It doesn’t matter how powerful your business or how cool your products are if the brand is unknown to customers. In the era of digital channels, it’s a real crime to not invest in online marketing that can promote your products or services quickly. Social media and websites are endless sources of valuable user data and also are great platforms for interactions.
However, marketing efforts can be costly. eMarketer reports that the global digital ad spending was more than $283 billion in 2018 while only the USA spent $107 billion that year! Simultaneously, annual revenue from online marketing all over the world can be up to $300 billion, according to different sources. Not to mention millions of active users who find brands and make purchases online more often than offline.
Well, the question is: how a marketer can reduce expenses and increase the efficiency of campaigns simultaneously? Is it possible at all? Definitely, yes, it’s possible! Read on to figure out how.
The Most Efficient Technologies for Marketers
Innovations were always highly engaging for customers. Really, haven’t you ever wanted to try something unique and totally new? Say, the first online game, recently launched VR headsets or a self-driving car? Starting from the invention of the telephone and going further to space travels or quantum computers, people are hooked on innovative stuff. And marketers can use this to attract, convert, and retain clients.
Statista reports that the most effective digital marketing strategy is content marketing. Nevertheless, the next two places are occupied with artificial intelligence (AI) + machine learning (ML) and big data approaches. The fifth place is for marketing automation tools. The ranking also features the Internet of Things (IoT) and wearables so we can say that new technologies are pretty popular now.
But what are the best innovative approaches to marketing? How you can use them to cut expenses? Let’s learn together!
1. AI + ML + Big Data
No, it’s not about robots killing humans and destroying our world. But it’s about smart machines that can potentially reshape the landscape of jobs worldwide. Artificial intelligence has already started transforming the market with various computer-based insights, analytics, reports, predictions, and automated tasks. Machine learning boosts this approach with self-taught systems that require a smaller amount of manual control and can work with big data.
Long story short, marketers now have amazing tools for creating next-gen campaigns. Here are only a few examples of areas where AI + ML can replace humans thanks to higher processing speed, wider access to large data packages, and overall better efficiency:
- Automation. For this, you even don’t need too smart AI systems. Simple programs can handle task scheduling, reminders, and messages to users.
- Chatbots. Users get used to chats with robots instead of real operators. These machines can deliver more precise answers in a shorter time on a more personalized level.
- Smart assistants. Integrated into software or available as separate apps, virtual helpers are convenient enough to make you forget about manual search or calls to hotels.
- Reports and analytics. Robots work with big data extremely quick to deliver comprehensive reports. In addition, they can forecast customers’ demands!
2. AR + VR + MR
The idea of mixed reality (MR) combines both concepts of augmented reality (AR) with virtual objects integrated into the real world and virtual reality (AR) into fully digital environments. Despite all the mentioned technologies still fail to become new industry standards, they can be profitable for specific businesses.
For example, IKEA already implemented AR-based strategies that allow users to check how the chosen furniture will look in existing real interiors. Among other teams that work with AR apps are Volkswagen and Starbucks. VR is more widely used by digital businesses that can show their products or services online with better immersion.
While MR ideas have poor chances to disrupt all industries, they are definitely useful for specific teams so you also can consider integrating them.
3. Blockchain + Cryptocurrency
Wait a bit. Don’t skip this section if you believe in the crypto bubble or don’t trust these adepts of decentralization. The thing is that Blockchain ideas have started transforming the entire world and the marketing niche, particularly. This technology may be at its early stage but the Internet also was at the beginning once. We recommend exploring blockchain and crypto concepts to know how things work and are ready to adapt to changes.
Put simply, blockchain is a decentralized network with new standards of data accessibility and protection. Talking about marketing, blockchain systems provide for:
- An absolute digital identity that can be checked by any user at any time.
- Protected data and data ownership with lack of digital piracy.
- Direct producer-to-consumer delivery without third-party processors.
- Efficient transactions that take seconds instead of days.
As a result, both product/service companies, advertisers, and end-users benefit from the idea of decentralization. All parties can easily cut down costs and enable more personalized and perfectly targeted interactions.
And also remember one thing. Now, the combined capitalization of all projects is about $250 billion but the record is more than $800 billion. This is an extremely promising industry.
Compared to other technologies, voice-based strategies can look a bit outdated but they also remain in the list of top marketing trends. Progress in language processing, automation, and already mentioned machine learning resulted in a new level of interaction between humans and smart systems. Moreover, pocket assistants like Siri, Alexa or Cortana utilize voice-related features as one of the basics.
Imagine how convenient it will be if the world switches to voice only. When users type a specific keyword, they will get hundreds of hundreds of results. Instead, when they ask assistants, they receive only one or two of the most relevant options. By tailoring SEO to voice search, marketers can boost the brand’s presence significantly. Plus, they also can integrate voice features into apps or sites to take user engagement to higher levels.
Extra Hint: When You Shouldn’t Get Innovations
In conclusion, we want to unveil one unusual idea: you don’t have to focus on new technologies all the time. Various expenses on marketing upgrades are investments, actually. They can lead to wonderful results but they are impossible without certain upfront costs. For marketing managers, we suggest focusing on potential benefits more than on current expenses or software development rates.
Overall, there are three reasons not to opt for innovations in marketing and, respectively, not to change the ongoing processes:
- New implementations lead only to hard savings. Naturally, you want to get soft savings related to better efficiency and optimized processes. But sometimes new tech helps to cut only hard expenses, i.e. various direct costs.
- Your team faces significant performance dips. Nearly all innovations lead to more or less reduced efficiency of the company. However, if you experience a long and stable dip, consider returning to the previous strategy or tech.
- Upgrades don’t help in reaching set goals. The most dangerous drawback of any new stuff relates to the plan’s mismatch. If you are sure that technologies aren’t effective in reaching your goals, remove them.
Before deciding on the innovations and new strategies, be sure to research all related aspects carefully. All marketing changes can boost the brand’s performance or reduce it so you want to have guarantees of good results. Proper planning is essential for success, remember this fact!