In these turbulent times of nationwide work-altering conditions, one cannot help but think of the saying – “adapt, overcome, survive”. Of course, the marketing field is nowhere near the harsh jungle conditions in times of old, but change is inevitable, and marketers must indeed adapt to survive.
We live in such reality that challenges await us more frequently than ever before – changing the way we live, the way we work, the way we shop, the way we arrange our personal spaces.
We could say that marketing is present in all these activities, and our best tool as digital marketeers is technology. Technology can greatly supplement marketing in ways never before seen or used.
Let us review some cutting-edge technology trends that will have some major impact on your marketing strategy:
VR/AR technology is the bread and butter trend of the 21st century, at least from what we know so far. Tech companies all around the world are racing to develop the best technology to suit the needs of the customers.
VR/AR headsets and gear have multiple applications in marketing and not only. While the global pandemic is a fact, and many restrictions are imposed on our daily lives, such as lack of socializing, attending events, etc., the VR companies come in and save the day!
This technology trend allows us to be anywhere while still staying at home – both marketers and customers are provided with the option to work, tour around, and envision different products. We are benefiting from a truly digital era.
The VR/AR technology trend is very clearly seen in the real estate business – when the brokers need to show a piece of property without actually being there with the customer, VR headsets and gear show the rooms, the house or apartment itself and provide virtual walks and showcases of the premises. This is also true for construction sites, factory inspections, even product development on-site, but without the physical part of actually being there. Augmented reality greatly helps marketing specialists visualize given products and/or spaces for their customers.
Here is a real example of how you can potentially buy your new home:
Artificial intelligence (AI) is not what we are used to watching in the movies. Maybe not yet…
As it becomes more prominent in different industries, it is also impacting marketers in ways that might be difficult for them to realize yet. According to McKinsey, AI is expected to have $2.6 trillion worth of business impact in sales and marketing alone. Gartner predicts that 80% of technology will be built on an AI foundation by 2021.
One example of AI that is used for marketing purposes is chatbots.
In short – chatbots are small computer programs, scripted specifically to simulate human conversation and interact with real people automatically in order to better help them with their issues and complete their tasks.
Chatbots are actually the simplest example of how AI can be implemented in marketing strategies – customers are given the option to converse with the algorithm that is the chatbot AI and better feels this personal attitude that is crucial to reach customer satisfaction. And not only this but gathering various data through conversations is easier with a chatbot, it can be even processed in real-time, so big tech companies can enhance their service in faster and more efficient ways.
Chatbots can be created and scripted for specific marketing purposes – such as promoting a product, a service, or receiving customer feedback. These little programs can also help your business with the repetitive tasks of customer interaction, for example, navigating them through your website or providing user-specific options for actions, based on previously gathered data.
AI algorithms also help marketers set their advertising campaigns and messages. Based on previous processes of advertising campaigns, constructed images and stories, the AI can calculate and generate brand-new ones faster, cheaper and more efficient. Google is doing exactly that!
This next trend might not be following the examples of the aforementioned ones, but we simply cannot miss it.
Imagine a reality that is completely cashless. A bank branchless world of virtual payments anywhere, anytime, with no taxes and no delays! This is not far from the world we live in.
Here is the example of Revolut for those of you who still don’t know it:
Revolut was originally a mobile app service, set up to help travelers and tourists avoid expensive foreign exchange fees and banking taxes. The app included a card that allowed to change money in over 30 different currencies at market rates.
Over the past few years, the FinTechs (or financial technology companies) have gone up in revenues, popularity, and success. These companies use already existing technologies (such as mobile phones) to make it easier for people to handle their money, make investments, or even maintain financial discipline.
With the rise of digital/mobile payments come many other possibilities, such as enhanced customer service and customer loyalty.
Marketers should be tech-savvy to keep up with advancements and ever-changing customer expectations. In addition to Revolut, there are other players such as Monzo, N26 that came at the right time and place. What made them stand out from the crowd is understanding their customer better. These are people who don’t like waiting, focusing on simplicity and ease, often finding it through using their smartphones. A better-personalized experience along with fully digital experience is key to meet modern customer expectations.
Тhis technology trend is a real example of how some innovations can lead to great exponential opportunities for both customers and businesses.
IoT is among the leading technology trends in the world, with the potential to change many human realities and the way we live.
Simply said – we put minimum software in our everyday household electrical objects – it may be the washing machine, coffee machine, or the air conditioner. We then connect them all via the one thing that has been connecting us all in the last 30 years – the internet.
And voila – we have a completely new medium in the form of an object network in our home. And not just our home – the IoT will pave the way to designing the cities of the future, so-called smart cities.
This new medium has vast possibilities to carry marketing strategies, ways to tell a story, or get a message to the audiences faster.
For example, customer and user data may be gathered more efficiently and thus – help the marketing segmentation of active users. The household machines with the internet in them help companies understand the needs of the customers with precision. This technology trend leads to the improvement of products and objects, based on the expectations of people who use them daily.
The constant data flow is a lifeline for any marketing department.
Today, we must keep up with technology in order to excel in our field of work – be it marketing, sales, advertising, or even real estate and social services.
Technology trends are developing our world faster than ever before. So just look around you and ask yourselves– “what kind of technology will be implemented for improving this particular activity of my life”? The activity being online shopping or touring of property, or decision making, or anything else that we are involved in on a daily basis.
With the answer comes the opportunity for adapting, improvising, overcoming, and ultimately – growing. Both personal and professional, with the possibility of spreading technological innovations to others around you.