Technology can be game changer in marketing

Marketing dynamics are ever evolving. With the advent of the digital ecosystem and its all-pervasive nature, new technology has permeated the marketing infrastructure altogether.?While the basic principles of marketing form the crux, the implementation has been dynamic. Technology and digital are two major factors which are influencing marketing practices drastically.

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With the world going digital, the possibilities provided by social media platforms, search engines are innumerable. So much so that Social media, Search engine marketing, conversation, advocacy and e-commerce have dominantly effected the digital journey. They’re no longer merely platforms to showcase your content to the world but are full-fledged mechanisms which have revolutionized marketing practices radically.

The impact of new age technology in the marketing ecosystem is diverse.

As mentioned by Sir Philip Kotler and other marketing gurus, in the year ahead and the ones to come, following factors should influence marketing dynamics -

Augmented Marketing – The pandemic made us innovate and invent. One of the biggest shifts was the process of customer relationship management. Digital Technology enabled us to enhance brand engagement with the customers. The buying process has been made more personal and instant with the use of chatbots. Nestle, one of the leading FMCG players used humanoids to sell Nescafe machines in Japan.

This practice is aimed to create an advanced customer experience. During Covid scare, robots were used in various hospitals to take care of patients, thereby minimizing human contact. AR and VR can be used to engage customers with the brand in a completely differentiated manner with minimum human involvement. The customers get a chance to get up, close and personal with your brand- making them experience it and be a part, which ultimately leads to a faster purchasing process.

Big data analysis – The valuable aspect of the digital world is it gives you real time information- it can tell you who is searching for what, where, when and why. Customers leave their footprints on different surfaces in the digital world. As consumers move across channels, they create multiple touch points, making it easy for marketers to profile their preferences at granular and individual level allowing for a more personalized shopping experience, thereby adding the touch of ‘wow-factor’ to their market experience. Given the real time information, big data analysis can also be used in capturing consumer insights helping marketers in tweaking their marketing plans accordingly, thereby making them more targeted resulting in higher conversions at the end of the marketing funnel.?

Predictive marketing – With AI it is possible to predict the outcome of a new product launch or a new promotion campaign. Predictive marketing empowers companies to understand the behavior of their consumers, their preferences, likes and dislikes better. Accurate forecasts can be made based on the learnings from previous marketing initiatives and understandings can help in designing future campaigns, hence minimizing chances of error. The ‘guesswork’ is taken out of marketing with this method, and puts the marketer in a better position to see what is around the bend and how to navigate further.?

Contextual marketing – In the near future, it is anticipated that our ads will know who we are and what we’ve bought! At present, search engines know what we are looking for and tailor suggestions accordingly. Consumer’s shopping patterns, behavior, lifestyle and habits can be established using the data generated in the digital world when a consumer interacts with the digital domain. The goal is to present ads to customers, representing products and services they are already interested in. E-commerce platforms and other digital companies like Netflix, Spotify, Amazon, Youtube etc. are strategically utilizing this data and therefore marketing their products and services in a more focused manner to individual consumers. Highly contextual experiences can be designed using this data in terms of personalized landing page, relevant ads and custom made content. The more we spend time online, the more effective contextual marketing gets. Digital learnings can be used in physical space also e.g. if you reach a modern trade outlet, you may get a promotion message of products you intend to purchase.

Retail stores, too, can leverage this digital experience in their stores e.g. face detection screens can estimate consumer’s demographic details and offer promotions accordingly. Ikea’s AR app allows consumers to try on products before actually buying them. One cosmetic company developed an app in which mobile screen converts into a mirror and women can apply lipstick digitally, try on the shade and decide accordingly before going ahead with the purchase. These mechanisms make the whole buying process nothing short of an immersive experience for the consumer.

In a way digital and technology are creating newer spaces for marketers to build differentiating customer experiences to stay ahead of curve.?

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