The advent of modern technology has brought quite more than a few significant changes in our life. Long gone are the days when people used to send messages through devices like a fax machine, pager. Even landlines are a thing of past.
The smart phone technology now rules the market and is quite easy to spot these days. The smartphone has not only decreased this gap of communication between people and communities that prevailed earlier but also brought familiarity to social media and emails. People have huge circles and actively participate on social media platforms like Facebook, Twitter, Instagram, LinkedIn etc.
These days, you can measure each step you take whether it is testing different versions of your campaigns that you do with A/B testing or tracking down each and every rate regarding your marketing campaigns.
Though all facets of a business have seen the impact of technology, the marketing has been severely impacted by different technological evolutions. Three areas of marketing that have been most impacted by the technology are speed, relevance and the reach of campaigns.
Here are a few implications of Modern technology and how they are affecting the marketing world:
1. Big data brings bigger opportunities
The most breathtaking and revolutionary advancement in technology has that been of big data. The organizations these days have access to more data than ever before. Obtaining, organizing and utilizing data is the key effect of modern organizations.
The concept of big data, when coupled with a large variety of available digital marketing channels, offers a substantial opportunity for marketing professionals across different organizations.
Market analysts suggest that spending on big data is set to exceed a whopping amount of fifty seven billion dollars by the end of this year. This is leaving organizations with even more marketing options than ever before and consumers are integrated with a wide information of market than ever before.
Data is basically driving the careers of marketers and its good utilization can accelerate their career paths. Both real time data along with the historical data can be used to inform and develop effective marketing campaigns for businesses.
Image Via: IBM Big Data Hub
You might have quite many ambiguities about big data. Here is how it is helping and creating great opportunity for marketers.
Data is facilitating the tracing of each and every marketing campaign possible and more convenient. Harnessing the real time data helps by making changes in the marketing campaign at any time possible. This can also develop learning for the next sequential campaigns by identifying the trends and patterns from the previous campaigns.
Big data has also impacted the process of developing different types and formats of the available advertising assets. Thus, organizations have a number of online places to get in touch with their customers and generate more potentially converting leads for their business.
2. Internet of Things (IoT)
The Internet of Thing is yet another revolutionary technological aspect along with big data that is proving the mandatory and integral nature of technology in the world of marketing.
Paul Daugherty, CTO Accenture says, “The Internet of Things promises to bring every object, consumer and activity into digital realm”
For those who are not familiar with the concept of Internet of things, it is basically the inter- networking of physical devices with electronics, software, sensors etc.
The network connectivity between them enables these objects or devices to collect and exchange data between them. Consider for example your fridge automatically places order for milk, when you run out of it. This is one of the examples of the Internet of Things.
The wide and opportunistic integration of devices through the IoT has created more opportunities for wearables like a smart watch, smart glasses among others.
Bill Gates has correctly said that “the Internet is becoming the town square for the global village of tomorrow."
Image Via: WordStream
3. Rise of the digital marketer
The traditional role of a marketer that was 10 years ago is much different from that of now. Apart from understanding the customer and being able to motivate the customer to buy things, a marketer must be familiar with computational, statistical and digital technology.
Thus, embracing modern technology is extremely essential for a modern marketer.
Digital marketing has also greatly increased its relevance in modern times. Messages can be transmitted in laser time to the specific groups and offering them the relevant content.
Similarly, the reach of campaigns has also been extended with the excessively increasing popularity of Facebook, Twitter, Instagram, Youtube, LinkedIn, Pinterest etc.
According to Singleton “If you come up with that nugget of an idea, you’ve now got such reach that you can expand that and get tremendous coverage just from a little niche idea,” This idea can be anything that engages the audience.
For example, authors are releasing a special trailer before there book releases in the offline or online stores in order to increase anticipation of the customers.
So, the modern marketer needs to update their skills in order to make most of these successful and fast paced. There was a time when something that was a sensation in today afternoon, barely made it to tomorrow morning’s newspapers.
Even if it did, it was a huge achievement. This is however not the case now. Marketers need to be smart so that they deliver what the customer needs, at the exact moment of their requirement. Because, if they fail, somebody else will reach out to the customer at that moment.
Charles Well has correctly emphasized on this point. He said, “The biggest challenge for the marketer of the future isn’t how do I get skilled up, but how do I get to fit into this machine and which cog am I going to try and be?”
Similarly, the modern marketing picture is not like it used to be in the past. A considerable number of changes have been observed recently. Though innovation based development still continues to be the heart and soul of marketing but modern take on marketing is heading to run on facts and be more data driven.
Some of the entrepreneurs might have a negative say for what has been said but actually technology is much helpful now, than ever before.