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."
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-
- We Heart It
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-
The rise of Blockchain Technology – A Technological Marvel
Digital Marketing has faced challenges around transparency over these years and there is a lot interest being generated towards new ways of transacting and storing data in a transparent way. Blockchain Technology is expected to transform the digital marketing and advertising as well.
Blockchain technology enables customers to have control of their advertisements they see and provides advertisers a modern and sophisticated means to produce high quality leads.
The following benefits are expected from blockchain technology where security is at the core of the blockchain with each transaction or block created, verified, secured and enforced on the chain. Some of these benefits include-
- More Trusted Advertising Buys
- Helps in cutting the advertisement buying process by cutting the middleman altogether.
- Organizations would be able to get consumer profiles directly from consumers instead of getting bits and pieces of customer information from various sources.
- Blockchain technology is highly transparent with a digital ledger of history and data for a product or service that lets consumer get a transparent view of the every product or service from manufacturer to seller thereby having a little reservation about making a purchase. This in turn leads to a high Return on Investment or ROI for organizations due to leveraging block chain transparency to the advantage of their brands.
Block chain technology is still in its nascent stage and it would be interesting to see how it will affect the future of digital marketing, advertising across sectors and industries.
Machine Learning - Its Impact on Digital Marketing
Machine Learning (ML) as of now has emerged as the most useful and widespread manifestation of Artificial Intelligence (AI) that is being used in a commercial context. Machine learning is system that can be defined as an algorithm with the capability and capacity of independently optimizing its own processes by analyzing and acting upon the data generated by its own activities. Machine learning as a technology is already being used across a huge range of web applications.
When it comes to using or applying machine learning in digital marketing its implications involve utilizing data, content and online channels to increase productivity and helping digital marketers in understanding the target audience in a better way. Through Machine Learning or ML tools, digital marketers in spending their niche time by streamlining their tasks to reach more leads by applying digital marketing techniques such as content marketing, PPC campaigns, SEO and content management.
The rise of machine learning chatbots is another area of technological innovation in digital marketing in the form of text, voice commands or both. Many large brands such as Facebook, Apple is already implementing chatbots for their brands on their platform with Facebook Messenger, Apple’s Siri being the go-channel and similar chatbots that can perform searches and answer queries as a consumer-to-virtual ambassador interaction.
According to Forbes Report – 84% of marketing organizations are implementing or expanding AI and machine learning in 2018. About 75% of enterprises are using AI and Machine Learning is able to enhance customer satisfaction by more than 10%. ML techniques are here to solve a variety of complicated problems for instance processing a large number of data.
Other technologies in glance impacting digital marketing
A strong online presence through SEO, Google Updates with Google rolling new algorithms every other day has become very important for organizations to stay updated with the changing SEO trends and to formulate their digital marketing strategies accordingly.
The other emerging technologies that will speed up the pace of digital marketing includes Virtual and Augmented Reality (AR/VR), Video content will expand its wings with VIDEO SEO accounting for 82% of all consumer internet traffic. Mobile apps are already taking the market by storm and the usage is just expected to increase in the coming years and as such enterprises are required to incorporate these trends in their digital marketing strategy.
Looking Ahead – Digital Marketing Attribution
Organizations are required to build three sixty degree views about their customers. This can help firms in building a customized, meaningful customer experience across multiple touch points. The enhanced spending in advertising on various media channels especially digital and with the grandness placed on the customer journey has resulted in the demand for more accurate methods of measuring ad performance and ROI.
The concept of digital marketing attribution is not new but an increase in data from social, mobile and other digital channels has given rise to more interest in and adoption of cross channel marketing attribution projects.
Digital marketers including Chief Information Officers (CIOs) should consider number of variables when evaluating which digital marketing attribution strategy is appropriate. The decision as such is not simple to take and is quite complicated by the increasing speed of digital marketing and the pressure on marketers to act fast and keep up with the pace amidst new emerging digital marketing technologies.
Companies that are ready to take the necessary steps to prepare a digital marketing attribution strategy can reap the benefits of attribution both digital as well as traditional for their own competitive advantage.
The best practices defined in this document would help organizations (especially digital marketing firms) to better organize and adapt to the rapid changes in the digital marketing ecosystem and such practices would enable them to receive the best ROI on their marketing spends.
- 1. Gartner Survey Reveals That CEO Priorities Are Shifting to Embrace Digital Business – https://www.gartner.com/newsroom/id/3873663
- 2. Digital marketing attribution: Myth versus reality https://cmo.deloitte.com/xc/en/pages/articles/digital-marketing-attribution-myth-vs-reality.html#
- 3. TOP 2018 SEO trends that will shape the digital marketing industry http://www.whizsolutions.co.uk/top-2018-seo-trends-will-shape-digital-marketing-industry/
About the Author –
Mr. D.V.V.Satyanarayana Murthy is a Content Writer with Contentkraze.com. He has 9 years of experience that ranges across Content Development, Digital Marketing and Content Marketing. Mr.Murthy played multiple roles throughout his career including delivering website content for reputed digital marketing, BPO, real estate, infrastructure and eCommerce firms such as Talent Logic, Emblix Solutions, SVC Ventures, GPR Buildtech, Sastek Academy, and Indians health.com.
He has worked for clients across multiple markets including North America, Asia. He holds a Master of Foreign Trade Degree and is responsible for content writing projects for Vouch Solutions. He can be reached at firstname.lastname@example.org and email@example.com
About Vouch Solutions
Vouch Solutions is an international organization with prodigious vision to ameliorate organizations across globe by providing time-tested, formidable solutions & strategies, regarded as go-to source for Business intelligence, Digital Marketing, Information Technology, Creative Graphics & Consulting services. Visit us online at www.vouchsolutions.com or email us on firstname.lastname@example.org.