Marketing has always been one of the most popular and successful industries, primarily because of the fact that brands of every scale and across all industries are constantly experimenting with various marketing methods, to leverage their business and increase their profits. Marketing basically refers to the action or business of promoting and selling a product or a service, which includes research and advertising as well. Professionals who can master the art of selling something are always in demand no matter which sector or which industry is being considered.
This field has observed tremendous growth through the advent of digital marketing. The future of marketing stands bright as the power of technology blended with the concepts and theories of marketing is reaping impressively effective outcomes. The whole process has seen major modifications in the past few years, the way brands assess customer data and the manner in which they interact or rather communicate with their target audiences has immensely changed and for the good. Since the mindsets of the viewers, customers, and consumers are also transforming with this revolution that the marketing industry has seen, brands have to be continually updated with the trends and tools in order to contemplate the likes and dislikes of their target audience (TG) successfully.
More than 9 times of the US and 2 times of China, the media consumption in India has grown at a CAGR of 9% between 2012-2018. This proves that people of all age groups are now resorting to technology for different purposes and reasons. The digital advertising industry in India is predicted to witness a growth of CAGR of 32%, to reach a whopping Rs 18,986 crores (US$ 2.93 billion) by 2020, supported by affordable data and increasing usage of smartphones.
Here are eight factors listed below which play a vital role in marketing being a future-oriented industry-
Augmented Reality, mostly referred to as AR, means a simple combination of real and virtual elements to create a real-world image with various aspects of digital transformation. Many renowned brands have already started communicating with their TG via new mediums and methods influenced by AR.
Vloggers, bloggers, etc, hold the power to shape strong customer opinions and influence their choices. Users today trust recommendations from an influencer more than from any brand. Brands across various sectors have started collaborating with influencers in order to promote their products or services and to build strong brand recall.
Videos are said to be one of the most impactful mediums to promote your content and sell a service or a product, videos instill a personalized emotion within the viewers and make them want to find more information about a product and take action. In September 2018, Twitter collaborated with 12 Indian partners for video highlights and live streaming of sports, entertainment and news.
Voice search is becoming a significant part of digital marketing strategies for various brands. Voice searches and smart speakers have proven to be highly effective in creating personalized communication with the customer. Alexa has 30000 skills and Google Assistant has around 2000 actions which are functions that let the voice assistants respond in an extremely particular manner with regards to the queries and commands of a user.
Clear and strong content acts as a kingpin to the profits of any business. Marketers are heavily investing in content marketing and will continue the same more rigorously. The main reason behind this is that the consumption of content and the evolution of mediums for the same has increased at an unbelievable rate in the past few years.
A blockchain is, in the simplest of terms, a time-stamped series of immutable data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (block) are secured and bound to each other using cryptographic principles (chain), as defined by Blockgeeks. Although this technology dominates the financial industry to a large extent, it is now taking over the digital marketing sector as well since it offers transparency, accountability and multiple advantages for branding.
A brand needs a lot more than its product or service to establish itself in the market. There has to be a differentiating element that makes a brand stand out from its competitors. Brand storytelling is a lot about connecting with the emotions, values and feelings of the viewers. Brand storytelling allows a brand to build a rapport with its customers, which helps it interact better with their customers and understand their needs, expectations and demands.
Be it a website, a video channel or other social media platforms, creative marketing tactics and effective tricks can bring a striking difference in an organization’s marketability, credibility, and profitability. Digital marketing and its tools and methods have helped companies of all sizes and sectors reach more visibility and engagement. Affordability is one of the biggest factors which make digital marketing an omnipresent and future-oriented industry.
Marketing Management, Research Analysis, Strategy & Branding, etc. are some of the futuristic job prospects this field offers for aspirants to pursue. Marketing promises a rewarding career and many opportunities for individual and financial growth. The current and coming generations are tech-savvy and familiar with the digital sphere, which is one of the biggest factors that contribute to marketing being a futuristic field.
Asst. General Manager