Once the Coronavirus pandemic has been overcome, there will be a need to reconsider and reshape many aspects of our lives, including the way businesses operate. The global panic caused by COVID-19 has meant that companies had to quickly adapt, introducing new equipment and allowing staff to work from home. It is highly likely that some of the practices which have been adopted in this period will remain in place long after the pandemic has ended.
Due to the current pandemic crisis, the use of emerging technologies will become increasingly important for businesses in the future. This is already evident in part, however, the need for technology will only become more pronounced. Of all the industries, the marketing sector is likely to experience the most significant effect, as it will be essential to find innovative ways to attract consumers, even when the environment is not conducive to spending.
As the marketing landscape continues to evolve, there are four key technologies which marketers are increasingly turning to in order to capitalise on their potential. In the near future, these tools and the way they are used will become even more significant, so it is important to analyse them and understand how they will shape the future of advertising.
Big Four
For a while now, these four cutting-edge technologies have been gaining traction among consumers, however, they are yet to be fully harnessed for advertising purposes, presenting an opportunity for growth in this field in the foreseeable future. The names of these technologies are as follows:
Intelligence (AI) Created artificially:
Having read the headline, you may have had some speculation about the implications of artificial intelligence. It is indisputable that AI will bring about a period of significant transformation in all sectors in which it becomes established; marketing is no exception. Through the implementation of machine learning and deep learning algorithms, the commercial world will be drastically altered.Data Mining:
It is clear that the concept of “data-driven choices” is becoming increasingly prevalent in the modern business landscape. By effectively utilising data to gain insights into their customer base, organisations of all sizes can gain valuable knowledge about the habits and preferences of their target audience. This helps to inform strategic decisions, allowing companies to make decisions that are tailored to their customer base and, ultimately, maximise their success. In short, data-driven choices provide an invaluable tool for businesses that wish to remain competitive in an ever-changing marketplace.The IoT, or Internet of things:
The rapidly increasing prevalence of smart devices that can collect and process information while being connected to one another is a trend that is finally making the dreams of science fiction aficionados a reality. This widespread adoption of interconnected gadgets is set to significantly transform our daily lives, and will give marketers a unique chance to communicate with their desired customer base.Visual, Augmented, and Mixed Realities:
The majority of us have had some exposure to both virtual reality (VR) and augmented reality (AR) due to the ubiquity of related equipment. This has allowed us to become familiar with their use, leading to an increase in the complexity and intricacy of modern experiences. Moreover, mixed reality will add further dimensions to AR, with object manipulation playing a major role.
An Effective Blend with Wide-Ranging Applications
For marketing purposes, each of these four technologies is distinct, yet it is only when they are combined that a genuine transformation could take place. By integrating them, marketers will be able to gain valuable insights into their target market, refine their product offerings and reach unprecedented levels of success.
Among the many marketing applications they will have are:
More Personalization at Every Stage of the Customer Lifecycle:
The objective of marketing has always been to fulfil customer needs through the accurate prediction of their preferences and desires and providing them with the necessary solutions in a timely fashion. However, the introduction of the Internet of Things (IoT), big data analytics, and artificial intelligence has enabled organizations to create customized offerings tailored to the individual needs of each and every customer.
That means that companies will offer a more personalized brand experience right from the get-go. Each customer will have a tailor-made offer from the catalog and customization possibilities to bring that personalization to the maximum level. What’s more, the real-time data will allow businesses to target clients precisely at the moment where the purchase intent is at its peak, increasing the conversion rate.In-Depth Knowledge of Your customers:
Every experienced marketer can testify to the fact that marketing teams of today have it much easier than they used to. This is largely due to the fact that an abundance of customer data is now available to be used to gain powerful insights. However, this is only the tip of the iceberg, as businesses are now able to collect and analyze data with even greater accuracy and detail than ever before, thanks to the emergence of the Internet of Things and Artificial Intelligence.
Customer profiling will be more advanced than ever before and will provide much more information. Thanks to data collected from all kinds of smart devices (from smartphones to cars and buildings), the information available about all audiences will be huge. By applying machine learning, companies will be able to determine emerging trends, identify growth opportunities, and get almost real-time feedback to course-correct their marketing.Expanded Efforts to Reach More People:
Businesses stand to gain from the implementation of mixed reality, as it affords people the opportunity to experience their products without having to leave the comfort of their own home. We can already witness this in action with applications such as IKEA’s, which utilizes augmented reality to give the user an idea of what a particular piece of furniture might look like in their own home prior to them making a purchase.
However, the future holds a more astonishing promise. Through extended reality, you’ll be able to touch a car’s seat or feel a dress fabric just by using a specific device. Though these are just theoretical uses, extended reality is poised to take marketers there – while driving engagement through the roof with it.The Next Step in Artificial Intelligence-Based automation:
The use of automation to streamline mundane tasks is something that many marketers have already come across in their professional lives. Advances in algorithm technology over the last few decades have enabled us to automate many of the more routine operations, such as posting to social media accounts and responding to customer service requests. But the future of automation looks to be even more intricate and better suited to the purpose of advertising.
Thanks to the development of natural language processing (NPL) algorithms, software will be able to talk and interact like a human and service even more instances in the consumer lifecycle. Additionally, those very same platforms will be able to write copy and generate all sorts of content for campaigns, perfectly tailored to their audiences. What’s more – robots will become more and more common and will serve as a new marketing stunt to spark interest in new products and services.
Making Preparations for the Future
The technology needed for effective marketing is already available and is being utilised by many businesses. However, it will take some time for it to reach its full potential. Therefore, it is not realistic to expect that these technologies will be fully developed and capable of achieving all the desired outcomes within the next couple of years. It is more likely that their capabilities will continue to grow and eventually become commonplace in the marketing industry.
Furthermore, the ongoing epidemic may have an adverse effect on their growth, so it is likely that we will have to wait and see. Interestingly, when the health crisis abates, these technologies will be integral in facilitating the revival of markets, thus enabling their eventual acceptance. Therefore, even if they do not reach complete maturity, all of these technologies will eventually be included in your promotional material.
