Many entrepreneurs are forced to wear many hats. For example, entrepreneurs are marketers, which means they must also become tech experts and even psychologists to help them understand consumer patterns and behaviors as well as their media consumption and through which channels so that entrepreneurs can tailor their marketing and advertising strategies accordingly.
If you think that marketing and advertising has changed, and is no longer simply about TV commercials and newspaper ads, you’re absolutely correct. Marketing has made some huge advancements in the last decade. As a result, marketing technology, such as digital displays, video, and other forms of marketing technology are in, and are now dominating the industry. Love it or hate it, if you don’t put forth the effort to implement marketing technology into your marketing strategies, you will be doomed to lose customers to your competitors that do…
So what can you do to regain your competitive edge? How do you implement marketing technology, such as digital displays without breaking the bank? And, perhaps most importantly, how do you do it all without going insane? Read on for some of the top examples of marketing technology, and how entrepreneurs (and their many roles) can make them work for their businesses.
You may have a Smart TV in your own home, but have you considered using it in your marketing? A Smart TV has Internet capabilities, access to applications, and can even perform social media and streaming, similar to a giant Smartphone or computer. Marketers can certainly leverage this technology to reach their audiences, such as in a retail store or a restaurant.
Let’s also think for a minute about the future. With the ease and convenience of Netflix, consumers can stream their favorite TV shows, movies, and news feeds all from a mobile device or computer whenever they want. Gone are the days when you had to wait until 5:00 pm to watch the latest news or get tomorrow’s weather. As a result, many consumers are “cutting the cord” on cable. In fact, the cable industry saw a net loss of 1.7 million subscribers in 2016, and this number is only expected to grow in the not-too-distant future.
- Internet of Things (IoT)
It’s no secret that today’s digital devices can connect to the Internet. In fact, Internet connectivity has become an expectation so much that digital devices are now able to connect to other household items, such as refrigerators, home automation systems, and security systems. This interconnectedness of these devices is called the internet of things (IoT).
IoT extends beyond household items, and is becoming available in automotive and healthcare industries. As a result, companies are making significant investments in digital devices and display technology that can communicate with audiences, which not only enhances customer experiences but also how to better understand customer patterns and behaviors.
- Virtual Reality (VR) vs. Augmented Reality (AR)
Virtual Reality (VR) isn’t a new concept. VR has been around since the 1980s. However, Augmented Reality (AR) is a newer concept, providing users with an interactive experience through technology. AR is similar to VR, but provides an overlay of content in the real world whereas VR is an overlay of content in a digitally altered world.
We are just beginning to see AR in everyday life. The technology is expected to have a huge impact on architecture, healthcare, education, and, yes, marketing. Marketers are currently experimenting with VR/AR ad experiences, and they are pumped to be able to create an engaging, memorable and non-skippable experience.
In fact, as we mentioned in this blog, AR is just one part of the future of marketing technology.
All in all, it’s no secret that technology is changing marketing. Although many entrepreneurs and marketers may find technology complex and challenging, it is creating an engaging, memorable, and interactive experience in order to ensure your company stays in the forefront of customers’ minds, and provide them with an experience that will keep them coming back.