Seven Marketing Innovations to Penetrate the Market

The effect of digital market innovations In an ever-changing marketplace, retailers are deploying pioneering strategies to increase profits. In technology, marketers are using virtual reality for more than games, and as expected, mobile device advertising continues to rise as the overwhelming majority adopts the technology. Meanwhile, a new advancement – Bluetooth beacon technology – provides more accurate geo-referencing data. As for new strategies, in contrast to the past, consumers are less worried about privacy as they welcome advertising that caters to their immediate impulses, and firms work to unite buyer interactions into one cohesive experience.

A Better Location-based Advertising Framework

Technology experts see Bluetooth (BLE) beacons as a prime marketing entry. In 2015, almost four million retailers ordered the diminutive hardware to relay messages to consumer devices within 300 feet. Currently, Apple and Google, respective iOS and Android software proprietors, are BLE platform front-runners, while multifarious manufacturers produce the physical units. The technology promises to provide retail stores with buyer metrics similar to those collected from online storefronts. While BLE units are somewhat inexpensive, some potential retailers worry that, in this early stage, deploying the units may prove costly.

The Right Consumers at the Right Time

71 percent of recently polled shoppers favor personalized advertising. Additionally, 44 percent of the consumers were more disposed to provide personal information on request. The study concluded that tailored messages increase purchasers’ involvement along with the likelihood that they will purchase.

Analysts suggest that personalization is the key to gaining sales amidst a marketing message deluge and that buyers now demand timely, pertinent information. In the survey, consumers named reducing unwanted advertising, quickly learning about products and simplifying shopping as major personalization benefits. However, shoppers and advertisers have yet to find common ground on what defines personalization. Marketing researchers suggest beginning with understanding the buyer across all shopping environments.

Marketers Imitate Life with Digital Commerce

Virtual reality (VR) technology immerses consumers in any desired and available environment. Using the technology, firms can allow their potential clients to tour real estate, feel out vacation destinations and take vehicle test drives. This innovative tool is helping firms provide amazing customer experiences, which is now a top goal for businesses. As VR matures, it is metamorphosing from a new toy into a powerful tool. Analysts predict that the technology will continue to expand in the gaming industry, but soon savvy marketers will apply the technology to promote real-world products.

Mobile Marketing Continues to Gain Traction

A recent study shows that consumers have increased daily mobile Internet usage by 30 percent over the last five years. The marketing intelligence report also notes that this is an important trend to follow throughout 2016. A recent report reveals that mobile device usage has eclipsed combined laptop and desktop usage. This is in stark contrast to 2008, when mobile devices accounted for only 12 percent of all Internet connected devices. Currently, the report estimates that mobile users spend three hours per day accessing information.

Some marketing executives predict that Bluetooth beacon signals will eventually replace the GPS proximity technology that retailers currently exploit. Additionally, marketing experts also forecast that retailers will shift their focus to new consumers, as opposed to repeat business, as mobile device owners refine their digital skills.

In the near future, retailers will exploit information mined from wearable devices that read buyers’ stimuli to products and advertisements and will further lean on video in lieu of banner advertising.

Retailers Rethink the Customer Experience

Some marketers have already merged campaigns across all media, devices and platforms to create a singular experience called omnichannels. Using the latest tracking tools, analysts can examine consumers’ buying habits throughout their entire sales and life cycles. Omnichannel marketing merges disparate activities – such as advertising, sales and customer service – into one cohesive experience, combining the information gathered at all contact points to predict consumers’ wants and needs more efficiently. Analysts predict that more retailers will use this framework to identify and cater to their best clients, stepping up efforts to satisfy buyers who advocate for their brands.

Industry insiders expect firms to rethink their supply chain management operations radically and predict that retailers will recommence their past efforts to rank high on the top search engines. Additionally, more manufacturers will offer their goods directly to the public rather than through traditional retail channels. While Bluetooth beacon technology will slowly impact retail operations, firms will soon begin to see outstanding results from big data analytics.

As consumers grow more demanding, enterprises are adopting new technologies and tactics to meet buyers’ needs. Meanwhile, firms are incorporating virtual reality into marketing efforts, and bold, new technological advancements – such as BLE – are helping retailers deliver brand messages to nearby potential buyers who demand advertising that relates to their current interests. Marketing experts warn, however, that a shakeout is in store for these technologies and practices, and they cannot predict with absolute certainty which ones will prevail.

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Sources Accessed August 3, 2016.