5 Micro-Trends That Will Shape the Future of Marketing Technology
Marketing technology keeps improving, akin to the clarity and precision we associate with crystal awards. It’s almost unfathomable to believe that businesses had to work with limited amounts of data and feedback just two decades ago. Now, companies can analyze and target consumers at the precise time and place when their intent is at its peak. Not only does this help improve sales, but it also strengthens the bond between the brand and the buyer.
What emerging marketing technology tools can we expect? Five emerging micro-trends are poised to change how companies advertise, promote, and engage.
1. AI products are revolutionizing the concept of personalization.
In 2021, McKinsey & Company’s research revealed that businesses capable of delivering personalized interactions with consumers were likely to experience a revenue increase compared to their peers. AI systems are driving the trend toward personalization by predicting customers’ likely needs and wants based on historical data. Furthermore, with the emergence of generative AI solutions such as ChatGPT, businesses can utilize AI-powered chatbots to create personalized real-time content.
2. The trend of shopping through social media is increasing.
Has your business started selling on popular social media platforms? Now may be the time to explore what another McKinsey study refers to as “social commerce.” McKinsey estimates that the economic impact of social commerce is projected to exceed $79 billion by 2025. Its numerous benefits include enabling shoppers to make purchases on a social site without the inconvenience of opening another browser. The potential of collaborating with social media influencers to stimulate immediate purchases makes social shopping an even more enticing opportunity.
3. Marketing optimization is attractive to voice assistants.
Consumers are becoming more accustomed to using voice assistants such as Alexa, Cortana, and Siri to retrieve information for them. Case in point: A study from 2022, partially supported by NPR, revealed that more than one-third of all individuals owned smart speakers. (The implication is that they are using those speakers to initiate searches.) Many marketers are exploring ways to optimize their content for voice assistant platforms to ensure that their brands are not lost in the mix. For instance, how individuals pose questions to their voice assistants differs slightly from how they input queries into search engines. The difference is subtle but can be meaningful.
4. Companies are conducting experiments with augmented reality.
The use of augmented reality, particularly by product-based companies, is thriving. Augmented reality enables people to preview an item before making a purchase. Consider someone in search of home office furniture. Augmented reality software could let shoppers visualize how desks, chairs, and credenzas appear in their spaces. However, augmented reality is not only for B2C sales. It’s also for the B2B market. Many salespeople are utilizing augmented reality to enhance their demonstrations.
5. Blockchain is being considered for the future.
Although marketers have not fully embraced blockchain technology, there is an expectation that it is on the horizon. So far, businesses have only partially embraced blockchain technology, primarily by creating and distributing non-fungible tokens (NFTs). Several leading brands, from Coca-Cola to Norwegian Cruise Lines, have offered NFTs as part of their marketing strategies. Coca-Cola made history by selling a well-received and branded NFT collection that fetched over half a million dollars. In other words, this is a growing market that, while unsuitable for all organizations, is receiving attention.
Marketing has always been to create more connections between brands and consumers. With advanced and advancing micro-technologies, marketers and their teams can forge new paths to enhance customer relationships, differentiate themselves from competitors, and boost profitability.