The Role of New Technologies in Marketing

Technology has transformed the business by personalizing and immersing activities for people and allowing marketers to construct more linked and targeted ecosystems. However, the changes do not stop with how customers connect with businesses. New marketing technology has permeated modern enterprises’ core operations and architecture to add value to procurement and enhance the bottom line. The best thing about new marketing technologies are the businesses that have sprung up as a result. Companies like Notifyio who focus on lead and traffic generation are as important as those who will spend their time analysing your SEO. You have to know where to find the best help so that you can propel your business forward, and often, that means looking outside your own marketing team.

Over half (47%) of US marketers used uniqueness to lead their efforts in 2013. 29% of that occurred the prior year. In 2022, 56% of marketers believed that the mix of creativity and technology would be equally crucial in determining where and how they communicate with customers. Thirty per cent of individuals choose efficiency over creativity.

Marketing based on location

• Looking at where people get their news, their favourite forms of entertainment and purchasing behaviour may provide some insight into this phenomenon.
• Connectivity: At any moment, over half of the world’s population (or around 4 billion people) has an internet connection. In the next three years, more people in China and India will be online than in the United States.
• More than five billion people worldwide have access to mobile devices, most of which are smartphones. Mobile advertising spending is expected to reach $93 billion this year, $20 billion higher than television. In 2021, more than 2.14 billion people worldwide were expected to make purchases via internet commerce.
• For fun: Almost half a billion daily Facebook users watch videos, accounting for almost one-third of all time spent on the social network.

Localized advertising

Looking at where people get their news, their favourite forms of entertainment and purchasing behaviour may provide some insight into this phenomenon.

• Connectivity: At any moment, over half of the world’s population (or around 4 billion people) has an internet connection. In the next three years, more people in China and India will be online than in the United States.
• Smartphones account for more than half of all mobile connections, and there are more than 5 billion mobile users globally. In 2021, more than 2.14 billion people worldwide were expected to make purchases via internet commerce.
• For fun: Almost half a billion daily Facebook users watch videos, accounting for almost one-third of all time spent on the social network.

Marketers’ expectations of brands

• The increasing popularity of technologies such as blockchains and chatbots may be explained by looking at what marketers want from businesses. In this sense, technology is a tool for greater expression rather than a transmitter.
• In 2018, Monetate and WBR Research discovered that 93% of organizations adopting advanced customization strategies experienced an increase in revenue.
• Experiential marketing may generate ten times the ROI compared to digital marketing by developing quantifiable brand loyalty via initiatives that build emotional connections between customers and businesses.
• Only 27% of the $63.4 billion spent on programmatic by advertisers in 2017 reached working media, underlining the industry’s need for accountability and transparency. A whopping 55% of that money was lost due to the so-called “tech tax” levied at each stage of a programmatic transaction, with up to 12% lost due to ad fraud.

Collaboration between marketers and engineers

To understand how to use new technologies for a brand or product, marketers will need assistance from the information technology (IT), investor relations (IR), and legal departments of their respective companies.

The difficulty for marketers will not be in what they do with the information; rather, it will be in how they use the information. Even the most cutting-edge technology will not be able to achieve the desired return on investment (ROI) if it does not have marketing intelligence that blends data insights.

Increasing earnings by allocating additional resources.

The total cost of investment in new technology is predicted to decrease as economies of scale and competition among service and platform providers increase; yet, this is frequently a cause of fear for marketers, even though these factors converge.

An increase in the amount spent on marketing technology will likely occur with a rise in total marketing expenses. It is anticipated that total spending on advertising in the United States will rise by 24% between 2018 and 2022, from $220.96 billion to $274.44 billion. During this same period, it is anticipated that the proportion of spending allocated to marketing technology will remain at 30% in both years.

Which subcategory of technology will get the most financing will be determined by the nature of the company’s operations and the required implementation level. While incorporating some technologies into preexisting infrastructure can be accomplished with very little effort, incorporating other technologies can require more effort. Nevertheless, it is anticipated that the money brought in by these technologies would more than pay for the costs involved. More digital interactions result in more data sets, enabling more dynamic and real-time personalized pricing, goods, and promotions for each customer.

Mixed reality AR and VR

Augmented Reality is a revolutionary idea created to enhance our perception of the world around us. Consumers have had the option to enter an immersive new world and engage more directly with the things they buy since the birth of VR.

Both have shown promise as components of bigger marketing strategies. Because of new use cases that will emerge in 2018, more businesses will be able to experiment with AR and VR. As they progress to a more steady stage of growth, businesses will have additional opportunities to get support with:

Raising customer awareness and interest helps sales.

Virtual Reality (VR) may offer new ways to add the story to advertising efforts and inspire new retail concepts. From online wardrobes to digital getaways, the possibilities are limitless.

Additionally, corporations may gain from employing AR to connect with their customers. With the introduction of augmented Reality (AR) on social media, a slew of genuine campaigns have developed, effectively combining fun filters, immersive virtual experiences, and the interesting merging of banal everyday objects into a new and thrilling setting.

As more consumers become interested in and seek out immersive experiences, there is a rising window of opportunity for organizations to distinguish themselves via authenticity and experiential marketing by leveraging these developing technologies.