Enterprise marketing is changing, as are the roles of marketing executives and organizations’ expectations of marketing. This implies that to succeed in the present world of business; you need to have a new outlook. But what does this look like?
Read on to find out.
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Consumers’ Purchasing Decisions Will Become More Complex
With the excessive use of social media sites in purchasing decisions, it’s becoming difficult by the day to categorize consumers. Categories like upper tier, lower tier, or mainstreams are fading away.
For example, a particular consumer can purchase expensive and cheap products simultaneously, which makes segmentation pretty complex.
Consumers generally select their preferred products using unbalanced emotions and reasoning.
Thus, as an enterprise marketer, you’ll need to go beyond the usual categorization and perhaps include the psychological aspects of purchasing and leverage modern technology to predict consumer behavior.
Increase in Prevalence of Personalization
Because of flexible manufacturing, big data, and social media, consumers have access (and will continue having access) to personalized designs and products.
Online merchants are already doing that. Currently, there’s a trend where consumers can provide their measurements, drawings, or even pictures of what they want their products to look like.
This trend isn’t only among top-tier brands; small retailers are also adopting it.
And while initially it was only limited to luxury brands, it is spreading across all sectors, including the healthcare industry.
Big pharmaceutical companies are moving towards more personalized medications based on sex, weight, and age.
Collaborating With Individuals, Businesses, or Brands
As traditional forms of marketing continue to fade, businesses are adopting a new approach that entails partnering.
Thanks to social media, the concept of influencer marketing has taken over, with brands allocating significant portions of their marketing budgets to online influencers.
Accordingly, this has led to the emergence of the partnership economy. This consists of the individuals, services, and technologies allowing brands to make income through referral partnerships.
You can leverage well-established brands’ knowledge, influence, and power to get new referrals to your business.
Continued Accuracy of Metrics
Until recently, marketers had significant challenges in justifying and assessing the effects of their actions. There are numerous ways to evaluate online activity nowadays, such as Facebook likes and article clicks, but many of these are not yet totally useful.
Nonetheless, some sites were recently discovered to exaggerate the number of video views on their site. Consider the implications for marketers who believed they were receiving greater value for their money.
However, this changed and continues to change. You’ll always have a rough estimate of how much of your advertising expenditure is appropriately used or wasted.
Digital Silos Will Be Replaced By Integrated Teams
Several years ago, the digital and marketing teams were on separate sides. This trend slowly faded into the background. Now that everything must be digital, the two have slowly become intertwined.
As one marketer recently stated, “companies do not necessarily require a digital strategy; they need to understand how to integrate the digital component into the intricate process by which customers make purchasing decisions”.
If you want to stay current with digital marketing, you should become familiar with the phrase MarTech. The term stands for marketing and technology.
It highlights the creative function of marketers in the wake of technological advancement that requires knowledge and command of technologies, most likely AI-powered tools.
Prevalence in AI Use
AI has been around for some time. Whether for analytics, email marketing, or content, marketers deal with it daily through the many tools they employ. AI is an integral aspect of the engines operating these technologies, making decisions, filtering data, and proposing solutions.
Simultaneously, consumers are confronted with an increasing number of proactive, AI-driven alternatives in conversational interfaces that assist, guide, remember, and present them with customized solutions or products. This is now general knowledge.
While chatbots have been around for some time, voice interactions and voice assistants are already an increasing trend. Currently, there’s Siri, Google Assistant, and Amazon Echo.
Businesses will continue using AI tools to help users navigate menus, become familiar with frequently asked questions, receive assistance, or administer a service.
Thus the arms race will focus on whose AI solutions are the most consumer-friendly.
The thing about the emergence of AI in modern marketing is that it is a natural progression. This is because consumers desire more tailored and convenient experiences, and AI is the sole and most effective method for gathering customer data.
Undoubtedly, enterprise marketing is shifting – a shift that’s majorly powered by technological advancements. While businesses can expect to encounter all of the abovementioned changes, the list is inconclusive. Other trends will emerge as time progresses.
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