Digital transformation has revolutionized marketing. Playing a pivotal role in product discovery and sales enablement, the internet and other web-based tools have become a rich source of market, competitive, and consumer insights; and are used extensively for improving sales and marketing activities and other strategic functions. As web-based technologies and tools continue to evolve, they’re making way for newer, more efficient methods of customer identification, targeting, and market segmentation.
The dawn of Internet of Things (IoT)
The market for Internet of Things or connected devices has been increasing and is projected to reach $457 billion by 2020. As a result of this exponential growth, virtually every business will have its workforce and systems working in tandem to achieve organizational goals. The effect of this digitization and interconnectivity would be most visible in marketing segmentation strategies in sectors like manufacturing, retail, banking, and healthcare. While technology would aid businesses to improve their overall performance, it is interesting to examine the use and application of new-age techniques and tools in support functions such as sales and marketing.
With the widespread use of smartphones and social media, businesses target customers and prospects through popular digital platforms. These platforms are perfect for email marketing, social media marketing, and innovative mobile app marketing strategies. From the pre-launch of products to the after-sales customer reviews, digital marketing platforms showcase and record everything. The digital customer is engaged in business, through multiple digital activities such as event check-ins on social media, live webcasts, podcasts, and dedicated mobile apps for special events. These digital platforms have enabled sales teams to connect and interact across the globe in real-time, gathering extensive followers.
Here’s a closer look at the emerging technologies that are expected to transform future sales and marketing tools.
1. Cranial implants and facial recognition: The global cranial implants market is expected to grow at a CAGR of 5.53%, during the period 2017-2021. There could be a scenario wherein marketers could track and engage with their customers through chips implanted, either in their bodies or within their devices. Facial recognition helps discover prospective customers when they are in the vicinity. It would foster the sales effort by curating information regarding the prospect’s buying history, giving an added leverage to engage potential customers during networking opportunities such as corporate events. This technology is expected to be adopted by 2025-2030.
2. Pre-cognitive marketing: IoT and pre-cognitive marketing are expected to enhance mainstream marketing strategies. IoT platforms could help link news, events, and instant alerts to a prospective consumer base, through marketing channels and campaign builders. Campaign builders would design customized marketing campaigns for businesses by gathering information about their specific business requirements. The marketing campaign could pre-emptively identify the potential customer’s problems, and share related products that can resolve their issues. Pre-cognitive marketing works on the principle of assessing and determining the customer’s problem before they recognize it. This gives marketers an edge over the competition with pre-emptive marketing. This technology is expected to be adopted by 2020.
3. IoT and user-journey mapping to advertise to individuals: In the future, B2I (Business-to-Individuals) could replace all forms of marketing like B2B, and B2C. With this, a brand could reach individuals directly to market their products and services. Companies could target potential decision-makers, business leaders, and CXOs by collating information based on regular activities conducted in the day, using data gathered through their public profiles and digital accounts. IoT enables different advertisements with content that is curated especially for them, based on their activities of the day, and which is tracked on a regular basis. Data gathered would further optimize content for personalized advertisements for radio, in-flight entertainment, and subscription-based online video channels. This marketing technique is expected to come into the mainstream adoption by 2020.
4. Digital facial coding and VR integration for marketing: Businesses could interact and engage with their customers and prospects at global events, with the aid of robots or bots determining their needs with facial recognition. The market for facial recognition tools is projected to reach $7.8 billion by 2022, growing at a CAGR of 14%. This expected estimation is based on the increased adoption of intelligent bots at global events, by enterprises. As a part of their marketing plan, these bots would help companies, identify and greet potential customers, with their names. Prospective customers have a higher recall of the products with the direct interaction, and with limited conversation. This technology is expected to come into the mainstream adoption by 2020–2025.
5. User-generated content: Marketing strategies would include a mix of facial coding and user-generated content to target potential business customers, through corporate websites. The moment these customers log onto the company’s website, they are identified through their webcam, thereby, curating relevant content and offerings suited to their needs. Additionally, the prospective customer could receive industry-specific case studies and customer testimonials. Inevitably, the activity would enable businesses to pitch, based on market segmentation efficiently. Also, potential buyers need not be bothered by irrelevant content and clutter on the website that may delay/hamper their buying decision. This technology is expected to be adopted by 2020.
With rapid technological advancements in the future, the possibilities in marketing are limitless. As technology permeates in our everyday lives, businesses have an opportunity to interact passively or actively with consumers almost everywhere, be it within personalized spaces or at public events. It is exciting and vital to track emerging technologies to enable marketing strategies, as companies will vie for customers’ attention through invisible channels and new-age smart devices.
At Netscribes, we track emerging technologies to help you transform disruption into business opportunity. Speak to us to learn more about our market and technology intelligence services.