While it shouldn’t be news that the marketing landscape is changing, new technologies released within the past few years have begun to seriously affect the marketing and advertising industry. New companies providing innovative marketing tools are appearing at a faster rate than ever, promising to better reach and serve a more sophisticated clientele.
Here are five trends that, as these technologies become more ubiquitous, CMOs should definitely have their eyes on.
1. Media Moving To The Blockchain
The meteoric rise of Bitcoin in 2017 brought with it an increased interest not only in cryptocurrencies but also in blockchain, the decentralized ledger technology that is the backbone for crypto systems. Blockchain has applications in almost every industry, and 2018 will surely see companies emerge attempting to utilize the blockchain in order to simplify how media is consumed.
One company bringing visual media to the blockchain is BuzzShow, who claims to offer the only rewards based social video network. Using a Proof of Contribution mechanism, BuzzShow rewards users for creating, viewing, and sharing content, while keeping the interests of advertisers aligned with the creative community.
Another company, Photochain, is utilizing smart contracts to build a decentralized Stock Photography Platform built on the blockchain. The platform solves copyright issues using Digital Copyright Chain (DCC) solution while allowing creators to retain 95% of profits.
As companies like these continue to grow, simple and personalized media buys and marketplaces should be something every CMO is paying attention to, with the tech sure to be a valuable tool in the marketing arsenal.
2. “Accidental” Marketing Campaigns
Contrary to traditional marketing strategies, some of the most effective campaigns have been a result of companies solely focusing on their mission at hand. Coined “accidental” marketing by industry experts, this kind of marketing is authentic and derived organically through the profound impact of the actions of the company.
One exciting example is Agora, a blockchain-based digital voting solution that facilitated the first blockchain presidential election in Sierra Leone. The team executed the election with discretion and precision, working tirelessly on the ground to ensure the election was a success.
The end result was a global media frenzy that highlighted not only the election, but Agora’s efforts in the process. For marketers and startups, sometimes doing what you do best is enough to create backend marketing traction. This process is often overlooked but should be an example for CMOs and startups that are looking to grow and scale.
3. Interactive Marketing Platforms
While many of these trends are yet to prove themselves, influencer and social marketing have risen to the forefront of advertising as one of the most powerful tools in a CMOs arsenal. The rise of social media and media sharing platforms like Facebook, YouTube, and Instagram have given rise to a new breed of celebrities with incredibly active fan bases.
As centralization of assets is one of blockchain’s biggest advantages, marketing analysts should expect companies in this vein to appear first. One such startup, ClearCoin, has plans to move the advertising and digital media market entirely to the blockchain, bringing influencers with them. The company has set up an infrastructure that allows users to easily find and execute media buys from a number of platforms.
4. Sophisticated Big Data Solutions
Big data will offer companies unprecedented control over customer experience as the technology continues to develop over the coming years. An ever increasing amount of data is available on potential customers, and companies have already begun offering solutions that can tailor customer experience based on that very data.
Simply by knowing the visitor’s location, sites can completely change themselves to make sure customers are having the best possible experience. While this can currently be seen with websites that tailor their experience by country, companies are working to incorporate more data into these systems, offering CMOs never before seen opportunities to customize user experiences based on specific visitors.
With all this newfound data tools, comes the inherent need for brands to be vigilant when it comes to data privacy. "I just read that when it comes to third-party companies who manage data for brands, less than half of these companies audit their own systems to make sure they have the capacity to protect the data in the first place," says attorney Steven Adams. "The lesson here is that brands and businesses must not just take the word of these outside companies when it comes to protecting their customers' data; they too need to be vigilant when it comes to data protection and privacy."
5. The Rise of Smart Contracts in Marketing
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
As blockchain has developed, its ability to offer quick and secure sales through smart contracts has made it one of the most interesting new technologies. Smart contacts and ledgers are able to facilitate immediate transactions with complicated terms, allowing for CMOs from all types of companies to benefit as quicker transactions lead to a more positive user experience.
As this technology begins to seep into mainstream service industries, the power of smart contracts will certainly be invaluable to marketing executives working to improve customer experience.
