Q & A of the Month by Fejen Marketing Agency
Will the pace of change of marketing tools increase further?
Definetly yes!
Read Duration: 10 minutes
Photo Credit: @paulfrenzen from Unsplash
Brands have been continuing their marketing activities online for a long time. The developing technology, the emergence of new digital channels, the introduction of new digital marketing tools, the increase in competition and the changes in the global economy have made brands more dependent on the online world and digital technologies during their time.
A new technology emerges every day, and new opportunities appear for brands every day. In this carnival of technology and opportunity, or even the craze, some important questions are looking for answers.
• How can more successful marketing strategies be created thanks to new technologies?
• How quickly can marketing strategies adapt to new technologies?
• How can long-term forecasts be created by following short-term marketing strategies?
These questions are important questions that need to be answered by the marketing departments of brands. But beyond these questions, an even more important issue emerges.
After marketing activities started to be carried out digitally, marketing became more measurable, it could reach the target audience with a high success rate, and even took on a form that could be individually edited. All this has happened in direct proportion to the development of digital technologies. So, we can easily say that the change in marketing activities is shaped by the development of digital technologies. At this point, it would be appropriate to look at the rate of development of digital technologies in order to predict the future rate of change in marketing activities.
According to the TECHNOLOGY AND INNOVATION REPORT 2021 published by the United Nations, the internet of things, considered one of the most important parts of digital technology, will reach from 130 billion dollars (2018) to 1.5 trillion dollars (2025) in terms of market size.
Technology and Innovation Report 2021 - Page 18
This is a basic indicator that digital technologies and therefore online marketing activities will change much faster.
Refrigerators that realize that you do not have any vegetables and can order vegetables online are already on sale. Although they don't offer a lot of market options at the moment, you will soon see the front of your refrigerator turn into an advertising sign. Consider the marketing opportunity for brands in the vegetable market.
Another remarkable data is related to the development of the “Big Data” market, which is directly related to digital technologies, especially marketing. The big data market is projected to grow from $32 billion (2018) to $157 billion (2025). This data shows that big data obtained from online marketing can be used much more effectively with new methods and technologies and allow more accurate analysis.
When you give up buying a certain product, software that can create a special discount campaign for that product is already in use. For now this seems effective. However, in the near future, individual marketing techniques take on a new dimension when the smart watch on your wrist transmits the data obtained from your body temperature, heart rhythm and blood sugar values recorded during the purchasing process to artificial intelligence, which decides when you should encounter a special discount campaign. will win.
In the image below, you can see the number of articles written on new technologies and patent applications made.
Technology and Innovation Report 2021 - Page 20
The data in the image explains the change that we mentioned at the beginning of the article and pointed out as an "important issue." While marketing tools are getting so complex and detailed, and more importantly, the pace of change of marketing tools is moving beyond human adaptation, will marketing strategies be created entirely by artificial intelligence? In other words, will brands no longer need their marketing departments?Although it is very difficult to make an estimation about the time of this change, it is quite possible to come across brands that have delivered all their marketing strategies to artificial intelligence within 10 years.
Conclusion
The foresight above brings us to the last stop of this article.
Which artificial intelligence (software) is more suitable for which brand?
Although we have the option of immersing ourselves in an endless loop by answering this question as "artificial intelligence again", the subject we need to focus on emerges by itself.
The people who can help brands in this regard will probably be professionals called "Creative Technologists" and "Digital Technologists". This is also true for marketing agencies. While marketing agencies transfer their workloads to artificial intelligence, they have already started to turn to these areas to make a difference.
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