2019 seems to be a transitional year in marketing. Between the rise of the technology of AI and the ever-growing need for optimisation, last year could be considered as the inflection point between what was the norm in the last decade and what is likely to become the standard from 2020 onwards. This article explores 5 major observations to look into when drafting the next strategy.
Every area of every business is booming with technological change. From platforms to tools to apps, we are witnessing a profound shift and an increase demand for SaaS. This also calls for more processes and models, enhancing brand visibility, speed, sales, and encouraging the automation culture.
1. The new Digital Ground floor will revolutionise the entire end-to-end customer experience
Artificial Intelligence, representing both a landmark and a significant technological achievement, was deeply transformative for the marketing industry to an extent similar to science fiction. AI and IoT have pushed the boundaries for traditional marketing approaches. If this new concept was to be put in the adoption curve, it would be transitioning from the Early Adopters to the Early Majority, marking its availability to the masses.
This, in turn, implies the necessity to have a deep understanding to further personalise and tailor data according to business needs. Allowing for an enhanced and more retaining User Experience and satisfying customer queries on an individual level.
2. Marketing Mix Modelling is the new Wild Card for marketers
Marketing mix modelling is broadly used to boost advertising campaigns and promotions through improving Return on Investment (ROI). Capitalising on the plethora of data and the ease of trackability, as well as the role of Machine Learning in automating lengthy processes, presented new opportunities to better leverage the promises of Marketing Mix Modelling as a methodology.
3. Finding the golden prospects is key
In sales, one of the most important factors directly linked to whether the sale will reach the final stage plays out in the very beginning. This translates as choosing the adequate tools and the optimal approaches, with third party vendors becoming more and more accessible with high utility.
Tele prospecting solutions such as LeadsProvider, a cross-selling call center in France, invest time and effort in choosing qualified hot leads rather than trying to maximise the number of leads generated. Applying the Pareto Principle believing that 80% of the sales come from only 20% of the clients, brands are prioritising focused long-term outcome over short-term outcome and outsourcing tasks to entities with higher expertise and know-how.
4. Brand messages are 5 times more reaching when they are shared by employees
According to a study by Nielsen, 84% of people trust recommendations from friends, family, colleagues over other forms of marketing. Brand messages had a 561% higher reach when shared by employees vs. the same messages shared via official brand social channels as reported by MSLGroup. Also, content shared by employees receives 8x more engagement rates than content shared by brand channels, claims Social Media Today.
Attracting and retaining talents is still one of the keyways to make the most out of the company’s marketing campaigns by sharing and encouraging their respective networks to indulge is far more effective than traditional targeting approaches.
5. Smart data instead of Big data
In 2020, the number of expected IoT devices would be 38.5 billion compared to 400 million in 2019, implying that companies are heavily investing in this technology and streamlining IoT to run smoother and more intelligent data analytics.
From 2020 onwards, the top priority becomes how to quantify data. Gone are the days where data could be gathered without needing quality measurement tools.
The trend in 2020 will be to make drive exponential growth from Marketing Measurement. CNBC states that 70% of marketers believe that marketing would be the primary source of business growth in the current year. This holds true and is widely becoming a fact in an era where it is strongly believed that “Data is the new Oil”
- MASS Analytics Team