Marketing continues to be an integral part of most businesses.
According to the Drum’s prediction, the global ad will reach $605 billion by the end of 2020!
Yet as per HubSpot, over 61 percent of marketers believe that their prevalent marketing strategies are reaping results.
Why is this so?
Well, the world of marketing is changing at a rapid pace. And recent digital innovations are one of the major catalysts for this change. Here is how.
1. Changing the consumption of marketing message
Previously, marketing called for a one-way approach, whereby a company would relay the brand message to consumers who would then become aware and convinced to purchase the product. Now, with the rise of the internet, consumers are in more control.
As per Our World in Data, there are over 4.3 billion internet users. Now, Google accounts for 94 percent of traffic to a company’s website.
According to a study conducted by Search Engine Watch, over 50 percent of consumers who search for a product via their phone ends up visiting the store in 24 hours.
To cater to such online shoppers and researchers, marketers must rank high on search engines. If not, their products are likely to be missed by potential customers.
To cater to this changing consumer need brought about by the internet, marketers make use of SEO tactics.
Depending on your organization’s expertise, it is advised that you invest in SEO consultants and experts to improve your online ranking.
2. The Rise of AI
There was a time when AI was synonymous with the world of the future. It turns out the future is here.
AI has revolutionized the world of marketing. It provides better and more accurate ways to segment customers, retarget, create customized marketing content, send push notifications, etc.
Even though digital innovation is still being developed and perfected, various marketers have already started using it. A study was conducted by Blushift to gauge the adoption of AI by corporations. It discovered that over 28 percent of marketers are using AI for delivering customized product recommendations.
This personalization leads to better sales generation as well as helps in boosting customer service. After all, you know exactly what buttons to push to gratify your target audience best.
3. Alexa and Echo have opened a new platform for marketers
Remember the good old days where there were only a few ways you could reach your target audience?
You merely had to optimize your campaign for traditional platforms like TV, radio, and print. Then came the internet and social media. Now, marketers had another cost-effective way of addressing their target audience.
In 2020 and beyond, there is yet another platform that brands must consider- personal digital assistants. Whether it be Alexa or Echo, the technology has allowed brands to connect with their audience at a personal level.It is being predicted that by the end of 2020, personal digital assistant usage will increase to 1.6 billion! Click To Tweet
Personal assistants are also being used to conduct product searches. Companies that optimize their message for voice search will fare better than those who don’t.
4. The purpose of social media is evolving
One thing is for certain. There is a vast chunk of the global population on social media. But, what they want and what they are doing on the platform are changing.
Social media platforms like Facebook and Instagram might have been created for socializing. But, it has since evolved. Now, social media has become more user-focused. Their interests. Engagement and consent control what they see on platforms.
For instance, how people engage with videos much more than static posts. They are prone to skipping ads and seek recommendations from other peers rather than taking the brand message seriously. All of these changes alter the world of marketing.
Now, to be heard on social media, you must get influencers on board. Additionally, you must create such a quality experience that customers are willing to turn into brand advocates.
As blogs, website content, and static posts lose their magic; marketers need to switch to interactive videos to get their message across.
5. Taking personalization to a whole new level with chatbots
According to Forbes, over 70 percent of the millennial population surveyed responded that they were satisfied with chatbots. Over 67 percent of consumers have used chatbots at least once in the past year.
Why have chatbots been such a massive hit among businesses and customers alike?
For businesses, it helps in keeping the cost low while maintaining effective customer-brand interaction. For customers, it calls for a personalized experience. Thanks to the advancement in AI, chatbots are now able to customize their responses based on data regarding the consumer.
In fact, many are predicting that digital innovation will soon allow chatbots to deliver “human-like” conversations for optimum satisfaction of customers.
6. The inception of the Zero moment of truth
Marketing enthusiasts previously aimed to target customers during their first moment of truth. This occurs when a consumer actively searches for a brand, for instance, in an aisle of a shop. But, a customer makes the decision prior to physically searching for a brand.
In the modern world, it is best to target the consumer during the zero moments of truth. This is when a person begins thinking about a purchase need. You might wonder, how can a brand possibly address a consumer then?
The answer: digital media.
This is why it is essential to focus on search trends. See what your target audience is searching for and decide how you can best mold your offering to be a solution for their needs.
This concept was unheard of previously. Now, it is where the consumer journey begins.
Verdict: It’s a new world!
All in all, digital innovation has effectively changed marketing for the better. And it will continue to do so. Only time will tell when innovation would reach a ceiling, or if it ever will!
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