COVID-19 has created a sense of urgency to reassess and modify various aspects of our lives, such as business operations, beyond the pandemic. To curb the spread of the virus, companies had to adopt new technologies and remote work policies as a swift reaction. It’s probable that some of these practices will still be implemented after the pandemic is resolved.
The ongoing pandemic has highlighted the significance of adopting advanced technologies in business operations, further emphasising the need for such advancements. While the incorporation of technology is already apparent to some extent, it will become more apparent in the future. Among all industries, the marketing sector is expected to be the most impacted, requiring ingenious methods to appeal to customers, especially during times of frugality and caution.
In response to the dynamism of the marketing industry, there are four critical technologies garnering more attention from marketers to maximise their potential. Moving forward, these resources and their utilisation will become increasingly essential. As such, it is crucial to examine and comprehend the significance of these technologies to determine their impact on the future of advertising.
The Four Major Players
While these four advanced technologies have been popular among consumers for some time, they have yet to be maximised for advertising, creating opportunities for growth in this sector. The following are the names of these technologies:
Artificial Intelligence (AI):The term “artificial intelligence” might spark some speculation on its potential impact. Undoubtedly, AI will pave the way for significant transformation in all industries, including marketing. With the incorporation of machine learning and deep learning algorithms, the business world will undergo exceptional changes.
Data Mining:“Data-driven decision-making” has become a prevalent concept in the modern business world. By harnessing data effectively to understand their customer base, companies of all sizes can glean valuable intel on the habits and preferences of their target market. This information can guide strategic choices, enabling businesses to tailor decisions to their customers’ needs and maximise their success. In essence, data-driven decisions are a valuable tool for companies seeking to remain competitive in an ever-evolving marketplace.
The Internet of Things (IoT):The growing popularity of smart devices that can collect and exchange data with each other is a trend that is turning science fiction into reality. The proliferation of interconnected gadgets is expected to bring about significant changes in our daily lives while offering marketers a unique opportunity to communicate with their target audience.
Visual, Augmented, and Mixed Realities:Most of us have some exposure to virtual reality (VR) and augmented reality (AR) due to their widespread use. This familiarity has led to increased complexity and sophistication of modern experiences. Additionally, mixed reality will further enhance AR, with object manipulation playing a significant role.
A Versatile Mixture with Diverse Applications
While each of these four technologies is unique, a genuine transformation can only occur when integrated. In combining these resources, marketers can gain valuable insights into their target market, optimise their product offerings, and attain unparalleled levels of prosperity.
These technologies have a multitude of potential marketing applications, including:
Enhanced Personalisation Across the Customer Lifecycle:The aim of marketing has always been to meet customer needs by accurately predicting their preferences and providing timely solutions. However, the Internet of Things (IoT), big data analytics, and artificial intelligence have enabled companies to create customised offers that cater to the individual needs of each customer.
This means that companies can offer a personalised brand experience from the very beginning. Each customer will receive a tailored offering from the catalogue and will have the option to customise further for maximum personalisation. Additionally, real-time data will allow businesses to target clients at precisely the moment when the intent to purchase is at its highest, increasing conversion rates.
Comprehensive Understanding of Your Customers:Experienced marketers can attest to the fact that marketing teams today have an advantage compared to the past. This is primarily due to the copious amounts of customer data now available that can be harnessed to gain powerful insights. However, this is just the tip of the iceberg. Thanks to the Internet of Things and Artificial Intelligence, businesses can now collect and analyse data with even greater accuracy and detail than ever before.
Customer profiling will be more advanced than ever, providing businesses with a wealth of information. The data collected from various smart devices (from smartphones to cars and buildings) can be used to gain insights into different audiences. By implementing machine learning tools, companies can identify emerging trends, spot growth opportunities, and receive almost real-time feedback for marketing course-correction.
Expanded Reach:Mixed reality presents a significant opportunity for businesses to showcase their products without customers having to leave their homes. This is already evident in applications such as IKEA’s augmented reality, which allows users to visualise furniture in their own home before making a purchase.
The future, however, promises even greater potential. With extended reality, customers will be able to touch the fabric of a dress or feel the seat of a car using specific devices. Although these are just theoretical applications, extended reality is set to revolutionise marketers’ engagement strategies.
The Future of Artificial Intelligence-Based Automation:Marketers have already experienced the benefits of automation in streamlining mundane tasks. Advances in algorithm technology have allowed us to automate routine operations such as posting on social media accounts and responding to customer service requests. However, the future of automation looks even more promising and better suited for advertising.
Thanks to the development of natural language processing (NPL) algorithms, software will be able to talk and engage with customers like a human and service more instances in the consumer lifecycle. Moreover, these platforms will be able to generate copy and create content for campaigns that are specifically tailored to their audiences. Additionally, robots will be increasingly utilised as a marketing stunt to generate interest in new products and services.
Preparing for the Future
The technology required for effective marketing is already at our disposal and being utilised by many businesses. However, full realisation of their potential will take time. It is unrealistic to expect these technologies to be fully developed and capable of achieving all desired outcomes within just a couple of years. It is more likely that they will continue to evolve and eventually become commonplace in the marketing industry.
Moreover, the ongoing epidemic may hinder their growth. It remains to be seen how these technologies will evolve further. Interestingly, once the crisis subsides, these technologies will play a crucial role in reviving markets, eventually leading to their widespread adoption. Thus, even if they do not achieve complete maturity, these technologies will eventually be an essential component of your promotional strategies.