A Must-Read Article For The Trends of The Future
Marketing of today will no longer be valid in the metaverse. If you have a business, you might realize that the consumer of today is smart and to win them over you need to iterate your marketing and branding strategies with the latest trends. Over the past few years, a lot has changed which makes it challenging to predict the future if you’re not paying attention to the present trends.
Conventional marketing doesn’t apply to the rapidly shifting customer expectations. Marketers face a new set of challenges in this new era. They must not only be unique in their messaging, but they must also get it to the right customer at the right time via the right channel. This necessitates that marketers have the necessary tools and stay on top of the latest trends.
There’s a big difference between where marketing is now and where it’s likely to be in the future. The future marketing will be shaped by several significant developments.
Marketing in Metaverse
It’s important to connect your brand’s marketing efforts to real-world events and activities. For example, Stella Artois, a drink from AB InBev, collaborated with Zed Run in June to create a Tamagotchi-meets-Kentucky Derby experience. To promote Stella Artois, AB InBev’s Stella Artois is a prominent sponsor of sporting events and horse racing. A platform where NFT horses may be sold, raced, and produced is a natural entry point for them to get started.
In the metaverse, you have the option of providing virtual advertisements. As an illustration, the advertising technology firm Bidstack made the switch from outdoor real-world billboard advertising to virtual billboard advertising.
Virtual billboards aren’t the only way to advertise online. It’s ideal to take advantage of the immersive nature of metaverses by giving similar experiences in your advertising and marketing campaigns. Branded installations and events, rather than plain adverts, should be offered.
For example, Roblox’s Lil Nas X performance was an immersive experience, as were the Gucci Garden visits and Warner Bros.’ virtual recreation of the Washington Heights area for the promotion of In the Heights. Brands have recently discovered new revenue sources thanks to the rapid growth of the Roblox metaverse and other metaverses.
Some more examples include:
- Dimension Studio made $6.5 million as a result of their experiment with metaverses for the fashion industry. When a person steps onto a platform with 106 cameras on it, they’re scanned and thrown into virtual worlds where they can test out clothing and other products. Balenciaga’s Afterworld game for the next fall/winter of 2021 is maybe their most well-known accomplishment.
- Open-world sandbox game Grand Theft Auto V featured outfit options that resembled those worn by Hong Kong demonstrators. Protesters in Hong Kong were able to join a growing number of artists who have used virtual worlds to express their political views.
- Consumers can make digital photo albums of their furniture and other household objects through the home décor firm Houzz. Every time a customer uses Houzz to make a purchase, the company makes money. As of 2017, they’ve included a 3D viewer that allows users to see objects in 3D directly through a camera and visually integrates them into the user’s actual area.
The AI-First way
AI and machine learning are at the front of every marketing trend list for some time now, and with good reason. Marketers are reaping huge benefits from the use of AI and machine learning to improve customer experience and support, optimize product line pricing strategy and reduce customers’ churn. In 2018, 75% of companies used AI and machine learning to improve customer happiness by 10%, according to Forbes.
AI-Powered Chatbots
When it comes to the future of customer service, chatbots powered by artificial intelligence (AI) are being hailed as the next big thing. Research and Markets predicts that by 2024, the global AI-enabled industry will be worth $2.2bn, with more than half of consumer questions being handled by AI-based chatbots now. ‘AI first’ strategy is expected to become the norm in marketing by 2025 as technology keeps on developing and intriguing application cases emerge.
Voice marketing gained serious traction
Marketers have a new avenue to explore thanks to the rise of voice-activated devices like Siri and Google Now. A new degree of personalization may be possible with voice-enabled technology because it allows for context-sensitive interactions with customers. As of 2017, Juniper Research predicted that voice ad expenditure would reach $19 billion by 2022.
Even though voice is still in its infancy, marketers can’t ignore the engagement, target audience reach, and interactive potential of speech marketing because of its business value proposition.
Virtual reality
Virtual reality has emerged as a clear winner in the ongoing search for marketing solutions that deliver more engaging, dynamic, and intimate experiences. Virtual reality allows users to connect emotionally with a brand in a way that is impossible with traditional media. As a result, customers are more likely to remain loyal to the brand.
Carmakers and smartphone makers are already at the forefront of exploiting virtual reality to create immersive 360-degree experiences. It is expected that VR will become an integral aspect of marketing efforts by 2025 as the market grows from $7.9 billion in 2018 to $53.6 billion in 2025, according to MarketsandMarkets research.
Big Data will drive major decisions
Data-driven marketing will replace mass, untargeted broadcasting as the primary method of promoting a product or service. Customer expectations and purchasing habits can be gleaned from the mountains of data that surround us at all times. More and more devices—from vehicles to appliances—are being connected and this will allow marketers to generate more personalized and customer-centric communication.
Data slicing and dicing will be a common practice for marketers by the year 2025. Customers will be targeted with the correct message, at the right time, on the right device thanks to a sophisticated combination of personal data, location data, and environmental data.
Exploring the full potential of Blockchain
The latest buzzword is “blockchain,” which is being hailed as a technology that has the potential to alter numerous sectors. Marketing is no exception. As a result of blockchain, marketing can handle some of its most pressing issues and challenges.
Blockchain’s potential is being explored in a number of crucial areas, including addressing privacy concerns, enhancing transparency in the identification of bots, and strengthening customer trust. Adoption of a new technology often comes with its share of growing pains, hiccups, and lessons learned. However, by the year 2025, we may expect to see a variety of new blockchain applications.
‘Everything for everyone, tailored,’ is the phrase that will guide the development of future marketing practices. Marketing’s core fabric will be technology, which will listen to and comprehend client requests and expectations and meet them.
A term you’ll be seeing commonly in future is: MarTech – connection between marketing and technology. That’s the future of marketing which you must prepare for and our marketing expert at Cooperative Computing can assist you in surviving the future of brand & marketing.
Explore More
Supply chain incapabilities cost retailers $1 Trillion loss each year. Digitization in sales, marketing, and customer service is common, but with the supply chain, there is a lag. McKinsey reports that an average digital transformation shift of the supply chain is 43%. The COVID-19 has disrupted the retail industry making businesses realize the importance of the supply chain in running successful retail or an eCommerce store. The globalization and complexity of supply chains can’t be maintained with disconnected and outdated manual processes. The McKinsey report shared above indicates that companies that sharply digitize their supply chain experience annual growth of 2.3%. The grandest risk in the supply chain is caused due to delay in delivery, communication gap, and supplier ineffectiveness that can affect customer experience. From sourcing the raw material to transit, delivery, and accepting the finished goods into the brand warehouse. Implementing a digital SRM solution is one way to get started quickly. What Is Supplier Relationship Management (SRM) And Why Do You Need it?? A supplier relationship management system provides tools for managing and optimizing your supplier relationships; in the same way, a customer relationship management system enhances your relationships with customers. Globally, business leaders are increasingly focusing on SRM. A Deloitte 2020 survey found that supplier collaboration and improving supplier relationships are among the top five priorities for the next 12 months. By combining real-time data with automation, collaboration, and planning capabilities, SRM software allows you to determine the impact of each component on the overall supply chain. You can save time, money, and resources by digitizing your processes with SRM; providing you with the following benefits: 1. Enhanced Collaboration A digital supply chain allows the internal & external teams to work seamlessly together. If your supply chain is in emails, spreadsheets, and documents, it’s challenging to collaborate. When stakeholders, team members, and top management can access data in real-time, well-informed decisions can efficiently be executed without any bottlenecks. 2. Full Visibility Using SRM, you can monitor the entire production process, flag any potential challenges, set up a real-time feedback loop, and check-in with suppliers in real-time. Businesses focus their efforts on improving the efficiency of the last mile, delivering products to customers’ doorsteps, but the first mile is just as crucial. You can align your teams and prevent problems before they arise with complete visibility into production. 3. Predictable Automation The goal of supply chain management is to ease the life of your employees.Automating repetitive tasks and eliminating inefficiencies improves team performance, reduces costs, and increases employee satisfaction. You can centralize supply chain data and give everyone access to it instead of letting one or two people be responsible for the different spreadsheets. Your team will have more time to focus on higher-value activities to provide excellent customer service. By doing so, results will become more predictable, there will be a single source of truth, and results will be more predictable. 4. Making Processes Scalable SRM can help your team create a clear, repeatable set of processes that they can follow and adjust as your organization grows. Your supplier relationships are visible in a unified view, giving you insight into what works well and where you need to optimize.In the coming years, digitizing your supply chain can offer competitive advantages to your company while allowing your business to be more flexible. Security Risks for Supply Chain Research by Ponemon Institute indicates that 56% of the organizations reported a breach in their supply chain from third-party vendors. As businesses are moving towards digitization of the supply chain there are imminent dangers of cyberattacks that must be addressed. The supply chain is the backbone of any business, and one broken link can have a ripple effect on all the other involved suppliers, potentially endangering the entire operation. As part of reducing threats and minimizing risks, organizations should verify the security practices and procedures of third-party suppliers, vendors, and partners. Future-proofing your supply chain is the only way for sustainable growth for the future. Cooperative Computing can help you digitize your processes.
The dawn of the digital age, like a profound shift, has altered the business landscape dramatically. Imagine the digital revolution like a chemist, mixing the elements of a business. Each element might seem separate, but it’s through the reactions of digital transformation that the final, potent solution is formulated. Every enterprise, akin to the raw lump of clay, possesses untapped potential. When well-shaped and subjected to the intense heat of digital technologies, it transforms into a piece of art – a digital organization, robust, streamlined, and poised to thrive amidst the waves of technological change. Understanding the Digital Organization Like rivers carving valleys and mountains shape skylines, digital technology has reshaped business landscapes. Companies must adapt to these changes, essentially metamorphosing into digital organizations, to survive in this dynamic environment. A digital organization is not merely an enterprise that uses technology. Instead, it is an entity that seamlessly weaves digital technology into its DNA, using it as the core engine that drives its operations, strategies, customer interactions, and decision-making processes. It leverages digital resources to streamline operations, foster innovation, enhance customer experience, and boost profitability. Let’s consider the example of the global ride-hailing giant, Uber. Its business model is powered by digital technology, leveraging real-time data to connect drivers with riders, optimize routes, and determine pricing. This has not only transformed how we travel but also revolutionized the taxi industry itself. The Importance of Digital Transformation Why, one might wonder, is this transformation so vital? To understand this, let’s consider the analogy of the iPhone’s impact on the mobile industry. Before its launch in 2007, mobile phones were primarily used for calling and messaging. The iPhone, however, transformed this device into an integral part of our lives – our calendar, entertainment system, shopping hub, fitness tracker, and so much more. Much like the iPhone revolutionized the mobile industry digital transformation has the potential to fundamentally change how businesses operate and deliver value to customers. It’s an essential step in staying competitive in an increasingly digital world, where failure to adapt can quickly render a company obsolete. Blockbuster, once a popular video rental store, serves as a cautionary tale of the perils of ignoring digital transformation. Despite having the opportunity to purchase Netflix in the early 2000s, Blockbuster remained complacent in its traditional brick-and-mortar model. As digital streaming gained popularity, Blockbuster’s refusal to adapt led to its downfall. Success Stories of Companies Who Embraced Digital Transformation In a world where digital disruption is the new norm, many companies have recognized the importance of digital transformation and have successfully embraced the change. Here are a few notable success stories: Netflix Netflix started as a DVD rental service but quickly pivoted to online streaming as the internet became faster and more accessible. They invested heavily in their own original content and utilized big data analytics to understand user preferences and personalize recommendations. Today, Netflix is the world’s leading streaming service with over 200 million subscribers worldwide. Amazon Amazon has continuously embraced digital innovation to transform from an online bookstore into the world’s largest online retailer. They have implemented advanced algorithms for product recommendations, developed their own voice-activated assistant (Alexa), and pioneered the use of drones for delivery. Amazon Web Services (AWS), their cloud computing platform, is also a leader in the market. Airbnb Airbnb leveraged digital technology to create a completely new business model in the hospitality industry. They developed a user-friendly platform that allows people to rent out their homes or rooms to travelers, and utilized social media and online reviews to build trust and credibility. Today, Airbnb is available in over 190 countries and has hosted over 800 million guests. Uber Uber disrupted the traditional taxi industry by developing a mobile app that connects riders with drivers. They utilized GPS technology, mobile payments, and real-time tracking to create a seamless and convenient experience for their users. Today, Uber operates in over 900 metropolitan areas worldwide and has expanded its services to include food delivery (Uber Eats) and freight transportation (Uber Freight). Spotify Spotify transformed the music industry by offering a legal and convenient alternative to piracy. They developed a streaming platform that allows users to listen to music on-demand and created personalized playlists and recommendations using advanced algorithms. Today, Spotify is the world’s largest music streaming service with over 345 million active users. Duolingo Duolingo leveraged digital technology to make language learning accessible to everyone. They developed a mobile app that uses gamification, spaced repetition, and adaptive learning algorithms to make language learning fun and effective. Today, Duolingo offers 40 languages to over 500 million users worldwide and is the most downloaded education app in the world. Coursera Coursera leveraged digital technology to democratize education by providing access to online courses from the world’s top universities and institutions. They developed a platform that enables users to access video lectures, interactive quizzes, peer-reviewed assignments, and receive certificates upon completion. Today, Coursera offers over 4,000 courses to over 82 million learners worldwide. These online companies have leveraged digital technologies to create innovative business models and disrupt traditional industries. Their success demonstrates the power of digital transformation and serves as an inspiration for other businesses looking to embrace the digital age. Steps to Building a Digital Organization Building a digital organization is much like constructing a skyscraper. It demands a strong foundation, carefully crafted blueprints, and relentless execution. The following steps offer a roadmap to help businesses undertake this journey. Your digital strategy should clearly articulate how digital technologies will support and enable your business strategy. For example, Domino’s Pizza’s digital strategy focused on enhancing customer experience by offering multiple digital ordering platforms and real-time pizza tracking. A digital culture serves as the bedrock of a digital organization. It entails fostering an environment where employees are encouraged to leverage technology, take risks, innovate, and learn from failures. Microsoft’s shift from a know-it-all to a learn-it-all culture under CEO Satya Nadella’s leadership exemplifies the power of a robust digital culture. A sound digital infrastructure
The Oxford English Dictionary no longer defines “platform” as “a raised level surface on which people or objects may stand” or “the proclaimed position of a political party or organization,”. Now it also includes “the type of computer system or the software that is used”. In the corporate sector, however, few have a clear understanding of what the phrase implies or why they would need one. According to Google Trends, interest in the term “digital platform” has doubled since October of last year. With these crucial concepts in mind, we first need to define the term “digital platform,” and then explore how to implement a digital platform strategy and why a platform mentality is necessary for success in today’s digital economy. Digital Platform – What Does it Mean? Think of it as an ecosystem: a digital platform that mixes culture, services, data, and technology on which more innovation and value can be promptly and effectively supplied. Digital platforms might provide value by facilitating customer and client service innovation, supporting more efficient working methods, and exposing fresh insights from operational data. According to a recent Deloitte research, four types of digital platforms exist: Image Courtesy: DPrism A business platform can include any of the following categories. Most companies value establishing an environment where consumers may learn about and use their goods or services. A platform firm like Salesforce allows customers and partners to develop more value on top of their platform. Other companies, such as Netflix and Uber, employ a platform approach to speed up the supply of services and value to customers. A successful digital platform strategy requires the same components in both scenarios. The following are necessary for the successful implementation of a platform business model: A team that is flexible and can come up with creative solutions to problems. Core services that are shared by teams and organizations must be defined. An understanding of the relevance and centrality of data as a company’s vital asset Integrated, scalable, agile, and dependable technological basis. Your growth depends on the digital platform strategy Platform-based businesses offer a variety of benefits over conventional ones, including the ability to scale rapidly and efficiently. Using a shared platform service for product development speeds up the implementation process. As a result, delivering new services and features based on actual user proof and feedback may happen much more quickly. Using a platform model instead of conventional, hierarchically structured companies speeds up decision-making. Continuous improvement based on a recurrent feedback loop is at the heart of this approach: Image Courtesy: Laptrinhx A Digital platform feedback loop Increased revenues allow for more aggressive investing in underlying platform capabilities, reinforcing the inherent benefit of the positive feedback loop built into the digital platform. It is becoming more difficult for conventional rivals to keep pace with organizations that use these platform-based feedback mechanisms. Adopting a digital platform culture Data, processes, and services are integrated horizontally rather than vertically in platforms, departing from conventional business structures. Heterarchical decision-making and specialization within functionally distinct organizational boundaries are hallmarks of traditional company structures. A flatter structure with networked collaboration and decision-making processes is often required for platform-based methods that place a higher priority on responsiveness. Decision-making is shifting from conventional hierarchical leadership positions to empowered and enabled staff members, placing a high value on problem-solving and analytical abilities. Digital platform organization strategy The best digital platform companies look for people who can switch positions and learn new skills regularly. To enable their employees to make choices based on data, these organizations provide them with access to the data and analytical tools they need. Data: The nucleus of digital platform-based business models The cornerstone of rapid, accurate decision-making is based on accurate, real-time, or near real-time operational data. Improved product and service design and operational efficiency are the results. Technical data landscapes that can give a 360-degree business picture and process and transmit data as effectively as possible to the personnel and systems that drive the platform-based enterprises ahead are highly invested in by platform-based organizations. Constantly running Investing in the analytics tools necessary to utilize data to make business choices is crucial. Developing a set of conventional business services One of the most important aspects of a platform business model is the ability to identify and automate everyday business operations throughout the firm. For the company, creating a set of standard shared platform services provides two key advantages. Benefit 2: By using reusable “Lego” building blocks to create new capabilities, the time to market for launching new goods and services is drastically reduced. Technology basics for powering a digital platform business Fortunately, the major cloud platform providers, such as Amazon Web Services, Microsoft Azure, and Google’s Cloud Platform, offer an expanding variety of highly complex and wholly managed platform services. These wholly managed services enable organizations to drastically minimize the money they need to build up their technological infrastructure and the accompanying fixed expenditures. If a company or organization is serious about development and innovation, the benefits of adopting a digital platform business model are becoming more apparent. Organizational rigor and internal operational discipline are critical to implementing an enterprise-wide platform. Cooperative Computing wants to enable your business to stand and prosper on it’s own digital platform. We will start with a digital maturity assessment to get an understanding of current capability and to set your digital maturity level, then we will work with your team to engineer efficient digital solutions to enable accelerated growth in today’s digital world. Are you ready? We’d love to hear from you.