Digital technology is currently taking the world by storm and we’ll be the first to admit how crazy we are about all things tech. With good reason too, technology is largely responsible for the immense growth of the digital landscape and the endless amount of communication possibilities. With thousands of companies already in the overcrowded marketplace, marketing technology continues to grow at an exponential rate with the promise of better processes and increased production, but what about actual performance?
Marketing technology can have a huge impact on a company’s bottom line and technology spend will increase from $12 billion to $120 billion in the next 10 years. While 62% of brands are satisfied with their current marketing technology, 57% plan to make new technology investments. That means that most companies are focused on effectively planning and managing key areas like operations, applications and middleware in the wide and complex sea of digital territory. Ultimately, brands that use technology to understand their audience, engage with their customers and measure performance will have a significant competitive advantage over those that don’t. Correct technical utility and implementation results in ROI success that is based on key performance indicators like conversions and revenue.
So what are some of the top digital technologies marketers can’t get enough of? Here’s a firsthand look at the digital technology trends that are crushing it right now.
The Invasion of Data Science
Everyone’s talking about it, but not everyone’s doing it. In fact, only 1 out of every 3 senior executives consider their organization highly data driven. Big data is the big elephant in the room. According to Google engineer Sagnik Nandy, simply collecting, processing and storing an ever growing amount of data and being able to integrate it is a big challenge. Many brands are still relying on advice and experience to make defining business decisions, but according to a PwC global data and analytics survey, data driven organizations are 3x more likely to report improvements in decision making. Technology is able to show us how humans are behaving at a microscopic level and data science is enabling a transition from intelligence to action by giving marketers valuable insights that vastly improve the customer experience.
Amazon uses personalization for account details, shopping history and potential shopping needs.
Omni-channel Landscape Gives Rise to Machine Learning
Data footprints are being created across numerous screens, devices, channels and touch points and are being matched with social data, all of which is collected and stored in various places and formats. In order to extract value from this, data brands need access to the right technology. Machine learning does this by allowing algorithms to learn from the data and adjust when exposed to new information. Algorithm and rule-based attribution models diagnose the true value of digital media assets by capturing and analyzing customer interactions across the buyer journey. Machine learning is just as cool as it sounds, allowing digital marketers to get insights and opportunities they may not have otherwise noticed.
Zulily offers a personalized homepage experience based on past purchases and interests, creates custom landing pages for ad campaigns and customizes emails announcing sales.
Mobile Technology for Location Targeting
We’ve heard a lot of buzz about beacon technology and how the nation’s top retailers are applying it to drive in-store engagement and sales. The value of in-store retail sales influenced by beacon technology in 2015 and 2016 was $4.1 billion. Beacon technology is elevating mobile marketing by creating interactive experiences for customers in real-time by customizing notifications about sales and deals when customers are in proximity to a retailer. The results? Happy, loyal customers who are significantly less expensive than new customer acquisition. What can customers expect in the future on this front? Much more personalized services. With the rise of proximity and geolocation targeting, we can only expect beacons to grow exponentially and every marketer is carefully dialed in to how the mobile device, now central to online engagement, will continue to impact consumer behavior.
Orland’s international airport’s location-based mobile engagement strategy offers navigation to nearly 1,000 amenities throughout the airport, immediate updates regarding flight information and directions to critical points-of-interest like baggage claim, gates, and info desks for an interactive and contextually-driven experience. This mobile engagement strategy is designed to enhance customer experiences and revenue opportunities for the airport.
The API World Of Intelligent Commerce
The convergence of online and offline marketing has evolved, but e-commerce continues to dominate the digital landscape. According to Forrester, online shoppers will reach 270 million, as larger smartphones and faster networks make internet shopping easier for consumers. Competitive intelligence is the turning point for how online retailers can stay ahead. Central to this is clearly big data insights, but also strategic business approaches like integration. The need for API platforms grows as marketing technology pervades the digital landscape. The top e-commerce performers use strategic business approaches like APIs. In fact, eBay’s share of revenue from APIs is a whopping 60%. Tailored data solutions like API’s integrates an e-commerce company’s market intelligence into their sales and marketing automation systems allowing them to better attract, engage and convert customers.
eBay has activated the power of data to drive the business forward in all areas, from reporting all the way through optimizing the experience for their customers.
Digital marketers are interested in investing in technology that is seamlessly capable of offering and implementing actionable insights. These decisions really do make or break a digital strategy. Our technology solutions at Mapp use the latest innovations in the marketplace to help marketers deliver content solutions that result in long term customer relationships and significant ROI’s. To learn more about how our platform can meet your most demanding digital marketing needs, contact us here.