Mumbai: While the age-old basic principles of advertising (4Ps) remain the same, digital innovations have opened up more channels than ever before. Back then, digital innovations were working fast and dynamically changing the way marketers approached these core principles. But, today, there are no radical innovations, only constant transformation. New technologies are now an integral part of marketing strategies and their ecosystems.
That said, do we ensure the sustainability of our marketing strategies? No, but there are some innovations that will grow on us and become fundamental in how we will develop marketing concepts.
The days of the linear model are over. Today, technological innovation and consumer behavior have created a complex reality. The key to meeting this challenge is to combine creativity and data to maximize the consumer experience. While storytelling will remain fundamental to the process, data will give marketing strategies an impactful edge. Art and science have always sat in different silos in the traditional way, but in the new world they will converge and we will have to think holistically.
Many agencies have a centralized marketing structure, but almost half of them plan to decentralize their operations in the near future. As data hacking becomes more common, the demand for decentralization will increase, and decentralization is a solution because it puts more emphasis on privacy and security.
Here are some other benefits of decentralization:
1. It has a higher level of personalization for brand-specific campaigns.
2. Content is distributed much faster.
3. It will allow agencies to be more innovative and work faster for their clients.
4. It will help you make decisions faster.
AI, ML, IoT and NFT:
When we talk about the future of going digital, we’re talking about AI, machine learning, and the Internet of Things (IoT). The new world would not exist without it, as these technologies give us the dynamism of what our future can be and how we can shape it. Personalization at scale requires AI, which collects enough consumer data to see trends and deliver more relevant communications to their target audience. It can learn new information as it goes through machine learning and then make changes to increase performance without having to be programmed to do so. The IoT improves performance at every level, from content to interactive advertising. In 2021, the world will also witness a recent innovation known as NFT. A digital asset, such as a patent, can now be owned by anyone.
TVC The advertisement:
TV advertising will work more through smart TV and the whole ecosystem of web and connected devices. People are already replacing their TVs with smart TVs resulting in a significant increase in the Indian TV market share. It will play a major role in the commercial experience as the traditional linear TV format loses its relevance. Connected to internet platforms, it paves the way for selective, targeted and flexible advertising formats. The evolution of CTV has already entered India and made significant inroads (double-digit growth month-on-month) as the web ecosystem enables connectivity through smart TVs, dongles, consoles games etc
Just when we thought we had mastered Facebook, the metaverse caused unimaginable disruption. The treadmill of innovation shows no signs of slowing down in the near future. In such a scenario, how creativity will take place across devices, experiences and platforms, how you will effectively tell your story through voice-enabled, location-based and wearable chatbots will now become crucial for us, dream traders. We will need to adapt quickly and with humility as we break down silos and embrace the new world order.
(About the Author: Arun Fernandes is the Founder and CEO of Hotstuff Medialabs)