The future of marketing

A big part of a marketer’s role is to stay up to date with new trends and industry developments. Marketers harness the power of modern technology, adapt their strategies to meet new market demands, and try to stay one step ahead of the competition.

In a market rocked by a global pandemic, what is the future of the industry? And how can you stay relevant, engaging and profitable?

Digital marketing isn’t new, but it is still the future of marketing. Particularly since the spread of Coronavirus, digital marketing has taken on a new level of importance.

Coronavirus has influenced consumer habits; there’s no doubting that. Whether in or out of lockdown, shoppers have moved increasingly online to abide by new social distancing advice. In a recent survey, 58% of consumers said they expect to do more online shopping since the pandemic. Online interaction with companies has also increased from 42% (vs 58% offline interaction) to 60% (vs 40% offline interaction).

The shift in retail practices caused by COVID-19 has shown businesses that they need an online presence if they wish to survive in this new climate.

Marketing has welcomed technological advancement with open arms, and it uses a range of hi-tech systems to automate and optimise its processes. For any tech-lovers out there, marketing could be the industry to watch in terms of exciting new digital experiences!

Artificial Intelligence is one technology predicted to transform how we interact with businesses. While AI isn’t a new tech is not a new concept – marketers have been using analytics tools and chatbots for a long time- it looks like it will play a more prominent role in marketing in the future. Voice assistants are expected to take on more complex tasks such as helping customers navigate website menus and get help. And marketers could use voice assistants to take the user experience to a whole new level.

Virtual reality is another technology set to revolutionise the way consumers engage with products and brands. For example, customers could ‘try before they buy’. Someone shopping for furniture could view a sofa in their VR living room. A person debating a new hair colour could get a virtual preview before booking into the salon. Or a clothes shopper could try on an outfit without even visiting a store. The VR industry is predicted to be worth $20.9 billion by 2025 – so watch this virtual space!

As marketing technologies become more advanced, you may begin to hear about martech. Martech refers to practices that harness technology to boost an organisation’s marketing efforts. All digital marketers will be familiar with the term, but with the industry’s technological advancements, it’s a word that more of us will be embracing.

Born between 2010 and 2025, ‘Generation Alpha’ will be the next consumer group to watch. Continuing from millennials and gen Z, gen Alpha are born into a technological age and will be the most formally educated and potentially the wealthiest generation ever.

This new generation will be more technologically literate, focussed on mental well-being and climate issues, and concerned with personal development and interests. This generation already appears to be making an impact, with child influencers becoming common on YouTube and primary school children protesting climate issues. Companies that cater to and work with gen Alpha could gain valuable insight into the marketing industry’s future.

Activism is becoming increasingly common. However, it doesn’t all involve large-scale protest and disruption – it’s happening at home. Consumers are actively choosing environmentally friendly or socially responsible products over well-established brands and they are shunning companies who are found lacking.

A form of marketing on the increase is ‘green marketing’. Green marketing promotes products or services based on their eco-friendly credentials. Either the product is environmentally friendly, or it is produced in an environmentally friendly way. No matter how big or small your company, green marketing could help you reach new audiences and retain customers.

Socially responsible marketing can also be an excellent business tool. Consumers want to buy from companies that have values and who support communities. Whether the company takes a political, environmental or health-related stance, any commitment to a cause could solidify a customer’s commitment to you.

We recently posted an article explaining the 7 Ps of marketing – but apparently these are already redundant. Welcome the 4 Es, the new pillars of a strong marketing strategy:

1. Engagement
2. Experience
3. Exclusivity
4. Emotion

These are based on the belief that people don’t buy products anymore, they invest in experiences and emotions. Consumers are less concerned with what a product does, than how it makes them feel. For example, why do people spend more on branded items when they could buy a cheaper version that does the same thing? Because it makes them feel something.

For example, Nurofen sells a promise of targeted pain relief, Coca Cola sells nostalgia and Dove sells beauty. However, they are all relatively basic items with cheaper and almost identical versions produced by other companies.