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5 Marketing Technology Trends for 2020

“The aim of marketing is to make selling superfluous.” Peter F. Drucker 

While selling is an art, it solely depends on how much marketing effort you have put in to make it possible. And when it comes to marketing efforts it will be incomplete unless you leverage modern technology to attain these marketing goals as ‘modern marketing requires modern solutions.’ These technologies when utilized effectively work wonders in terms of brand awareness and sales conversion.

“Marketing is about values. It’s a complicated and noisy world, and we’re not going to get a chance to get people to remember much about us. No company is. So, we have to be really clear about what we want them to know about us.” -  Steve Jobs

Setting up a niche in the market requires you to provide a solution to the problems faced by the prospects. The challenges faced by prospects are diverse and varied as prospective customers themselves. While in some cases prospects are unaware of the problems which can make marketing to these individuals difficult. Here marketers need to help their prospects realize the problem they have and how their product or service can be a solution to those problems.

Utilize Existing Marketing Technologies

The success of your marketing effort relies on the fact that you leave no stone unturned while leveraging these marketing technologies. Making effective use of all the existing technologies could add to your marketing efforts and help you achieve your marketing goals. This could span from email marketing to content marketing and from search marketing to social media marketing. Email marketing still works best where modern technologies like AI hasn’t reached yet. Content marketing is known for the value it creates and the relation it builds with the customer. Search marketing like SEO and SEM help you boost your audience reach by improving web page or search rankings (SERP). Extensive social media integration can add to your marketing efforts in terms of promotional activities. 

Moving Forward with Fast-paced Technology

Technologies like artificial intelligence (AI) and machine learning (ML) chatbots, voice search, virtual reality (VR) and augmented reality (AR), virtual assistants, blockchain, etc. are the outcomes of the latest developments in digital technologies. Technology is advancing at a fast pace which is why we are experiencing smarter technologies year on year that are being flooded in the market today. So, moving forward with these fast-paced technologies is the need of the hour.

Let’s look at the top 5 marketing technology trend rankings:

1. Artificial Intelligence (AI): AI tops the list when it comes to trending digital marketing technologies. It has been responsible for making existing technologies smarter and more effective. AI algorithms analyze data insights which help marketers in understanding behavior and patterns of consumer’s buying journey effectively. Artificial intelligence can significantly help with the smart selection of content based on location, history, and past behavior of the prospects. AI tools are used to analyze consumer thinking patterns. Earlier, data was collected and analyzed to understand consumer buying behavior but artificial intelligence has boosted this process saving time to a great extent.

2. Chatbots: When it comes to technological trends, chatbots can’t stay behind in marketing automation dynamics. It provides 24/7 customer support and reduces call wait time for customers. According to research, the global chatbots market is growing at a 24% annual growth rate, and 45% of customers prefer using them as a primary mode of communication in the customer service industry. Chatbots are quite popular these days because it is an easy and convenient way to keep engaged with customers without any human interface. The chatbot algorithms are designed in such a way that is more direct and personal than ever before. It can serve as an engagement driver and lead generator to jumpstart the sales cycle. 

A study of Oracle states that 80% of businesses will be using chatbots by 2020. Chatbots make use of natural learning processing (NLP) and machine learning (ML) to find the correct response for each query projected. Customers prefer interacting with chatbots as their responses are quick and satisfactory and can also retain the customer conversation query history to serve them best. For example, Uber has been quite successful in using chatbot technology to communicate with its customers in booking cabs, even on Facebook Messenger.

3. Voice search: With AI-powered virtual assistants there is a considerable rise in voice searches. Different AI algorithms are utilized to recognize speech and transform it into a desirable search. Voice search involves the use of voice recognition techniques like automatic speech recognition (ASR) to deliver the best search results hence enhancing the customer experience. Voice search helps marketers to deliver and assist their prospects in their buying journey or in closing a deal.

Now, this technology has been extended to other smart devices like smart speakers and audio. Smart voice technology like Alexa which became immensely popular in 2018 is booming this year too. However, utilizing this smart voice technology requires a user to optimize his website to integrate voice search. Voice queries are time-saving and hence more convenient, it lasts longer and is more capable of satisfying potential customers. Voice search is becoming more common with devices like Apple’s Siri, Amazon’s Alexa, and Google’s Google Assistant. According to ComScore, by the year 2020, 50% of all searches will be done by voice.

4. Virtual Reality (VR) and Augmented Reality (AR): The demand for VR and AR technology is on the rise and has made several new advancements and applications in the field of digital marketing. According to reports, virtual reality is expected to reach $30 billion and Augmented Reality is expected to reach $90 billion by the year 2020. Most of the firms are leveraging these technologies in order to boost their marketing capabilities and create a successful brand in the market. VR technology is revolutionizing the video game industry. Gamers can get the ultimate gaming experience with a virtual reality headset which enhances the interface of games. Also, VR headsets play nicely with most smartphones, making it easy to provide a fun, novel, and inspiring brand experience through the power of VR tech.

VR is revamping marketing dynamics too by enabling companies to bridge the gap between experience and action. It is also changing the dynamics between brands and consumers. People are seeking VR brand experiences rather than deploying ad blockers or clicking out of ads.

5. Live and 360-degree videos: With the advent of digitalization, display ads are being replaced by video ads. Videos have become a crucial tool of content marketing tactics these days as it is better than display ads in terms of information and advertising experience. Customers prefer live demonstrations over pictures or print advertisements.  Different social online platforms like Facebook Live, Instagram Live, YouTube Live, etc. facilitate video content sharing that engages the customers till the end.

360-degree videos, also known as immersive videos or spherical videos, are video recordings where a view in every direction i.e. 360-degree. It provides a better view than older video types. 360-degree video allows users to see all dimensions through their smartphones. It has got many benefits especially, where multi-dimensional views play a crucial role. For example, real estate companies utilizing this technology to virtually showcase homes to customers that they are offering for sale, which saves time and provides a broader view on architecture.

Technologies will keep advancing and trends will keep changing with the time. Leveraging these technologies to revamp their digital marketing strategies can prove a breakthrough for most of the marketers as markets are volatile and constant innovation is the only solution to align with the changing marketing dynamics and trends.