The Fourth Industrial Revolution is Changing Marketing – Here’s What You Should Know
The Digital Transformation
Economists and futurists alike are in agreement of one thing: We are currently witnessing the fourth industrial revolution. After the democratization and spread of electronics, it made sense that the next step for humanity to take was the integration of information technology into our daily lives. At face value, it seems like this just means that personal computing is more popular than ever before. There’s no arguing this point as the evidence is clear that the world has never produced more computers in history and the usage of computing devices is the highest it’s ever been. But beyond just surface level analysis, information technology has transformed everything in our lives. Think of objects that you’ve purchased recently that aren’t electronics. Even the most basic of items have benefited from the explosion of Information. More specifically, data analytics has given companies the ability to track buying behavior and consumer patterns, including the data surrounding the purchases of objects that aren’t just electronics.
How Marketing is Changing
The formula before the 21st century, when it came to developing a marketing strategy, often revolved around heavy spending on in-person marketing. I won’t dispute that in-person marketing is still absolutely vital to a sound strategy today, but it clearly doesn’t have as much weightage as it once had due to the heavy digitization of the economy and the interconnectedness of the world. In other words, a lot of the advantages of in-person marketing can be achieved without face to face contact. The ability to gain knowledge about customer preferences and manage relations can not only all happen behind a computer, but can be automated as well. The most successful companies in the world are well aware of this and are actually leading the charge in the digitization of marketing. Everything that a consumer does can be tracked by companies to make the most well-informed decisions possible. Whether it’s information from chat boxes, or emails, or social media, software has enabled companies the ability to model customer patterns and more importantly, better market their products.
The Role Start-ups Play
Aside from the obvious benefits of making business more efficient and giving companies more resources to create better products, the hidden benefit with this shift in the digitization of marketing is that it provides a more fair playing field for companies of different sizes. Software is considerably cheaper than hiring thousands of marketing specialists to conduct surveys and analysis as to which marketing campaigns are generating the most serious leads. There’s nothing wrong with hiring specialists either. In fact, specialists themselves use marketing software to create optimal results. But at bare minimum, marketing software gives small businesses the ability to engage in data analytics so they too can make the most well – informed decisions about business strategy. This is particularly crucial for smaller companies who can’t necessarily afford to make too many mistakes at risk of losing a significant amount of capital.
CRMs are the Future
One type of software has seen market – beating growth year after year for the past decade. There are multiple types of marketing software out there, but customer relations management (CRM) software has lead the industry. Both small business and the largest corporations in the world are extensively incorporating CRMs into their businesses, and for good reason. CRM software is in part responsible for syncing all incoming data from different outlets including, chats, emails, and social media so that business can have access to all the possible information they would need to analyze their own marketing strategies and make the most informed decision possible. But data analytics is just one side of the coin. Generating leads and sales management is just as important to any marketing campaign. The great thing about CRM software is that it automates the most time consuming aspects of sales. The automation process that is conducted by CRM software creates the volume necessary for marketing campaigns while the data analytics and tracking gives businesses the ability to track their customer’s journey with a product and verify results with their team. The bottom line is that business can seem like a crapshoot. Trial and error is part of the process and finding what sticks can be a tough task for any marketing team. However, CRMs give businesses the best shot at playing the game.
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