Technology has had a profound impact on the marketing landscape and has transformed the way many organizations do business. With the rise of social media platforms and digital advertising, the need to stay ahead of the curve has never been more important for brand awareness and sustainability.
As an entrepreneur and marketing consultant, Scott Jarman of Vancouver, British Columbia knows better than anyone that adapting to new technology can help a brand reign supreme in their marketing efforts. With experience helping teams and business increase their growth and performance, Scott Jarman outlines some of the key impacts that technology is having on marketing, and how they can help you and your business.
Big Data
The importance of being where your customers is crucial when you start structuring an effective marketing strategy. In the 1950s, radio, print and television advertising allowed companies to target people according to their gender, age, and geographic location. Advertising was a numbers game and didn’t allow companies to quantify their reach. Today, Scott Jarman of Vancouver, British Columbia explains that we use psychographics, which allow companies to advertise to people according to personality, values, opinions, attitudes, interests, and lifestyles, producing a whole body of quantitative data that can analyze the efficiency and effectiveness of campaigns. Approximately 65% of business executives from global brands say that they embrace big data to stay competitive, and yet only 0.5% of big data is being analyzed. This data allows companies to determine what works well and what doesn’t, allowing them to redesign their marketing efforts accordingly. Another marketing tool that allows you to quantify the number of clicks, opens, and interactions is email marketing.
Email Marketing
Of course, email marketing is not new, but the statistics speak for themselves. The average expected return on investment is $42 for every $1 you spend on email marketing. Additionally, 81% of small businesses rely on email as their primary customer acquisition channel, and 80% for retention. Scott Jarman explains that the popularity of e-mail marketing has been remarkably stable and is in part due to the necessity of signing up for new apps, websites, and programs with an existing e-mail address. This is a powerful marketing tool, precisely because it allows you to connect directly with your consumer. With the tools available to companies today, creating funnels to target different segments of your audience can make customers feel deeply connected to your brand without the hassle and manpower of e-mailing them individually. When it comes to personalisation and connecting directly with your audience, no tool is as powerful and social media.
The Rise of Social Media Marketing
Any list about the impact that technology is having on marketing would not be complete without social media. Social media usage is one of the most popular online activities. In 2018 alone, roughly 2.65 billion people were using social media worldwide, and this number is expected to increase to almost 3.1 billion by 2021. Since the inception of social media, a lot has changed. From promotionally paid advertisements to changes in algorithms, there is no shortage of trends to keep up with. Scott explains that social media has essentially democratized marketing, allowing anyone, anywhere, to produce and create content. This form of marketing is very different from traditional out-of-home or print marketing, as it has the opportunity to connect with clients on a one-on-one basis and can develop a distinct and memorable brand identity. Wendy’s, as an example, actively engaged with other brands and followers on Twitter (News - Alert) through dry comedic humor This strategy not only placed their brand in dozens of news articles but gained them a lot of respect and recognition from younger audiences.
Automation
Lastly, automation on websites and online platforms is allowing companies to have greater control over being proactive. Timing can be critical when deciding to make or leave a purchase, and companies are now able to take advantage of this. Automation combined with metrics means that customer behaviour can be tracked without the supervision of a real person, making it easy to send emails or personalized responses very quickly and efficiently. This type of automation comes in the form of chatbots, social media messaging, and e-mail marketing.
Scott has experienced first-hand how quickly digital marketing is taking over the marketing industry, primarily because of its accessibility, affordability, and effectiveness. In comparison with traditional print and out-of-home media, digital marketing is easily more effective at converting followers into customers, and solidifying brand identity. Glossier, Mejuri, We Work, and dozens of other companies built their multi-million-dollar brands solely through social media and other digital marketing platforms without ever investing in traditional media. If that doesn’t speak to the power of technology and its impact on marketing, we don’t know what will.
