The Future of Marketing (Part 2 of 2)

Mobile. Now.

Consumers want a frictionless mobile experience. According to Google more than half of all web traffic comes from mobile devices. And this share is expected to further increase in the near future.

The big picture is simple: consumers want web pages to load quickly, to look great and to function frictionless.

As usual the devil is in the detail. Google found out that 53% of visits are terminated if a mobile site takes longer than 3 seconds to load. If your page takes 5 seconds to load this number increases to 90%! It’s therefore key for marketers to develop fast mobile web experiences, e.g. by compressing images and use recent technology.

Check the full Google report here and here.

Augmented Reality

AR (augmented reality) is the integration of digital data into a real-life experience. In most cases it’s visual elements overlapping the reality picture, for example through additional virtual pictures or videos.

Augmented reality can be applied to a wide range of areas such as sports, medicine, education and Marketing. In medicine it could be used to improve processes and results of operations. The success of a surgeon often depends on millimeters. Distractions should be reduced to a minimum. Imagine the surgeon had all crucial information shown directly onto his glasses so he does not need to turn his head to monitor the screens.

And what about Marketing? Marketers discovered augmented reality for the discipline, too. They just love the “wow” of their audience when they see the result. It’s often interactive and therefore highly involving. People don’t just consume the content but participate in creating it.

Do you think you need a smartphone to get in touch with AR? That’s not the case. As shown in the examples below, it can be used almost anywhere and even in public places. For some applications though you do need a smartphone or a specific app. Check out these examples:

• Pepsi used AR in a bus booth: https://www.youtube.com/watch?v=Go9rf9GmYpM
• National geographic made an interactive film in a shopping mall: https://www.youtube.com/watch?v=5QDB7CDD5aA
• Ikea allows you to take a picture of your real living room and virtually place on of their articles into that room: https://www.youtube.com/watch?v=vDNzTasuYEw

Trial and Error

Gone are the days of textbook Marketing. As long as you do not work in a very conservative environment where things are done the way they were done the past 30 years, this will surely be the case.

So what do you do if the tactics of the past do no longer work in the present? You try something new! If you try something new you run the risk that you do not see the effect you hoped to see. So you adjust and try again until it works. Most successful business owners will admit that they made countless mistakes on their way to the top.

That does not mean you should blindly run for ruin. Instead, put in the required analysis and take calculated risks to try your new tactics. And do not give up if it does not work the first time. Combine trial&error with persistence and you will see success. As you know, repetition leads to remembrance and remembrance leads to… sales!

Customer Centricity

Customer centricity is not a new concept. However, in today’s digital world it’s still too important not to mention it.

What’s behind the fancy wording? Customer centricity is a Marketing concept which focuses on the customer and not on the product. All expectations, needs and wishes of the customer form the basis of all Marketing activities. It’s more than just a service or a sales channel. It’s a company culture, strategy and philosophy combined.

And what’s new about it is the focus on new media and the possibilities that these offer to positively shape the customer journey and customer experience.

Every customer is an influencer. Positive experiences are shared in social media. Products are rated and provide feedback to producers and service providers. Ratings of others are used to decide what products should be bought, consumers inform themselves in communities about products and companies. Customer empowerment is an accurate description of a customer that has significant influence on a company’s well-being.

Your customer’s experiences of the past highly influence their future purchases. That’s where long term efforts pay off. It is generally known that keeping regular customers is cheaper than acquiring new ones. So customer centricity is not only about initial purchases, it’s about long-lasting customer relations.

 

The Internet of Things (IoT)

The Internet of Things (IoT) will significantly influence our life going forward. The range of products that will be part of IoT is growing continuously and will expand to levels we cannot imagine today. One example available today is the latest refrigerator of Samsung. Cameras on the inside show you what you currently have on stock while shopping. And on a large screen on the front door of the fridge, a food reminder helps you to timely consume available products before they reach the expiry date. Check out a product description here.

What factors propelled the rise of the IoT? Quite a number of reasons helped. The bandwidth of internet connections have increased significantly while prices of the same have decreased. Prices of sensors dropped so they can be installed to a huge variety of applications in our life. Smartphones got more important than ever and are our personal gateway to the IoT. And wireless connections are available almost in every corner of the world these days allowing to transmit and receive data.

What opportunities will the IoT provide?

• collaboration: companies thinking in silos will not be able to develop IoT products. Only a joint effort of all disciplines will lead to great products.
• big data: IoT products provide a high number of data on the products themselves and their owner. The data can be used to improve stock levels, efficiencies and even to identify cross- and upselling potential.
• tracking: you will be able to track performance and location of your IoT products. You will be able to analyse and potentially resolve issues from afar and load updates to the product.

If you want to dig into the details you can find a Goldman Sachs report here.