Marketing is gaining a more and more central role in the functioning of a profitable organization. This attention is leading to a marketplace that is full of interesting jargons, and concepts that are making a strategic difference to the Marketing arm. While some concepts, have evolved over time into newer and more polished versions, others are innovative new ideas that have gained traction in a matter of a few years. Here, in this article we define some key concepts, that you as a marketer, should be, firstly, aware of and, secondly, excited to explore:
1. Marketing Analytics
Right from laying the map for the customer journey and orchestrating a seamless user experience, to alleviating customer pain-points across every medium and channel, the impacts of Analytics on Marketing are huge. Organizations are leveraging the inherent power of Analytics, as a point-solution to find stop-gap fixes for issues, and as an enterprise wide solution encompassing a wide range of applications. Marketing Analytics is helping marketers, build delightful customer journeys, that can be altered in real-time, streamline content rich corporate messages and understand the user’s propensity to be influenced by them, build loyalty through complex programmes that engage customers, report on vital metrics like ‘Shopping Cart Abandonment’, ‘Conversion’ and ‘Click Through Rate’ and deliver insights into the possible reasons for campaign ineffectiveness.
2. Cognitive Content
As marketers, we are already aware of the infinite power of content. Cognitive Content, though, is an altogether different ball game. Cognitive Content is defined as the media that comes packed with ‘Call to Action’, that appeals to the customer in a personal, nonintrusive way, compels them to take action, and offers to gratify. Cognitive Content is creating waves and revolutionizing the marketplace, as the most effective mode of Marketing and placing products and services, such that it ensures that the customers always react. The potential of Cognitive Content is huge for marketers who seek to inspire, touch and reach out to their prospective buyers. Imagine serving your customers with content that is specifically tailored to their immediate needs. Powerful and persuasive content that resonates with users, is highly personalized, and all this in real time.
3. Mobile Engagement
The era of Mobile dawned on us when everyone migrated to the smartphone world. And Forecasts are that 6.1 billion users worldwide will use smartphones by 2020. There will be 28 billion connected devices by 2021. According to a study conducted, 20 out of 24 industry niches reported Mobile as their primary source of traffic among channels. All these statistics are enough to put Mobile Engagement into perspective, as the channel of choice for a savvy marketer.
Personalization, a well understood, set and applied part of the Marketing strategy, allows a company to frame communication with a customer based on their name, location and purchase history. But, the more recent and innovative version, ‘Hyper-Personalization’, is what trending in the marketplace. Hyper-Personalization, allows the company to tailor messages further based on the customer’s browsing history, online behaviour, known preferences and in real time. Defined as a data driven targeting and personalization of services, products and content,Hyper-Personalization offers the marketers unsurpassable success by building trust and rapport with the customer.
5. Influencer Marketing
‘Influencer Marketing’ has organizations turning to micro-influencers in niche verticals to build more authentic, organic, non-scripted content that drives higher engagement. Influencer Marketing, like employee advocacy and customer loyalty, has always been a part of the firm’s Marketing Strategy. However, recently, with a hoard of tools, applications and services entering this sphere, Influencer Marketing has revamped its position, and today plays a part in gathering sentiments from Social, correlating the conversions attributed to the influences with events, identifying and rewarding the most influential agent and broadcasting key messages leveraging the influencer’s audience reach. The supporting statistics sketch an alluring picture. According to a report which surveyed 170 marketers in 2016, 86% have used ‘Influencer Marketing’ and 94% of those have found it effective as a part of their overall strategy.
5. Marketing Attribution
Attribution, or the science of assigning value to marketing touchpoints as per their value for driving sales, is an old tool in the marketer’s toolkit. What has changed is the market scenario. With the explosion of marketing channels, devices and media, the relatively easy ‘funnel’ behind Attribution has been transformed into an intricate, complex and multilayered science. What gets complicated is the process for determining and assigning value to a touchpoint or channel with certainty. And what it impacts is the spend from the budgeton channels, as well as, company bottom-line, which is driven by the ‘right’ channels your organization has built and invested in.
6. Center-brain Marketing
‘Center-Brain Marketing’ is a prevailing marketing strategy, that aims to bring the ‘left-brain’ intensive technical people, their tools and technologies, together with the ‘right-brain’ intensive creative people to achieve a perfect balance. Overlaying the marketing processes, technicalities and hard-grained principles, with the emotions, impulses and drives that generally make purchase decisions happen, is at the core of Center-Brain Marketing. Simply put, its where data meets design. And Center-Brain Marketing is envisioned to fuel the future of Marketing in a competitive landscape.
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Convertro, Inc. (n.d.). What is Marketing Attribution? Retrieved March 19, 2017, from https://www.convertro.com/faq/what-is-marketing-attribution
IBM Marketing Cloud. (n.d.). 10 Key Marketing Trends for 2017 and Ideas for Exceeding Customer Expectations. Retrieved March 20, 2017, from http://www.silverpop.com/marketing-resources/white-papers/all/2016/2017-marketing-trends/
IBM Marketing Cloud. (n.d.). The Marketer’s Guide to Mobile Engagement. Retrieved March 21, 2017, from Silverpop.com: http://www.silverpop.com/Documents/Whitepapers/2016/Mobile-Engagement-Guide-IBM.pdf
Influencer Marketing. (n.d.). In Wikipedia. Retrieved March 23, 2017, from https://en.wikipedia.org/wiki/Influencer_marketing
McDonald, L. (2017, March 7). Center-brain marketing: Preparing for a future of cognitive technology. Retrieved from https://www.ibm.com/think/marketing/center-brain-marketing-preparing-for-a-future-of-cognitive-technology/
Raconteur Media Ltd. (2016, July 26). A marketer’s best bet: Cognitive content that inspires action. Retrieved from https://www.raconteur.net/technology/a-marketers-best-bet-cognitive-content-that-inspires-action
Subramanyan, V. (2014, October 23). What’s The Hype Around ‘Hyper-Personalization’? Retrieved from http://www.business2community.com/marketing/whats-hype-around-hyper-personalization-01045882
WordStream Inc. (n.d.). Marketing Analytics – Success Through Analysis. Retrieved March 21, 2017 , from http://www.wordstream.com/marketing-analytics