Marketing

How Technology Has Shaped the Future of Marketing Management

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Marketing has changed as a result of technology, which has made campaigns more individualised and immersive for consumers and more integrated and targeted for marketers. Additionally, more than only the way that companies and individuals interact has changed. The architecture and processes on which businesses are based have been thoroughly integrated with new marketing technologies, providing value to procurement and boosting profits.

47% of US marketers in 2013 employed creativity to direct their marketing strategy. This year’s figure was 29%. For 56% of marketers, deciding where and how to communicate with customers will depend equally on technology and creativity in 2022. 30% will give technology more weight than originality.

Staying in the consumer’s path

We only need to consider where individuals obtain their information, their preferred forms of entertainment, and their buying inclinations to better understand why this is taking place.

• Connectivity: Approximately 4 billion people utilise the internet, making up 50.8% of the world’s population. More people will use the internet in China and India in the next three years than there are in the US right now.

• Mobile: More than 5 billion people use mobile devices, with smartphones accounting for more than half of these connections. This year, mobile advertising is expected to cost $93 billion, $20 billion more than what will be spent on TV. E-commerce: In 2021, more than 2.14 billion consumers are anticipated to make purchases online.

• Entertainment: A half billion people use Facebook every day to watch videos, accounting for one-third of all online activity.

What companies must provide to marketers

In order to understand why new technologies like blockchain and chatbots are becoming more and more popular, we can also look at what marketers want from brands. Technology becomes less of a transmitting device and more of a tool for improved communication in this way.

• Personalisation at Scale: According to a Monetate and WBR Research survey, 93% of companies using sophisticated personalization techniques saw a boost in sales in 2018.

• Experiential marketing: When compared to digital marketing, experiential campaigns that forge emotional connections between customers and brands can generate ten times as much revenue and increase customer loyalty.

• Accountability and Transparency: Just 27% of the $63.4 billion in US dollars that companies spend on programmatic advertising in 2017 actually reached working media. A staggering 12% of those dollars were lost to ad fraud, and 55% of them were ruined by the so-called “tech tax” that is imposed at every stage of a programmatic buy.

A collaboration between technology and marketing

Marketers will require the support of their company’s technology, information, and legal departments to truly comprehend how to use new technologies for a brand or product.

Instead of figuring out what to do with the data they get, marketers will have to figure out how to use it. Even with the most cutting-edge technology, you cannot get the ROI you desire until marketing intelligence that integrates data insights is there.

More funding is needed to increase revenue

Marketers frequently worry about the cost of investing in new technology, but like with all technology, the overall cost is anticipated to decline as economies of scale and competition among service and platform providers grow.

As marketing expenditures increase, spending on marketing technology is also expected to increase. Between 2018 and 2022, the total amount spent on advertising in the US is expected to increase by 24%, from $220.96 billion to $274.44 billion, while the percentage of that expenditure allocated to marketing technology is expected to stay the same, at 30% in 2018 and 32% in 2022.

Depending on the type of business and the degree of execution necessary, certain technology categories will receive more funding than others. While some technologies just need a little amount of integration with legacy systems, others demand full integration. However, the amount of income these technologies are expected to generate for businesses justifies the investment. More data sets will be produced as a result of increased digital contact, which will improve merchants’ ability to dynamically and in real-time tailor promotions, prices, and items for each customer.

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