Welcome to the 2020s! Marketing has seen explosive growth in the last 10 years. The majority of businesses have spent a good portion of the last decade moving, refining and creating new digital-based business processes and procedures. According to Accenture’s 2019 Technology Vision survey, marketers have risen to the challenge and improved their ability to respond to changing technology demands. 94% of all respondents indicated they’d accelerated their pace of digital innovation over the last three years. With tenure for a CMO being as low as 28 months, marketing needs to not only drive revenue but survive in a high pressure, high competition, high turnover environment where agility is key.
As we look forward to the future, here are some of the trends smart marketers will want to plan for in the next decade:
AI Bridges the Divide for Omnichannel Engagement
Agile CMOs know there is immense potential to reach consumers via omnichannel marketing. In a recent study, omnichannel campaigns showed an 18.96% engagement rate, versus a 5.4% engagement rate for single-channel. With new channels being created every day, and consumer cross consumption at an all-time high, how does a marketer provide a seamless customer journey? Trending now is AI which can interact and personalize messaging and respond to a customer’s unique needs and preferences while keeping the business top of mind past the initial impression.
Video Tech Consumption Opportunities
The 2020’s audience will spend less time on their sofa and more time on the go. For the first time in history, mobile viewing will surpass traditional TV watching and revenue for Ad-Funded Video on Demand (AVOD) which is expected to double to $56 billion. With it, lies great opportunity for growth in video analytics, streaming speeds and digital AdEx. Video analytics is predicted to grow from 1.9 million to $3 billion by 2022. Consider the increased value of short-form video. Leading brands will create 3 to 7-second ads optimized for mobile viewing, to yield higher impressions than their traditional 15 to 30-second counterparts.
Not just Personal, but Authentic Content
A Gartner study found consumers have lost trust in influencer marketing and are leery of brands they don’t personally know. Hence, they predict budget allocation for influencer marketing to be reduced by a third by 2023. Influencer marketing will not entirely go away, but rather shift to influencers with smaller numbers of followers, as today’s consumers are seeking personal, authentic content.
Whether consumers are performing a verbal search via their smartphone, smart device or a computer, using AI-powered digital assistants is on the rise and the integration of voice into IoT devices should not be overlooked. Consumer spending via voice assistants is expected to reach 18% by 2022. For increased SEO, content must be authoritative, informative and have natural-sounding language. Not to mention that when it’s easy to say “buy toilet paper” or “order AA batteries” consumers may not even bother to consider what brand they are ordering. Agile CMOs know that content personalization is the best way to capture and hold consumer attention while still remaining relevant.
Customer Data Platforms Unify Touchpoints
Customers in the new decade use a mind-blowing number of platforms in their purchase decisions. For example, a customer purchasing a new living room rug might interact with such touchpoints as Google Search, Pinterest, Amazon, online reviews, social media, e-commerce websites, not to mention actual in-store visits. Customer Data Platforms (CDPs) offer a distinctive and consolidated view into customer behavior. Customer Relationship Management (CRM) tools only pull limited online data – and if you are really lucky (and using a multitude of tools) you can sometimes tie them back to offline visits or calls. Savvy marketers leverage customer data and AI-driven personalization solutions to align a customer’s purchase history and unify all touchpoints to drive deeper engagement and ongoing purchases.
2020 and the next decade will be an exciting time for marketing. As technology continues to evolve and the pace of marketing keeps escalating, it is more vital than ever for brands to embrace emerging channels, opportunities and technology in order to stay at the top!