Advertisements

The Future of Marketing is Changing As We Know It!

How is marketing evolving?

What does this mean for the future of your business?

Well, there is no simple answer.

However, I have reached out to one of Monash University’s esteemed academics, Peter Wagstaff, who I have had the incredible ability to have been taught by over my time studying at the University. He has a wide range of knowledge and expertise in the marketing field and has inspired me to create my own in-depth analysis about marketing which have been the basis of my blog so far.

Wags was able to offer me some key insight and concepts that affect the marketing industry, I have outlined these below.

  • A change in skill requirements

Whilst traditionally marketing has been viewed as a very creative field there is a strong movement towards also having a core ANALYTICAL understanding.

This means being able to understand huge data sets and create meaningful interpretations to help the business move forward and remain competitive.

 Try Google analytics, it’s a great tool to be familiar with in the industry.

Photo by Edho Pratama on Unsplash
  • Digital marketing vs traditional marketing

These two ideas have begun to merge rapidly. Most marketing approaches include some underlying digital aspect which is key to the overall marketing process. They should work simultaneously, not in isolation.

  • Consumer privacy

However, it is clear that consumers are wanting more and more control over what they allow companies to access. This is likely to drastically affect the way companies currently undertake marketing processes and will only get more complicated as the digital age evolves.

Photo by Christopher Gower on Unsplash

This is a highly contentious issue which we still do not know the full extent of, but we do know that it will affect the way in which businesses gather information and it will likely limit the extent to which they can use the data they do collect.

Previous blog posts “We know what you did last summer” and “How much control do companies really have over us” further explore this.

These are only guidelines and opinions; however, they are worth keeping an eye on.

Join the conversation and comment down below any insights you have about marketing/ digital marketing.

Another Thank-you to Peter Wagstaff for your valuable insight and support.

Additional readings and references:

Advertisements

Is this the real life, is this just fantasy? The Rise Of Virtual Reality In Marketing.

Marketing has taken control over our lives in so many ways, as many of the latest blog posts have showed. However, now it is not only taking centre stage in our physical life, but in a VIRTUAL way too. There really is no escaping the inevitable.

However, we must first establish; What is VIRTUAL REALITY?

According to (“What is Virtual Reality? – Virtual Reality Society”, 2019) it refers to, when a person becomes immersed in a virtual world, and is able to manipulate objects or even stimulate their senses to create an illusion of reality.

How does this relate to marketing?

Well, many companies have embraced this new technology and have skillfully used it to create hype about their products, or even to drive home messages to consumers through intangible experiences about how their life really would be enhanced by purchasing products or services from them.

A clever example of this has been introduced by Specsavers. They have analysed their market segments and understand that going into store and trying on a million pairs of glasses is not always possible in today’s time poor society.

So to make sure that they are not losing the clientele they have worked to gain they introduced a Virtual App to help you try on glasses from the comfort of your own home.

Photo sourced: IrishTechNews

Their user friendly App allows you to find the perfect frames in minutes, How fantastic is that?

What are the implications and benefit for digital marketing?

  1. Product testing: VR is clever way to not only give potential customers an experience of the products offered by a company, but it also results in key data which can be used by companies to understand HOW consumers interact with products, and ways that they can improve them before they are manufactured to become more desirable.
  2. Customer loyalty: As VR is still quite new to many people most new VR experiences offered by a company will help with building brand affiliation and loyalty, and will also help to keep the company top-of mind when purchasing.
    (Yawney, 2016) Predicts that most businesses will be using some form of virtual reality in their core marketing and business operations within 7-10 years.

Check out this video below that provide further insight into the impacts of virtual reality on digital marketing.

What other ways have you seen brands introduce virtual reality into their marketing, and what did you think of it?

Join the conversation and comment down below your thoughts!

Additional external readings and references

https://irishtechnews.ie/specsavers-launch-virtual-try-on-app/
https://www.specsavers.com.au/virtual-try-on

Sheetrit, G. (2017). 5 Ways Virtual Reality Will Impact Business in 2018. Retrieved from https://www.business.com/articles/5-ways-virtual-reality-will-impact-business-2018/

What is Virtual Reality? – Virtual Reality Society. (2019). Retrieved from https://www.vrs.org.uk/virtual-reality/what-is-virtual-reality.html

Yawney, T. (2016). What’s The Impact Of Virtual Reality On Marketing?. Retrieved from https://www.techwyse.com/blog/internet-marketing/whats-the-impact-of-virtual-reality-on-marketing/whats-the-impact-of-virtual-reality-on-marketing/

SPAM: The Cockroach that never dies, despite everything that digital marketing evolution throws at it…

Over the years Email marketing taken many forms from pharmacies trying to sell you their latest performance enhancing medicines to Princes from far away countries offering you many luxuries if you hand them over your bank details. However, despite some of these spam emails being evidently misleading some unfortunate people do fall into their trap.

As digital marketing has evolved and a multitude of new social platforms have risen emails have stayed constant as a substantial mode of societally recognised communication, and along with it spam in all its glory has managed to sneak through.

In December 2018 Statista, (2018) revealed that spam emails accounted for approximately 57% of all email traffic. Seeing as Statista, (2018) also highlighted that in that same year approximately 281.1 billion emails were sent and received on a day-to-day basis there’s no wonder why spam is thriving.

Here is an example of a Spam email from EZ computer solutions:

Photo sourced: EZ Computer solutions

Implications:

Implications include the idea that is spam just limited to email marketing? It is clear that the word ‘spam’ has been linked to emailing, however, is it also possible that whatever digital marketing revolution produces there will always be that ‘spam’ element, even once emailing as a main form of communication ceases to exist?

Additionally, an article by Peter Roseler outlines key reasons why email marketing and spam ‘still work’, some key reasons include:

  • It is an easy way to reach mobile/ device users
  • It helps keeps customers informed
  • It is inexpensive

Here is an outline of the evolution of email marketing:

Photo sourced: SabIntern

Testing Email Marketing:

To further test how effective email marketing is I have decided to test it out for myself through creating a Mailchimp account. So, I invite you all to comment down below or individually message me your emails so that I can test out this email scheme by sending you email updates about this blog to see the impact and reach of this marketing technique. I will update you in future posts about my findings.

Do you know anyone who has ever fallen victim to the everlasting technique that is SPAM?

Join the conversation and comment down below your thoughts!

See you all in the next post!

Follow my blog with Bloglovin

Additional readings and references:

%d bloggers like this: