Growing your business requires a lot of hard work, willingness, and dedication in order to think out of the box. Still, there comes a time when you need to think beyond your capability for various solutions to the most common problems that slow down the growth of your business.
Fortunately, with the help of technologies, there are new methods being developed that fit the needs of entrepreneurs and business owners, and they can make use of these strategies to take full advantage of the options that fit the company’s requirements.
As per Gartner technology trends for 2019, Augmented Analytics, Blockchain, Artificial Intelligence etc., will help & drive new business models & growth.
In this article, we are going to talk about various technologies and their importance in advertising & publishing business.
To begin with, let’s talk about Blockchain:
In recent years, we have seen that Blockchain technology is getting a lot of attention for its industry-disrupting abilities. Hence, many businesses and companies are falling over themselves to try & incorporate Blockchain Technology in their business.
As per the Accenture’s forecast, Blockchain is going to become mainstream in the world of businesses by 2025 and it will be used in almost every industry, hence creating more opportunities for the businesses.
Many business owners have already incorporated Blockchain in their businesses and have achieved greater benefits like enhanced security, transparency, increased the speed of transactions and efficiency, reduced costs and improved traceability. This has led to a race to hire a blockchain developer.
What are the advantages of blockchain technology to media and advertising agencies?
- Considering the complex nature of digital advertising supply chain, Blockchain provides greater efficiency, high-quality and reliable data.
- Since Blockchains are peer-to-peer decentralized networks, there is not even a single point of failure & no access point for malicious hackers. Hence, this ensures the security and safety of the data.
- Blockchains are able to create a more efficient and secured medium by which two or more anonymous/semi-anonymous parties may complete different types of transactions at a much lesser cost.
- Provides a layer of transparency and trust to all the members of the Blockchain, that is not always possible within advertising and media processes.
- Although Blockchain will not cure all the ad tech issues, it proves to be beneficial in conditions where there is censorship & both sides of the supply chain (i.e. advertiser & publisher) are not benefited by not having access to that particular information.
How AR/VR technology is helping the businesses to grow?
Virtual reality and Augmented reality experiences are just transforming the way the businesses are interacting with their potential customers and also with their employees. From advertising companies to the automotive industry to retail stores, companies are using the power of AR/VR to increase efficiency, try new ideas & train their employees at the workplace.
Here are we are going to see ways by which AR/VR technology is already helping the advertising businesses to grow:
- Helping the customers to find the right products: One of the biggest difficulties that people do not know how specific apparel, for instance, a T-shirt will look on them. Hence, people refrain from buying apparels and appliances online. However, businesses are now overcoming such problems with the help of AR technology. AR empowers an individual to try on the glasses, new clothes, etc. by just overlaying them on an image of yourself. This can be done online just with the help of a smartphone camera. So, with the help of these technologies, the brick-and-mortar stores can get huge advantages too. It is an easier and quicker way to try out a dramatic transformation-without physically visiting the store.
- Enhance the customer experience: As the new AR and VR technologies take hold, consider how they may help get you closer to the goals and address shoppers' specific requirements. For example, if you are a beauty company, creating an AR experience can help individuals overcome the qualms before purchasing anything online. But, if you are working to sell individuals new cars, or even new places, consider how VR may enable a more immersive, realistic and engaging experience for individuals in the final stages of the purchasing journeys.
How AI is helping your advertising businesses grow?
Advertising is one of the tried and tested methods that many businesses hold as an important part of the growth strategy. But, in a digital scenario where customers are overwhelmed & bombarded by a staggering amount of advertisements each day, they are becoming quite less & less effective. To speak in numbers, the average click through rate is only 0.05% across all the ad formats.
In such a scenario, AI for advertising sales assists publishers, agencies, and marketers with a detailed insight on performance and revenue. Machine learning solutions & algorithms can use big data collected from first or third party sources in order to study the customer’s behavior & use that information to stay ahead of their requirements.
Here are ways by which AI is helping the advertising and sales agencies to grow their businesses?
- Ad creation: AI-powered systems exist that are able to partially or fully create the ads for you that work as per your goals and requirements. There are some social media ad platforms that are already using some intelligent automation to suggest ads that you must run based on the links that you are promoting. Also, there are some third-party tools that make use of smart algorithms to write ad copy for you. These systems use Natural Language Processing (NLP) & Natural Language Generation (NLG) in order to write ad copy that performs well and better than a copy written by a human- in just a few seconds.
- Targeting audience: Your ad targeting is as important as your ad copy. All thanks to the platforms like LinkedIn, Facebook, Google and Amazon that you have a seriously robust set of the consumer data with which you can target audiences. However, manually doing so is not always efficient. But, AI helps here. There’s one AI system that looks at the ad performances, past audiences, then weigh this against the KPIs & real-time performance data coming in, then identifies the new customers who are likely to buy from you. AI systems are able to track user web behaviors & make predictions based on the information and search engines can better understand customer intent. This leads to the end user being served the most relative ads or content based on predictive analytics.
With the increasing use and demand of these technologies, it seems that the older, traditional methods in publishing or advertising agencies do not work anymore. Hence, it is necessary for all the industries and business owners to learn about these technologies and incorporate them in your marketing and advertising methods for the growth and success of your business.
Moreover, if you do not have any idea about these technologies and how to use them in your marketing business, you may contact a renowned and reputed software development firm to learn about them. After consulting them, you can explain to them your requirements to get the application developed.
It is always a good idea to hire software developers from a top software app development company so that you get the applications in high-quality.
I'm Ankit Kapoor: a software development consultant from India. With 10 years of domain expertise, I fill the information gap in the software industry and assist the best software development company to the clients all over the world. With in-depth domain expertise, I always strive to create a value proposition to SMEs, ISVs, and Enterprises. For more best blogs check out my profile on LinkedIn.