Marketing Innovation – Imagine the Future
Will the robots take over marketing?
Marketing Innovation involves imagining the future. What will the future of marketing look like?
Consider an example of a retail business in 2030.
Let’s say you operate a large home appliances store. One of the products you have in the store is top of the line refrigerators. They are also the largest and the most expensive appliances you store. Being a savvy business owner, you want to figure out a way to sell as many refrigerators as you can.
How will marketing approach work in the future?
First of all, you’ll have a predictive profile for each customer. You’ll have all access to all important information about a customer who walks in to your store. Through data science techniques, you’ll know which customer will be most likely to spend 10,000 dollars on a new refrigerator. Consequently, you’ll be able to predict this based on the data collected about changes or key events in their personal life. A person who just got married and bought a new house or got a promotion will have a higher interest and probability to be a potential buyer.
You can have your salespeople focus first on the customers who have a higher score. Therefore creating a very focused sales effort.
What happens if the person doesn’t make the purchase the same day? In that case, you will have the ability to create automated targeted marketing campaigns through emails or social media adverts. his could even include offering promotions or deals. Therefore you can turn them into buyers over time. T
Machine learning and artificial intelligence based online chat companions on your website will help and support them throughout the process.
What does this mean for businesses
These innovative marketing methods will become more commonplace in the future. However the key principles of marketing will remain as relevant as they are today. You will more tools to understand the customer’s journey and experience and use that to develop your marketing strategy and increase customer acquisition.
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