As a discipline, marketing has evolved to meet the constantly changing environments in which it operates. Some contemporary practices could never have been envisaged even a decade or two ago, whilst others remain true to the founding principles of the marketing tradition. The 2016 Academy of Marketing AM2016 conference, hosted by Newcastle Business School at Northumbria University in the North East of England, adopted ‘radical marketing’ as its theme.
The term ‘ https://www.e-pub.cc/what-is-radical-marketing/ ‘ covers both the fundamental and the truly innovative; those who practise radical marketing strive to innovate beyond current market trends and customer expectations. Some of these innovations may be considered to be controversial, whilst others are simply a new and different approach to the marketing process.
Radical marketers embrace a more entrepreneurial approach to product development and the creation of a customer base. They often use grassroots techniques, and are able to develop strong visceral ties with a specific target market. They do not operate large advertising budgets, reasoning that these act as ‘entitlements’ which encourage expenditure when it is not needed, or as ceilings which discourage spending more when opportunities present themselves.
They also avoid excessive focus on market research, preferring instead to rely upon customer and distributor feedback. This can be an effective way of ensuring that the final product is truly suitable for its intended market, and may help to improve the likelihood of success. However, it can also be a risky strategy which can lead to costly mistakes.
Radical marketing does not always work, and many small companies that attempt to ‘break the rules’ fail. This is because they are often operating in a very competitive and fast-moving environment. Moreover, it can be difficult to make radical decisions when a company is under pressure from shareholders and the competition.
Some researchers have argued that the type of resource which most aids radical innovation is reputational, rather than market knowledge. Using a survey of high-tech business-to-business firms, they found that those with high reputational resources have a greater propensity to engage in radical innovation activity, and that it provides stronger financial rewards. Those with low reputational resources, on the other hand, have both a lower propensity to engage in radical innovation, and weaker financial rewards from it. This is a powerful reminder that while it is important to have good market information, it is equally crucial to know your customers. This can be a crucial source of inspiration for radical marketing. Moreover, it is a crucial component of creating a successful and sustainable business. So, the next time you’re tempted to follow the crowd, remember that it is your reputation on the line. After all, if you can’t stand behind your brand, you will have no business to trade. The best way to create a memorable brand is to stand for something that is truly radical. This can give your brand a real edge over the competition.