One of advertising’s most influential voices in interactive marketing and social media, Ian Schafer, famously stated that “Consumers are transforming faster than we are, and if we don’t catch up, we’re in trouble”. The digital age has drastically transformed the shape of everything. Propelled by rapid innovation and necessity from the pandemic, digital transformation has been placed at the front and centre of business development, signalling the undeniable arrival of the Fourth Industrial Revolution.
It has not only changed the way we work, but how we live as well; forming new routines, priorities and needs for us as consumers. While these changes have been termed as disruptions by some, others who have adopted or embraced the newer methodologies have surged ahead of their competitors, and part of this success comes from new formulations of marketing strategies.
One such example of how technology has transformed the marketing landscape is the adoption of artificial intelligence (AI). As of 2021, the global AI market is slated to reach $641 billion by 2028. In marketing, AI’s uses span from automating processes, to driving new insights through big data analytics and machine learning. This enables marketers to formulate new strategies that suit customer needs or identify consumer behaviours, shifting the trajectory of marketing in the future.
Traditional marketing had a focus on catchment, leading to aggressive bouts of visibility through mass print ads, billboards, television, cinema screens and eventually online ads. This would then transfer interest to physical brick-and-mortar.
While traditional marketing is still relevant, new marketing, with its access to instant digital interactions, has altered everything. With new marketing, marketing campaigns will need to prioritise targeted formats and engagement - using data and customised channels to selectively influence a more captive audience. With the proliferation of social media and mobile technology, the digital marketing space cannot be ignored and will be the future of business success. With our attention turning away from traditional advertising domains of TV and print and towards our electronic device, how have these technological advancements changed the way marketing works?
Digital engagement is now an ecosystem
Technology has created a digital world that is always on, round-the-clock and available wherever there’s Wi-Fi. For consumers, this is a good thing - a search online will have you securing a product or service within minutes, and most of the time without even having to leave the comfort of your couch. For businesses though, this means more competition than ever.
Some of the strongest brands today have a technological heart - Amazon, Netflix, Apple - not because they sell you tech products, but because they have thrived upon a digital ecosystem that manifests the traditional marketing funnel. While the five steps of Awareness, Interest, Consideration, Intent, and Decision still hold true, the digitalisation of marketing platforms now means businesses can engage at any stage and have cross-over flows that are as effective as they are complicated.
Will a fashion retail brand invest in fitting room mirrors to offer virtual outfits and recommendations? Will those recommendations lead them to a sales staff, or have it saved in the brand’s app on their phone? What about their social media sites? Will they have posts that link to a product or an invite to an event landing page to gauge interest? Other than assisting with the traditional funnel, the new digital methodology contains avenues to gain valuable data points and play critical roles in the marketing tactics of businesses.
Greg Paull, Co-founder of R3, highlighted the heightened investment in technology at the Digital Marketing World Forum by sharing how 56% of marketers feel “creativity and technology will play an equal role in determining where and how they engage with their customers”, and that even “30% will prioritise technology over creativity”. So rather than spend all the money in a creative agency drumming up the snazziest ads, more money is being invested into technology to bolster engagement platforms.
This could be a team focusing on Big Data and designing recommendation algorithms for the company, or physical equipment to realise VR presentations, but having MarTech built into the new digital marketing landscape is the most effective way to garner results today.
A data-driven future
Ever had ads for a car appear right after you complained about yours? Or had playlists perfectly generated for you after a month of use? How about some personal assistant recommendations for restaurants and florists when an anniversary is coming up?
That is Big Data at work - or more specifically, the result of data scientists designing data algorithms that churn through inputs to produce useful results for them and users alike. While these are automated, some of these are funnels designed by marketing teams and can provide them with key metrics to lead asset design.
Digital marketing is about reaching out to the right audience and offering more relevancy. In a crowded market, data is an invaluable tool in producing consumer-centric innovation. When one has access to both the macrocosm and microcosm of their audience, it becomes clear if some funnels should begin at Facebook or TikTok, and to use that coral pink or neutral beige for the landing page. These data can help digital marketing teams perform with facts and not fancy, delivering more impactful results across the board.
One such example is a standard e-Commerce portal. With the proliferation of online devices such as smartphones and tablets and easier access to fast Wi-Fi speeds, online e-Commerce has more than doubled sales in the last five years, reaching over US$5.5 trillion. With the online screen estate and clicking behaviours, a lot can be gathered to design a shopping experience for the future. Whether it’s gathering metrics from content marketing posts to shopping comparisons and popular searches, Big Data is driving digital marketing with its results, allowing this new age of digital marketers to explore and invent areas of effective engagement and memorable experiential deliveries to ultimately produce faster conversions.
Feedback is everything
With the rapid transitions within companies and the accelerated age of tech developments, marketing teams may face a stressful time trying to cope with the changes. It’s a good thing then that with consumer-centric approaches, one can always rely on the solid findings from data.
But aside from reports about consumer behaviours across websites and social media platforms, there are also more ways in which users can directly provide feedback to companies. There are now more channels than ever to reach out to a business and designing those avenues to become a pleasurable experience will give marketing teams invaluable feedback that can shape a company’s trajectory.
It’s not uncommon for businesses to change product offerings or do a complete pivot during this period, and comments on social media, questions on robo-chats and follow-up email surveys can determine outcomes. Because of this, the future of marketing can find clarity and direction amidst the shifts.
There are a few trends that are emerging already: Ads can’t look like ads. Users have a heavier reliance on user-generated content. Customer service needs to be available round-the-clock. It’s a good thing that everyone starts from a levelled playing field, and it gives all marketing talents an exciting chance to explore and find footing in uncharted waters.
From SEO to SEM to newer social media platforms such as TikTok, SMU Academy has a range of short courses for all aspiring marketers who want to upskill to maintain a competitive advantage. Learn fundamentals like creating a blended marketing strategy in the digital age or working across various media and social media platforms, or dive more deeply into the world of Martech with the Advanced Certificate in Digital Transformation in Marketing.
