Getting Ready for the Challenges of Digital Marketing through New Technologies

"With the advent of the digital age – companies are now required to continuously refine and review their brand and marketing strategies both online and offline to keep customers/clients engaged and loyal in addition to managing an increasingly labyrinthine web of partners, technologies and processes."

Executive Summary

The digital marketing revolution is here and it is having a huge impact on the organizations and as such enterprises should work harder than ever before to keep pace with digital transformation in virtually every sector. With the digital advertising techniques changing in real time, it is no longer enough just to keep pace. Staying ahead of the curve requires looking forward to what is coming next and then taking right steps to get your business where it needs to be.

The easy availability of new low cost technologies across communication mediums such as mobiles and wearable devices has created seismic shifts with consumers being more connected, more informed and increasingly vocal about their choices and opinions. Businesses are now required to adapt their marketing strategy to the needs of modern consumers by integrating new technologies for more personalized and fruitful communication.

This White Paper outlines the processes, business models, and technologies that can be employed by organizations across sectors in today’s digitally competitive business environments. This involves identifying major shifts in the digital landscape, the key trends in this marketing eco system and the attributes that organizations must look for when adopting the new digital marketing technologies. We reason out by describing about the best digital marketing practices that would enable organizations to lead and sustain success.

How Digital Marketing has raised the Marketing Stakes

Historically, marketing has been a major evolutionary force since ancient times from Roman gladiators who were paid to wear advertisements on the battle garb and marketplace sellers from India and China who relied on conversation strategies to sell their items. Over these years, nothing has changed in terms of the needs to reach the right buyers except the way the modern digital technology has changed.

Digital Marketing is responsible for not only for the ways the buyers receive and engage with companies but how brands and marketers feed consumers the right content empowering them with abilities to make purchase decisions. The advances in digital strategies and technologies have provided an opportunity for new approaches with many businesses following the concept of “Channel first- message latter” which does not work in all cases. For instance, a virtual experience, Gamification based mobile app is worthless if the content flowing through it is not anchored to a clearly defined authentic brand narrative.

Marketing continues to work best when it is relevant, engaging and easy to consume that is why new technologies like Virtual Reality (VR), Augmented Reality (AR) seems attractive. Organizations need to focus their efforts on perfecting the types of digital marketing that they know will have a positive reaction from their own target audience.

Enterprises as such need to focus their efforts on perfecting the types of digital marketing that they know will have a positive impact or reaction from their own target audience. Digital marketers need to be up to date with the latest social networking technologies and as such it is important for them to evaluate the networks active account usage besides the number of user accounts they have.

Facebook is number one social networking platforms emerging as the largest social media network with over 2.2 billion users followed by YouTube and Instagram. Some of the emerging social media platforms that enterprises should pay attention to include-

  • SnapChat
  • WeChat
  • We Heart It
  • Medium

The Gartner 2018 CIO (Chief Information Officer) Agenda insights survey report shows that all industries/enterprises rank digital business as one of their top 10 business objectives. Gartner surveyed CIOs across 98 countries representing nearly $13 trillion in revenue and $277 billion in IT spending.

58% of CIOs said that business growth is their top priority and other CIO priorities including digital transformation (17%) and among government organizations about 18% of them opined that digital transformation was their first priority. These survey results do show that if a company has a digital initiative then the recognized need for cultural change is needed. The CEOs Top Business Priorities is being shown in image format as shown below-

The idea of shifting towards digital business across enterprises was used to be speculative for most of the C-level executives a few decades ago has now become a reality for many in 2018 as digital is a top priority across all industries. In terms of prioritization of new funds for digitization, investment in digitization was placed in the top 3 for 8 out of 15 industries in 2018.

Banking and investment services and retail sector are allocating the largest amount of funds to digital marketing. CIOs across the majority of industries are struggling to move from experimentation to scaling up their digital business initiatives as they are recognizing the need for cultural change in a big way through digital marketing.

"The Key Trends in the Digital Marketing Eco System – An Analysis"

The traditional marketing practices required organizations to know what they are doing by opting age old marketing techniques but the modern marketers should be willing to experiment, change gears if needed even defying conventions. While today’s digital eco system features new technologies and innovations with top talent remaining key to getting the Return on Investment or ROI.

Digital Marketing is facing lots of challenges around transparency for a long time and with a new way of transacting and storing data in a transparent way with the new data regulations coming into force in the European Union in the form of General Data Protection Regulation also known as GDPR. The digital marketing ecosystem has grown rapidly with the largest chunk of the global marketing budgets now being invested in digital platforms with the advertisers demanding that the money they invest can be clearly tracked and understood.

Organizations who would like to get business value or ROI from their digital platform investments needs to be mindful of employing the type of technology strategies that will enable innovation within their organizational structure. According to the 2017 Marketing Technology landscape report, there has been 39% growth in Marketing Technology applications when compared to 2016 in terms of numbers it is about 5,000 solutions. A few years back it was mere 350 solutions.

This growth of innovative technologies when combined with increased expectations for a unified digital experience has resulted in a creation of an environment where marketing and IT teams must work together to provide a personalized consumer experience across all multi-channel systems. Now organizations are required to add new digital marketing tools to their existing technology eco system.

To stay competitive in 2018 and beyond – organizations should consider the following up-coming digital marketing trends into their marketing ecosystem. Some of these key trends include-