THE FUTURE OF MARKETING

By Aaron Low

"Over the next five years we’ll see technology... become a part of the core fabric of marketing itself." said Noah Brier, co-founder of startup Percolate. Indeed, technology is the buzzword for the future of marketing. As technology becomes more and more advanced, companies who lag behind and do not ride on the latest technological trends risk their competitive advantage and market share being eroded.

In this article, we look at three noteworthy technological trends that could shape the future of marketing. We envisage the future of marketing to be much centred on the use of technology.

1. The use of mobile and applications

Mobile web access is expected to change the lives of billions of people over the next five years. Whole communities previously left without the sheer wonder of mobile data will benefit from projects like Google'€™s Android One, granting them access to affordable mobile devices. There are currently more mobile devices than people on the planet, underscoring the immense potential marketing via the mobile medium has. Mobile is the way forward as customers change the way they communicate with their brands to via the small screen. Mobile is slated to enable more personal interactions between brands and consumers, and it is up to firms to cash in on this opportunity. In short, go personal and simply interact with your customers via the apps or on mobile. The words there speak volumes, as consumers value this personalised feel to it.

As the relationship between marketers and customers transits from a one-way to two-way conversation between marketer and customer, firms must be prepared for this radical change in order to benefit from it. Many companies have mobile applications and mobile versions of their websites today, but there is still room to grow in this yet to be saturated market. What is important though, is that the company's Chief Marketing Officer (CMO) must rise to the occasion. In order to align with this "mobile" future, it is predicated that the CMO will need to possess both analysis skills and an ability to keep up with fast-changing technology. Surprisingly, research by the New Jersey's Science and Technology University showed that a staggering 71% of CMOs were unprepared for the data explosion heading their way.

As a pivotal figure in determining a company's success apart from the CEO, present CMOs have to be quick to adapt to developments in mobile technology and data analytics. With that, a strong marketing strategy leveraging on the burgeoning mobile industry can help the company to outwit its competitors and stay ahead of rising competition as it garners a larger customer base.

2. User-generated content set to be the next big thing

User-generated content, generally defined as any content that is created and and contributed by users rather than brands, allows for more creative content to come from a firm's buyers themselves - the customers, and also empowers them to actively participate in the brand. An example of good Business To Consumer (B2C) user-generated content is Infiniti's "New Heights" contest in which customers competed to win a free trap to Budapest by posting creative pictures of the brand's Q30 model. The contest was a great success in terms of generating interaction with customers and allowing them to help the firm develop creative ideas.

Chris Brandt, chief marketing officer of Taco Bell Corp, has contended that "User generated content will far exceed branded content and brands need to embrace this." His firm has three approaches to content: Create, Co-Create, and Curate, of which "curate" is taking the user generated content they like and showing it to more people. He added how it is "imperative that brands create a strong identity in the minds and hearts of consumers".

David Garland, creator of the Rise to The Top online course, posited that smarter and cheaper advertising has to come from the consumer, and that the traditional style of outsourcing advertising to a specialized advertising/public relations agency will not work in today's age. Today's consumers are not as responsive to advertising as those in Generation X, and that is precisely the reason why user-generated content is a promising marketing tool; consumers want to be the trusted source of information. They want to provide the ideas to marketers and let them act on them. No longer will marketers simply value customers' feedback, they WANT customers' feedback and input.

3. Traditional Media vs New Media and blogs

It is interesting to witness how the new generation and new media technologies intertwine in marketing. Marketers have to pay attention to Generation Z, for they share very different values from the previous generations. Generation Z people tend to be more private, and are very technologically-savvy having grown up in this digital age. They tend to favour social apps over interaction in person, which explains why there is a need to focus more on new media and blogs. Moreover, they are increasingly connected, interactive, participative and vocal.

One such form of new media is video marketing. It is designed to be concise and visually appealing. There are many tools which companies can use to assist them with video marketing. These include Webyclip and Waking App. Of course, there is the well-known and popular social media platform. This, if used effectively, can be a potent tool in driving outreach and raising sales. It can help to generate buzz and excitement about a company's new offerings. However. more importantly, it seeks to establish long-term relationships with its customers. In fact, as aptly stated by Brier, co-founder of Percolate, "social will just be folded into the broader marketing discipline."

Other than the above, new media is playing an increasingly vital role in marketing as consumers nowadays are more discerning, with the online platforms giving them control over the type of content they consume and rendering mass marketing less effective. Marketers also cannot wait for customers to come to them, and must instead reach out to them and start a conversation; the key is in engaging the audience. Finally, some forms of new media like podcasts are also more cost-effective and tend to cater to a specific audience.

All in all, with technology at the forefront today, it is a mistake for marketers not to concentrate on the technologies that when used properly and to a firm's advantage, can be an effective marketing tool and present vast growth opportunities.

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