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Facebook and Google, dominate in the digital marketing world we know today, due to their size, ecosystem analytics and targeting.
They have continued to advance their technologies with the likes of Facebook Messenger, Google Ads, Instagram, YouTube and WhatsApp. However, Amazon through its data collection capabilities is catching up with Facebook and Google to become an equally invaluable tool for marketers. In digital marketing today, these three channels are an effective and efficient way to reach your target audience in a hyperconnected and evolving world.
Aside from the giants, new digital marketing technologies and strategies have emerged over the last few years which marketers can use to reach their objectives, for example Virtual Reality, Augmented Reality or even new social media channels such as TikTok. However, marketers must remember that being strategic is the key to effectively using these technologies to meet their objectives. And, whilst new technologies are exciting, it is important not fall into ‘shiny new toy syndrome’. Before implementing a new strategy ask yourself these three important questions:
Where is the value?
Who’s going to see the value?
What is the proposition?
Consider emerging technology as a spectrum that runs from radical to incremental. Radical technologies cause disruption in existing markets which often result in the rapid creation of new business models, products, or services. Whilst incremental technologies result in changes at a much more gradual pace. An advantage of implementing radical innovation is that it provides a company with the opportunity to become a pioneer in an entirely new market with no initial competitors, but it comes with more risks.
Over time, five factors associated with the technology will change to move it from radical to incremental.
When considering implementing a new technology within your strategy, consider these questions.
What is the level of disruption caused by the technology and how disruptive does the organisation want to be?
What is the level of uncertainty around the technology and what is the organisation’s tolerance for uncertainty?
What is the level of consumer acceptance?
What is the level of risk associated with using the technology and the organisation’s risk tolerance?
What is the cost of implementing the technology compared to the organisation’s budget?
With all this in mind, what is the future of marketing and the emerging digital marketing channels?
Voice, Virtual Reality and Augmented Reality are all technologies that whilst still growing, have become increasingly ingrained in consumers lives, becoming common place on our smart phones, home devices and social media channels. Marketers should consider whether there is room for these technologies in their strategies.
Additionally, Blockchain whilst still radical has the potential to change digital marketing by making advertisers and Influencers more accountable, and enabling more precise targeting whilst alleviating privacy concerns, so it’s definitely one to watch, along with the role of automation.
When considering any of these emerging technologies, all new digital strategies or proposals should start with the people – the customers, those involved in the organisation and society as a whole. Once you evaluate and identify their wants and needs, the rest should follow.
