Technology and marketing - A poised technology-driven market
The world is crumbled to a small marketplace. Technology made us experience the impossible. The quest to reshape and redefine human life gave birth to electronic devices that reflects a higher IQ than an average sentient. Beyond the mesmerising beauty, we still remember Concord because of its technology, how it made possible to save time. In a dynamic changing world timing is everything.
A decade ago the race was to reach out to the customer. With due diligence, modern day technologies like virtual reality make the whole marketplace to transpose to the customer. Never to ignore, who would have thought that a retail shop in Mumbai will be able to offer a personalised experience to a customer in Kerala. As Ashu Garg said, “Mass personalisation is not an oxymoron”.
A small recap and we will realise how technology has reshaped the way we socialized. Technology help bridge distance, it exposed us to greater resources than we ever dreamed off, it recited the importance of customer centricity, gave people enough opportunity to interact with business entities and establish a fair post purchase decision, etc.
Innovation is the key technology driver. It was the same then and it's the same now. The increasing competition in world war 2 left quite a handful of airplanes not to leave the product line. Obsolete, way before the wings would feel the freedom its destined to. Entrepreneurs are too ambitious to recognise a need and cater the same. When marketers started to recognise a promising promenade, they scavenge for ideas to milk the channel.
Online retail on a sprint to redefining the landscape of business
Digital technologies have given people a common ground to compete and establish their brand identity. Hassle free eCommerce platforms started to sprout out. A small signup and you own a virtual store (simplicity at its foremost). Stats published on BrandOnGaille says, near to 30% of the total population is active in the online world.
When comes to any business model the benefactor's convenience should be set at its core. People find it more convincing to sit on their couch and place the order. Like it or not, when you have a huge no: of people searching for products online, you need to make sure that you are there to cater their needs.
It doesn’t mean that your brick and mortar business model is dead. It is just that you need to integrate it. Be consistent with what you promote. Synchronize your offline presence with the online platform.
I do admit the reality, where people want to walk down to an offline store, feel the product and then make a purchase decision.
With technology in place when the sale materialises it enables you to systematically capture the data and retarget the customer. With advanced techniques like predictive analytics, you could extrapolate the data and arrive at feasible marketing strategies personalised for the customer.
People are looking for simpler solutions. Every touch point you create in the digital world will help you reach one step closer to a potential sale. People want to commerce with a business entity they a familiar with. With the right integration, digital technology helps you position among your target audience.
Technology and marketing - a reality in a strange and dynamic world
In a data-driven economy, the end customer is often awestruck by the amount of data he/ she is been exposed to. Data bits are pooled from all dimensions possible. As the end customer, most people are confused to digest the information at hand. Veracity has become one of the greatest challenges. The reality is often hidden at its depths. Forcing the customer to investigate the authenticity of a data prior to making a decision.
From a marketers perception, it's of great importance that the brand value is reflected with the utmost integrity. The challenge is to keep a transparent business model where people can interact and experience the value out of it.
Technology has given people the freedom to express themselves. One bad experience and it reaches a multitude of the audience. Even after months I still remember the troll “If we can’t beat our competitors we will beat our customers” (Hope you got what I am referring to). Imagine the impact. A single mistake and all the effort you invested in modern technology to take advantage of the increasing technological adoption went for a toss.
In the digital world, internal communication plays an important role in creating and reinforcing the brand identity. People are inundated with emails, even though the channel still seems persistent. Interactive channels are slowly penetrating to space. Slack will be a good example. A small social network within an organization, where people can share quality inputs. Hope you can visualize the impact of a small SaaS-based platform for customers to share their daily experience (consider it in a service industry).
Based on Ryan Urban CEO of BounceX, the future will be for those entities that are into minimalistic marketing. The checkout process will be streamlined. Instead of a lengthy checkout process, in future brands will make use of finger-based purchases. Most fancy online marketing strategies are reflecting diminishing returns. Down the life, a People Based Marketing (PSM) strategy will be much effective when compared to a cookie-based strategy.
Why a lousy team when Intelligent chatbots can do it better
Hammer the rod when it's hot. Likewise, you need to prudently respond to your customer's query. The article published in Harvard Business Review, titled - The Short Life Of Online Sales Leads clearly reflects the importance of a prudent follows up. Based on the analysis it is 7 times easier to convert a potential lead when he or she is contacted within an hour. Longer the delay, harder it gets to qualify a lead.
A well established natural language processing system help to improve customer experience. The personalised reply is triggered in an instant. Motivating the customer to engage with the system and learn more about the product/ service they provide. When an AI-powered chatbot is integrated it needs to be made sure that the intelligent quotient level is at par. The machine learning system should learn and identify what the customer needs and then make a customised offer, which in turn should kindle an interest.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.