audiences.

While integrating AI, firms must remain diligent about maintaining consciousness, ethical considerations, and adherence to best business practices and standards. Artificial intelligence and associated technologies are still in their early stages, and there is plenty of space for advancement. More businesses are investing in and improving their IT resources and capabilities, and AI is undoubtedly a factor. Marketing departments will continue to use AI solutions to help them meet their profit goals.

Among the AI trends expected to emerge in 2024 are: 7 Large Language Models to impact conversational AI, AI solutions applied to boost cybersecurity, the use of Multimodal AI, new verticalized AI solutions managed by platform providers, and most importantly at Pam Plus Plus (PaM++), the increased demand for responsible AI.

In closing and gearing up for 2024
Panasporn ends with, “In the ever-changing environment of today’s marketing, Pam Plus Plus (PaM++) propels brands into a future defined by seamless customer journey, agility, sustainability, and AI mastery. As we embrace this transformative journey, we urge businesses to navigate with consciousness, ethical considerations, and adherence to the best practices. It’s not just about staying competitive; it’s about leading with purpose and embracing the evolving demands of our audiences, ensuring success with every strategic step.”

Citations:
1 Accenture Research Report: RESEARCH REPORT Humans first. Consumers next.https://www.accenture.com/my-en/insights/consulting/consumer-innovation
2 Think with Google: e-Conomy SEA 2023: Unlocking profitable growth in the digital economy with high value users https://www.thinkwithgoogle.com/intl/en-apac/consumer-insights/consumer-trends/e-conomy-sea-2023/
3 Buniss.near.com : The State of Global Consumer Behavior Data https://business.near.com/the-state-of-global-consumer-behavior-data#form-section
4 Accenture Newsroom: Most Companies Struggling to be Relevant to Their Customers, Accenture Report Finds https://newsroom.accenture.com/news/2022/most-companies-struggling-to-be-relevant-to-their-customers-accenture-report-finds
5 Forbes: Why Corporate Strategies Should Be Focused On Sustainability https://www.forbes.com/sites/forbesbusinesscouncil/2021/02/10/why-corporate-strategies-should-be-focused-on-sustainability/?sh=251044f7e9f2
6 Deloitte 2022 CxO Sustainability Report https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2022-deloitte-global-cxo-sustainability-report.pdf
7 Influencer marketing hub: The Ultimate Guide to AI Marketing in 2024 https://influencermarketinghub.com/ai-marketing-guide/?fbclid=IwAR2QXXQa0eXgSPzvupmuuxjjWQTk27ITHDEGf2998IxFfF1vPNKPAv21KVU#toc-6

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