The Influence that Emerging Technologies have on Marketing

Technology has revolutionized business by making initiatives more individualized and immersive for individuals and enabling marketers to create more interconnected and targeted ecosystems. But the changes aren’t limited to the way consumers interact with companies. New marketing technology has entered the foundational processes and architecture of modern businesses to give value to procurement and increase the bottom line.

In 2013, over half (47%) of US marketers relied on originality to guide their efforts. 29% of that happened in the previous year. In 2022, 56 percent of marketers say that the combination of imagination and technology will be just as important in deciding where and how they interact with consumers. Thirty percent of people will choose efficiency above originality.

Location-based marketing

Looking at where individuals acquire their news, their preferred forms of entertainment, and their buying habits might provide light on this phenomenon.

• Connectivity: Roughly half of the world’s population (or roughly 4 billion people) have internet access at any time. More people in China and India will use the internet in the next three years than are now online in the United States.
• More than five billion individuals worldwide have access to mobile devices, most of which are smartphones. This year, mobile advertising expenditure is predicted to hit $93 billion, $20 billion more than television. More than 2.14 billion individuals throughout the globe are anticipated to make purchases via electronic commerce in 2021.
• For fun: Almost half a billion daily users use Facebook to view videos, accounting for about a third of all time spent on the social network.

Location-based marketing

Looking at where individuals acquire their news, their preferred forms of entertainment, and their buying habits might provide light on this phenomenon.

• Connectivity: Roughly half of the world’s population (or roughly 4 billion people) have internet access at any time. More people in China and India will use the internet in the next three years than are now online in the United States.
• Over half of all mobile connections are smartphones, and more than 5 billion mobile users are worldwide. More than 2.14 billion individuals throughout the globe are anticipated to make purchases via electronic commerce in 2021.
• For fun: Almost half a billion daily users use Facebook to view videos, accounting for about a third of all time spent on the social network.

The requirements of marketers on brands

The rising popularity of technologies like blockchains and chatbots may be explained by examining what marketers seek from firms. In this sense, technology is not so much a transmitter as it is a tool for enhanced expression.

• Mass personalization: 2018 Monetate and WBR Research found that 93 percent of companies using sophisticated customization methods saw an uptick in sales.
• Experiential marketing: ten times the ROI may be achieved via the development of quantifiable brand loyalty through experiential efforts that create emotional connections between consumers and brands, as compared to digital marketing.
• Only 27% of the US$63.4 billion marketers spent on programmatic in 2017 reached functioning media, highlighting the need for accountability and transparency in the industry. A staggering 55% of those funds were lost to the so-called “tech tax” charged at each step of a programmatic transaction, and up to 12% were lost to ad fraud.

Joint efforts between marketers and technologists

Marketers will require the aid of their company’s IT, IR, and legal teams to fully grasp how to apply new tech to a brand or product.

For marketers, the problem will be how they use the information rather than what they do with it. Without marketing intelligence that unifies data insights, not even the most cutting-edge technology will live up to return on investment objectives.

Allocating more resources to increase profits.

Although the overall cost of investment in new technology is projected to reduce as economies of scale and competition among service and platform providers rise, this is often a source of anxiety for marketers.

As marketing expenditures increase, spending on marketing technology will probably increase as well. Between 2018 and 2022, total advertising spending in the United States is projected to increase by 24%, from $220.96 billion to $274.44 billion, while the proportion of spending allocated to marketing technology is projected to stay consistent at 30% in both years.

The nature of the business and the needed depth of implementation will determine which technology subcategory will get the most funding. While integrating certain technologies into existing infrastructure is very straightforward, other technologies may need more work. However, the money these technologies are expected to bring in more than compensates for the expense. More digital interactions mean more data sets and dynamic, real-time personalized promotions, pricing, and items for each consumer.

AR and VR in mixed reality

The groundbreaking concept of Augmented Reality has been developed to enrich our experience of the world around us. Since the advent of VR, consumers have had the opportunity to enter an immersive new environment and interact more personally with the products they purchase.

Both have shown potential as components of larger marketing plans. More companies will be able to try out AR and VR because of new use cases that will emerge in 2018. As they reach a more stable state of development, brands will have new chances to get assistance with:

Sales are aided by raising consumers’ knowledge and interest.

Virtual reality (VR) may open up novel avenues for incorporating narrative into advertising campaigns, and it can also inspire fresh ideas for the retail sector. The possibilities are endless, from online wardrobes to digital vacations.

Furthermore, firms might benefit from using AR to interact with their consumers. With the advent of augmented reality (AR) in social media, numerous genuine campaigns have emerged that cleverly combine entertaining filters, immersive virtual experiences, and the intriguing incorporation of mundane daily things into a new and exciting setting.

There is a growing window of opportunity for companies to differentiate themselves via authenticity and experiential marketing by capitalizing on these emerging technologies as more customers are interested in and seek out these kinds of immersive experiences.