Change in Marketing Practices through Innovation and Technology
Marketing is the art of making prospective consumers and customers to be interested in your goods and or services (Kotler, 2006). The definition above implies that marketing includes doing research, promotion, advertisement and distribution of the services and goods for sale.
Marketing refers to the process in which a business attempts to understand its customers and find ways to provide products or services to suit their demand.
The above definition implies that Marketing Head should be guiding all functions to achieve business goals set by Company.
Since introduction of Innovative ideas in Business Models (mainly disruptive), many processes have to be changed and aligned to the new market conditions like there have been changes in use of Technology by potential and regular customers. This situation has forced Company to look at Technological Tools to maintain the market share and entice potential customers to attract and maintain regular customers by modifying services rendered to them.
Innovation
Innovation technically means to introduce a new idea, or to take an existing idea and make it work better. In the business world, the term tends to refer to the process of introducing something new.
The process of translating an idea or invention into a good or service that creates value or for which customers will pay. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
Let's break down innovation into two dimensions: Technology and Market, which gives us the following 4 types of innovation:
• Incremental Innovation. Incremental Innovation is the most common form of innovation.. ...
• Disruptive Innovation. ...
• Architectural Innovation. ...
• Radical innovation.
An innovation strategy is a plan to grow market share or profits through product and service innovation. ... When it comes to creating the solution, an innovation strategy must also indicate whether a product improvement, or a disruptive or breakthrough innovation approach is best.
After much research, here are the leading digital marketing trends that are paving the way in 2018.
• Interactive Chabot’s:-Chabot’s have been around for some time now. ...
• Voice Search. ...
• Integrating AI and Block chain Technologies. ...
• Influencer Marketing. (1)
Changes in Communication occur with addition of new words. The new words have impact on how we use those words in Marketing Communication/Campaigns. These become more relevant as now-a-days most of Marketing is done through Digital marketing, a form of Online Marketing.
Other technical ways are supportive of Digital marketing like SEO, chatbot, API, Real Time Analysis.
The Second Edition of the 20-volume Oxford English Dictionary contains full entries for 171,476 words in current use, and 47,156 obsolete words. - Cambridge Dictionary 4th Edition has over 140,000 words, phrases, meanings and examples. To this may be added around 9,500 derivative words included as subentries.
Fluent: 10,000+ words. At around 10,000 words in many languages, you've reached a near-native level of vocabulary, with the requisite words for talking about nearly any topic in detail. Furthermore, you recognize enough words in every utterance that you usually understand the unfamiliar ones from context. (2)
Oxford dictionary editors themselves are quite modest about this. They write "On average, we add approximately 1,000 new entries to Oxford Dictionaries Online every year" (28 August 2013:) Following are examples of Technology based applications that have influenced Brand Building.
1. Custom APIs
Custom application programming interfaces (APIs) enable brands to see marketing data in real time across all channels in one place. We have found that e-commerce businesses and retailers increase their ROI by implementing custom APIs and API reporting. It allows them to implement omnichannel optimization and track what happens online, as well as offline, with a direct connection to paid ads. - Christina Baldassarre, Zebra Advertisement
2. PR Tech
Brands are starting to realize that PR is a powerful driver of top-of-funnel leads, in addition to brand equity and reputation management. Now that we have the technology to measure the effectiveness of PR, more marketers are beginning to consider how PR tech can fold into their marketing technology stack and contribute to marketing goals. The companies that embrace this early on will benefit. - Rebekah Iliff, AirPR
3. Programmatic Advertising
Programmatic advertising doesn't only streamline processes, it leads to more effective targeted campaigns. Simply put: Programmatic buying works hand-in-hand with artificial intelligence and real-time bidding to automate media buying, and programmatic ads target specific audiences and demographics for your campaigns. - Ahmad Kareh, Twistlab Marketing.
4. Marketing Automation Platforms
The adoption and advancement of marketing automation platforms has significantly impacted the field of marketing. More specifically, how brands connect with consumers and customers in new and innovative ways. What comes with this technology is a significant amount of change management, and changing up your marketing practices to be successful. - Brendon Schrader, Antenna
5. Offline Tracking
Whether it’s Live Ramp, Google Store visits, Snapshot’s recent acquisition of Placed or the increased use of beacons, there’s a huge push to tie online activity to offline buying behaviour. As the measurement improves, omnichannel brands will have more accurate data that will help them make smarter decisions as they gain understanding of their digital investments beyond e-commerce. - Dan Golden, Be Found Online.
6. Data Analysis
Effective marketing that generates success is based on data and results. Results from marketing should be attributable to specific campaigns using the tools available today. Data has been the biggest innovation in marketing tech. The technology available today analyzes and processes data efficiently, quickly and accurately. Businesses can now know with certainty where revenue comes from. - Andy Etemadi, EYEMAGINE
7. Celebrity Endorsement Model Going Micro
Celebrity endorsements have always been part of our lives, but with the advent of social networks, it has become easy to identify influential people who speak to various audiences on a smaller scale. Using influencers the right way generates goodwill and brand memorability without the negative impact that traditional digital ads have been suffering from. - Gil Eyal, HYPR!
8. Conversational Interfaces
Artificial intelligence chatbots are already having an impact on the customer experience. Chabot’s enable companies to engage with prospects and customers using speech (natural language processing) in a seamless manner. It helps brands with deeper and more meaningful engagement and will significantly change SEO, making conversational keywords more important as the technology develops. - Lisa Allocca, Red Javelin Communications.
9. The Science Of Automation
The ability to track user behaviours has exponentially augmented our precision in targeting. Marketing automation has reached staggering levels of intelligence gathering. The data collected through tracking allows us to predict a user's likes, dislikes, interests and even buying habits. When employed to its full potential, tracking data can easily be the most powerful means of conversion. - Ricardo Casas, Fahrenheit Marketing
10. Social Media Artificial Intelligence
Mobile geo-tagging metadata and social media AI have significantly impacted marketing offering real-time, highly targeted market segmentation to reach the right user, at the right time, in the right place. Integrating AI into social media enables marketers to process more data, tackle mechanical tasks and spend more time on creative development and strategic implementation. - Stephen Rosa, (add) ventures
11. Peer-To-Peer Marketing Outlets
More than ever, customers rely on online reviews before making purchases (92%). Review sites and social networks have created a stronger relationship between customer and company that has improved customer experience and the quality of services and products. This is a game changer because companies can respond to customer feedback and make real changes in their company faster than ever before. - Jeff Grover, BestCompany.com
12. Voice Agents
Voice agents like Alexa are wading into the field of marketing, and combined with natural language processing, there are some exciting possibilities. In the brand experience field, this could be a potential game changer during an event. Imagine a sales team armed with a tool that lets them pull up stats and case studies on the fly with a prospective client standing right next to them. - Chris Cavanaugh, Freeman
13. Creative Optimization Tech
Brands can now optimize content to create a one-to-one marketing experience. We’re moving into a world where all consumers will receive personalized advertising experiences that were created just for them based on their demographics and historic online behaviours. - David Shadpour, Social Native
14. Account-Based Marketing
As business-to-business marketers, we've considered an email address or phone number as a lead. If we persuaded five people in the same buying group at the same company to opt in, we counted them as five leads generated. But it isn’t five leads. It’s one lead. Account-based marketing tools are helping B2B marketers target pipeline marketing programs at buying groups instead of individuals, working in lockstep with the sales team. - Nolin LeChasseur, Brainrider
15. The Human Side Of Martech
The most significant innovation taking place in the marketing field is the conversion of marketing "managers" into marketing "editors." In other words, martech innovations are providing marketers with "more" but it's still up to humans to be the buffer between technology and reality. Using machines effectively is essential for future success, and the human side strongly factors into the equation. - Brett Farmiloe, Markitors.(3)<
The above reactions from various brand promoters reflect the need of technology and use of technology in marketing (brand building strategy, customer behaviour analysis, customer retention policies, designing campaigns based on outputs of IT tools referred above).In short, marketing practices should accommodate Technology to enhance marketing effectiveness and performance of company as whole.
11 Things - Digital Marketing Can't Do
Your Sales Team and customers are exposed to advances and learning experiences with new technology such as iPods, iPads, ~cell phones, skype, and podcasts. But, alarmingly, they are missing out on a whole range of learning, social interaction, physical activities, and emotional intelligence skills. Let me tell you what has happened to these Teams.
1. Teams are not moving outside freely anymore:
Most of the sales Team are attached to their devices and have become technology based .Human Interactions have reduced. This has impacted customer response analysis and many other things.
2. Teams are not learning through face-to-face interaction:
Obviously, since movements are restricted your analysis is also very limited. Overall team's experience level depends a lot on facial expressions and exposures.
3. Team's reading and analysis ability may be affected:
Day to day reports are technology based . This has affected offline realities . Many times the actual situation differs a lot than what is perceived and analysed and reported .
4. Teams Interactions and meetings have reduced:
Since 2009 the time spent on online activities has increased by 40%.Learning through team Interactions have reduced a lot.
5. Teams do not know what real Customer friendship means:
Your customers, your friends, your suppliers are all virtual . Your experience level on human interactions has reduced entire business cycle is now free from emotions . So you are far away from reality.
6. Teams are losing their creativity:
Since every things is a number and no reality the traditional challenges are lost and no longer exist . So the creativity which emerges out of such challenging situations is no longer there. Everything is there on Google, is the attitude.
7. Teams are not learning empathy:
Being tolerant, caring and controlling your emotions are life skills that will serve you well. But the digital era teams are not learning any of these skills at all. You cannot empathize with a device, at least, not yet!
The best way is to play / interact with other teams and to learn about sharing, turn-taking and giving. No, I don’t think there’s an app for that yet!
8. Teams skills in mathematical analysis and statistical analysis and reading are stagnant: Overall creativity and Graphical presentations have improved a lot but the mathematical analysis and backup is missing from the teams.
9. Teams are getting no input on values and attitudes:
The lack of real social interaction with peers, customers, and others in organisation means that there is less and less time spent on teaching core values such as tolerance, kindness, honesty, diligence and respect.
The devices are great for some learning activities but the Customer-Organisation - Sales Team relationship is becoming tenuous.
10. Teams are losing on fitness, stress levels, and other Physical levels: Spending more time online affects all other activities of life .
11. Teams need supervision:
Organisations themselves have to set the example and make sure that there is a balance between more traditional activities and online activities.
Digital media is here to stay.
They are great learning and entertainment tools but they need to be used with caution and not at the expense of real face-to-face interaction.(4)
Changes in Business Models:1]Revenues from servicing, especially aftermarket services and parts, are generally more stable than those from equipment sales and have shorter lead cycles, so they offer a way to counter the cyclical nature of capital investments. In some subsectors, such as flow control, services tend to generate higher margins than equipment sales. What’s more, pursuing new servicing opportunities can transform a company’s relationship with its customers by giving it deeper insight into how its products are used.(5)
2]. Disruptive models and Lean management of Resources becomes need of the hour. The subsequent changes in Management of All functions of organisations becomes necessary.
Conclusion:=
1].If we consider the above situation then the role of marketing Head changes to adopting more innovation in advertising using technical tools and use them to understand the customer purchase behaviour. Then devise new strategy to attract and maintain flow of potential and regular customers.
2].Also, this means the team expectations in terms of qualifications and skills changes and a Techno-savvy qualified persons are essential to adopt to new scenarios of emerging markets that is more technology oriented and with most time crunched scenario.
3] . University should take note of changing work environment and technology based workplaces ,should include select courses like AI, Data Analytics, Use of R in predictive statistics, SEO, Use of Chatbot.
4].Requirements of skills will change for hiring
1]. More stress in understanding how technology works.
2].Use of S.E.O., Chatbots,.AI,Data Analytics.
3]. Use of analysed data for decision making.
4]. Deciding strategy to improve sales performance.
5]. Decision making abilities.
6]. Understanding Virtual and real customer.
7]. Concluding from Customer behaviour patterns.
8]. Skill to make sales forecasting with huge and complex data available.
9]. Skill to adopt and design content for advertising on Print, Electronic and Social Media.
10].Keeping updated on Technology and devising new idea (innovations) to stay in competition and achieve the expected performance levels.
11]. Maintain the level of returns in changing environment.
References:=
(1)[Google search on Innovation]
(2)[ https://www.fluentu.com/blog/how-many-words-do-i-need-to-know/]
(3)[https://www.forbes.com/.../15-martech-innovations-that-are-changing-the-face-of-marketing]...
(4)[Personal Experience of Marketing Head of Pharma Company]
(5) https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/how-disruptive-technologies-are-opening-up-innovative-opportunities-in-services?cid=other-eml-alt-mip-mck-oth-1811&hlkid=c56c925ede3a437296e09938e98a9ce8&hctky=2731675&hdpid=40950bab-bdef-4ff9-9eb4-9ea21456999b
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