Are you ready for the future?
Let’s discuss the trends and consumers set to define the future of marketing.
In the marketing industry, focusing on the present isn’t always enough. That’s why today we unpack some of the trends set to define the future of marketing and give you the information you need to prepare your brand’s marketing strategy for the future.
Consumers – The next generation
Despite only being 11 and under right now, Generation Alpha is set to define marketing in the near-future. Having grown up fully immersed in technology, Generation Alpha (2010-2025) are expected to favour a virtual world, have outstanding digital literacy, but short attention spans. As a result, they’re having an increasing impact on technology purchasing decisions.
In one study almost 65% of parents said their children’s needs have major influence over the technology purchases they make, with 25% asking their childrens’ opinions on different technologies and brands to inform their purchasing decisions.
Because Generation Alpha has grown up completely surrounded by technology, they don’t see the difference between tech and non-tech as easily. For example, this generation is growing up with voice assistant devices and their relationship with them is as natural as interacting with other humans.
Brands must embrace these new technology driven channels in order to build a strong relationship with them and successfully market to them.
In the future, you’ll no longer be able to rely on broad demographics to identify your target customers, you’ll need to be more granular and build relationships with this generation that feel raw and transparent.
Channels – Influencer Marketing
Over the past 10 years we’ve seen a rapid year-on-year growth in influencer marketing with the market size increasing from an estimated $ 6.6 billion in 2019 to $9.7 billion in 2020.
Increasingly, internet users are more willing to trust recommendations from a favorite YouTube, Instagram or Tik Tok creator rather than from a brand because, for consumers, they come across as genuine and trustworthy, leading to their confidence in what they say.
Relating your brand with an influencer will grow your brand’s reputation and trust depending on how much authority the influencer has online. An influencer’s reputation also depends on which brands they endorse making it essential to have trust and transparency within your influencer partnerships and ensure they actually fit your brand image or niche.
The process of making influencer marketing more transparent has already begun. The FTC has now made it mandatory for influencers to disclose their relationships with brands using hashtags such as #spon and #ad. This means you’ll have to be prepared for strict guidelines on influencer marketing going forward. However, by being transparent you could build genuine customer relationships through this channel and see a rapid increase in conversions.
The future of influencer marketing is also all about the collective. Working with groups of influencers who all represent your brand’s image is going to become increasingly effective in improving your brand’s visibility online.
Technology – Artificial Intelligence
Finally, we of course have to discuss the immense impact Artificial Intelligence is going to have on the future of marketing.
Already we’re dealing with AI on a daily basis in various marketing tools for email marketing, content, analytics and more. It’s an inherent part of engines that run these tools and will become even more inherent in the marketing of the future.
One tool where AI is set to flourish is in voice assistants and smart home devices. Consumers are already getting used to having these devices in their daily lives and are coming to trust the information and help they provide. In the future, these devices could potentially help gather consumer data and push-out transparent advertising that meets consumers’ needs.
AI powered chatbots are also looking like they’ll be the next big thing in customer relationship management. As they’re becoming more intelligent, they can now understand complex requests and personalise responses. With the end of third-party cookies, as we discussed last week, these chat bots may be a great way to gain useful data from both potential and existing customers.
If you want to stay up to date with AI in marketing, you should familiarize yourself with the latest developments in ‘Martech’ (marketing technology). In the face of technological development, the role of marketers will require the knowledge and command of AI tools. This may also see a rise in the number of agencies specialising in assisting clients with AI-marketing in the near-future.
So, are you prepared for the future?
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