Business in today era needs digital marketing to stay competitive while a couple of years ago it was just a novel way to market. Digital transformation opened up a new form of media on which companies sell goods and services, but within just the past few years, the importance of digital marketing has come closer to classic 4Ps of marketing. Using digital marketing, you can reach an enormous audience in a way that is both cost-effective and measurable. Digital transformations caused the standard methods and practices of nearly every industry to change and grow to work within this new paradigm, and classic 4Ps of marketing is certainly no exception. Digital marketing provide & business owners the best chance to be competitive and grow.
In fact, the marketing industry has arguably seen the most benefit from the growth of digital. The 4Ps of marketing include product, price, place, and promotion, and let us add another 4Ps of digital marketing to make it united to effectively foster and promote a brand’s unique value, and help it stand out from the competition.
For centuries, chess was considered one of the crowning glories of human intelligence. In 1997, a super computer defeated chess master Gary Kasparov and the world realized that technology is becoming smarter and it was IBM Deep Blue, an advanced machine learning (ML), which learned how to play chess by not just analyzing each move but practicing against itself millions of times. ML is already reshaping how we live, and it is imperative that we understand what it is and why it matters. ML is a specific subset of AI that trains a machine how to learn, and the primary goal of ML is to predict without human intervention. Two of the most widely adopted machine learning methods are supervised learning and unsupervised learning. Supervised learning is commonly used in applications where historical data predicts likely future events while unsupervised learning is used against data that has no historical labels.
Just because data is everywhere, ML is omnipotent. Some industry examples will surprise that you have witnessed ML without actually knowing it. CPG industry is using it to drive online to offline attribution – BFSI sector is driving to predict lead closure and activating offline CRM data, media and entertainment industry is using it to predict AVoD and SVoD, stock market and real estate is using to predict the price of a house, to predicting and analyzing stock market trends. All these examples echo the vital role ML has begun to take in today’s data-rich world.
To understand the concept of ML in digital advertising, let us consider some daily works of media planners and buyers like Google search results, real-time ads on web pages, and mobile devices through programmatic advertising, email spam filtering on Gmail, fraud detection, and image recognition. These are by-products of applying ML to analyze huge volumes of data. Digital ads are now much more targeted and personalized than ever, primarily due to the huge amount of data being leveraged in real time.
As per Yuval a Harari, ML is leading in another Industrial Revolution. Whereas the previous industrial revolution connected physical and mechanical strength, this new revolution will harness mental and cognitive ability. It is very unlikely that computers will develop anything even close to human consciousness, but in order to replace humans in the economy, computers do not need consciousness. They just need intelligence. Once self-driving cars and doctor-bots outperform human drivers and doctors, millions of drivers and doctors around the world will lose their jobs, even though self-driving cars and doctor-bots have no consciousness.
The rise of regional language and decline of organic reach on most of the social networks has forced marketers think about how their brand content in any form can reach the right audience. Today’s consumers are influenced by family, friends, and what they read and discover online. While paid media can help brands choose the audience with scale and precision, but this will not help in credibility, advocacy, and virality.
When brands establish credibility, their clients vouch for them, and continue to use their services because they feel connected to what brand say, do, and stand for. For years, brands relied on static tools like online surveys, telephone polls, and questionnaires handed out in person. Based on the insights, potential customers were targeted, segmented, and marketed.
Today, it is imperative for brands to have a higher pie of earned media than paid and owned media. When brands deploy an earned media strategy, they will maximize their inbound marketing efforts and reap big rewards in long run. With the advent of social-media marketing, customers are demanding a bigger role in the value-creation process. On social media, platform brands are getting real-time feedback from customers.
This is where co-creation and participation model comes in. Co-creation can be far more informative than traditional market research techniques, and it yields deeper insights because your customer is not just talking about products, but also about other areas in the value chain, such as product packaging, sales channels, and even raw materials used. This type of collaborative marketing, facilitated by both online and offline word-of-mouth, has become one of the most relevant and authentic forms of content marketing brands can create.
Co-creation goes beyond just clever marketing tactics. It has a positive effect on the opinion of consumers, making them feel empowered and more inclined to purchase the co-created product or interact with the brand in some way. Today, all the big enterprises like Google and Apple are not using co-creation to launch any product, but they have made prototypes available for customers to give feedback and interact with them. Companies are using co-creation group as market research group, and involving these communities to tell what compels them to watch a commercial of their brand, what they think about pricing and packaging should look like. Those discussions are helping marketing team to put together the most eyeball-catching, persuasive, and memorable campaign possible.
In the process of co-creation, brands are today driving virality, conversation, and opinion by engaging with influencers, content creators, and communities.
We have come a long way since the industrial revolution, and are today living in the digital revolution. There is no business, which is not going to be impacted by digital revolution. Almost all business models have evolved over the year and physical assets models moved to digital transformation. Digital platforms help as a critical point of connection, bringing products and services together into a more personalized experience, while creating value for both consumers and businesses.
In the digital world, platforms beat products and digital native like Uber, Alibaba, and Amazon, are classic examples. All of them just own a consumer-focused platform and harness the power of the platform without owning any single product.
The digital-platform market is one of the fastest growing markets. Digital platform helps businesses to enhance user experience in order to attract new customers. The evolution of advanced technologies, such as IoT, artificial intelligence, cloud, and analytics, is playing a crucial role in driving the growth of digital platform. The initial approach to building for a digital platform is to identify the things that matter to users, because that is the experience that the platform must deliver. These moments are the absolute must otherwise, consumer will not adopt it. Companies are taking advantage of digital transformation by either building digital platforms or building a new operating model. The vital things about digital platforms is driving experience. If the platform delivers the experience that matters, it will be a success, and the company will gain competitive advantage.
Phones have had a major impact on our lives, and have made a plethora of changes in our lifestyle. Many of these changes are apparent, while others we may not even be aware of. We are living in the world where more people have access to phone than toilets and over a billion people own a mobile phone but do not have bank accounts. Studies indeed show that many low-income individuals and families prioritize smartphones in a way that would have been unthinkable in prior years. Things that we take for granted, like banking services and healthcare services, are not available for all, but it is cell phones that are making them accessible.
In rural communities across the globe, the availability of cell phones to farmers helps them make more informed decisions about what to plant, when to harvest, and how much to sell crops for. Phones can function as pocket super computers, allowing users to gain any information they may need or want, whenever they want. The ability to be found online, which 90 percent via smartphones is, is very important for businesses, and it is true for e-commerce giants like Amazon to a smaller business – like selling cupcakes online.
Smartphones improve our lives in ways we never even think About, while phones are going to change many things in future as well, you should remember, however, to hang up occasionally and pay attention to the world around you.