By: Divya Dixit
Let me begin this article by saying that about 80% of what I learnt in marketing has been post my MBA. The on-ground and on-job training that I have had the privilege of having while navigating the dynamic landscape of marketing and business across digital, broadcast, telecom, music, consumer and retail has been far more extensive and in depth. Startups taught me how to launch brands and create sustainable business models while established brands challenged me to rejuvenate and enhance consumer lifetime value.
But as we step into a new era the marketers and the marketing world has a new ally, Artificial Intelligence and along with it lies the art of Disruption. Let’s today talk about just these critical to adopt will impact our marketing in 2024-25.
To paraphrase a great movie line, “They keep getting smarter while everyone else stays the same.”
Artificial Intelligence: The science of making machines smart.
Marketing AI: The science of making marketing smart.
Marketers Are Embracing AI. As per a SEMrush study most digital marketers have adapted to and integrated artificial intelligence (AI) into their marketing strategies—at least in some form, often to save time and resources. It could be writing social media posts, product descriptions, and blog articles. Generating videos from text instructions is the most anticipated breakthrough in generative AI. Because it could drastically reduce production time and cost. Open AI’s text-to-video model Sora has shown some promise and looks quite handy for short-form video content.
Insta & FB Shopping is Exploding. The integration of e-commerce and social media—As per Statista, the value of sales from this channel is expected to reach around 8.5 trillion dollars by 2030. Social media allows consumers to make purchases without leaving the platform, streamlining the customer journey for quick and direct transactions and has enhanced features like in-app purchases and shoppable posts, offering consumers the convenience of buying products directly from their social media feeds. Brands will need to create an easy-to-use social shopping experience, optimizing social media profiles for sales, creating appealing content to encourage purchases, and adopt latest shopping features for better consumer experience.
Power of Voice Search & Smart Speakers. The number of digital voice assistants in use has skyrocketed from 4.4 billion in 2022 to an expected 8.4 billion by 2024. The reasons for this growth can be attributed to advancements in voice recognition technology, increased consumer awareness, and the proliferation of connected devices. Popular voice assistants around the globe include Amazon Alexa, Google Assistant, Apple Siri, and Microsoft Cortana. Brands need to be clear that understanding and incorporating voice search optimization techniques will help to make your content and product more discoverable, rank higher in voice search results and provide instant and accurate responses to customer inquiries. Voice assistants can also help users navigate through websites and applications, making it easier for customers to find the information they need increasing experience as well as usage and revenue.
Disruptive User-Generated Content (UGC) is a brand boon. UGC is a powerful brand marketing tool that provides social proof and engagement. Social proof is the validation prospective buyers need and existing customers provide about a product or service. Put simply, social proof is someone else’s stamp of approval. People trust people, not marketers, and consumers turn to UGC as they would their friends, family or a professional network. A Stackla survey reported, “On average, 60% of consumers say content from a friend or family member influences their purchases decisions.”
Brands can encourage UGC creation by launching engaging contests and challenges with specific hashtags, themes or formats, rewarding the best entries. Partnering with relevant influencers can also amplify reach and engagement. Influencer Marketing community has today become a lucrative business poised to be at USD 139 Billion by 2031 on the back of this.
The Relentless Growth of E-commerce and Healthtech the shining star. It has been predicted that by 2040, 95% of all purchases will be made through ecommerce. The intersection of eCommerce and healthcare is rapidly expanding, significantly influenced by the rise in digital technologies and changing consumer behavior. Globally, the healthcare eCommerce market has been experiencing substantial growth, driven by factors such as the increasing adoption of telemedicine, the convenience of online shopping for medical products, and the overall shift towards digital health solutions.
The global Healthcare E-Commerce Market size was valued at USD 244.99 billion in 2022 and is projected to reach USD 1038.17 billion by 2030, growing at a CAGR of 19.93% from 2023 to 2030. Healthcare websites and health and wellness websites provide easy access to medical information and services from anywhere, at any time. This convenience reduces the need for in-person visits, saving time and effort for patients. Brands in these sectors will need to stay ahead of trends and continuously innovate to meet evolving consumer demands on choices, convenience and trust. Artificial Intelligence will be especially supportive in these sectors regarding guidance and personalization as consumers now rely on digital tools to arrange, organize, purchase, and schedule the goods and services they require on a daily basis.
Data Privacy and Ethical Marketing has now become a concern for Government bodies as well. Data privacy concerns are at the forefront of consumers’ minds, and regulatory environments are becoming stricter. Marketers will need to prioritize ethical data practices, ensuring transparency and consent in data collection. Building trust through ethical marketing and respecting consumer privacy will be essential in maintaining brand reputation.
Artificial intelligence, deep learning, machine learning — whatever you’re doing if you don’t understand it — learn it. Because otherwise, you’re going to be a dinosaur within three years ~ Mark Cuban
(The author of above article, Ms. Divya Dixit,Business Strategy & Growth Advisor. The views expressed in this article are those of the author and do not necessarily reflect the views of The Entrepreneur Today, its management, or its members)