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Tag: Modern Marketing

  • Guest article: What to know about the modern marketing playbook in the era of web 3.0 and AI

    Guest article: What to know about the modern marketing playbook in the era of web 3.0 and AI

    Mumbai: For quite a while now, two terms have been making very speedy rounds in marketing circles-web3.0 and artificial intelligence. This new wave of the internet is set to disrupt the way marketing is done globally, commanding quick and agile systems. The reason: this is where the consumers of the future are. As marketing tactics change along with the advent of the digital revolution, new standards will be established at the same time, drastically altering modern marketing.

    What is web 3.0, and what are the new trends it brings to the table

    The third generation of the internet, or web 3.0, integrates data in a decentralised manner to provide a quicker and more individualised user experience. Constructed with the help of artificial intelligence, machine learning, and the semantic web, it uses the blockchain security system to improve privacy and provide an immersive experience with a marketing opportunity. So, businesses stand to benefit from an online presence here, and marketers will get a stronger opportunity to connect with their target customers.

    Web 3.0’s degree of functionality has been attained in the previous two web generations. Its technical ancestor, known as web 1.0, was born in 1989 and reached its prime in the 1990s and early 2000s. Then came web 2.0, which reached its maturity in the middle of the 2000s and introduced the novelty of collaborating and communicating online.

    A rich and interactive marketing experience

    A marketing challenge today is delivering a hyper-personalised experience at a time when users are expected to have more control over their data. And it indicates that reaching out to both present and future consumers will soon become more difficult. Users now create information on the internet as well as consume it, which is helpful for marketing. Here is where web 3.0 components such as AI help make sense of the massive creator data.

    Web 3.0 marketing uses the rapidly changing internet to improve results. For instance, marketers can examine customer chats using natural language processing technologies. AI has also been utilised to further personalisation, particularly in the areas of online content rendering and presentation, the delivery of e-commerce goods, and automated customer assistance. A greater symbiotic link between humans and machines will lead to more web 3.0 features having a significant impact on marketing. Besides this, the other brilliant arms of web 3.0 are NFTs and the metaverse, which is an all-consuming version of the internet that uses tools like virtual reality (VR) and augmented reality (AR) to work, play, and amuse others in a 3D environment.

    How to market effectively on Web 3.0

    Any kind of creative work can be represented by NFTs, giving advertisers the opportunity to reach consumers with a range of interests. They can be implemented into customer loyalty programmes where participants are given the chance to acquire exclusive products. This is being done to perfection by brands like Taco Bell, Macy’s, and Budweiser.

    Immersive surroundings, virtual user identities, and a working virtual economy are all distinctive aspects of the Metaverse. Its objective is to mirror physical environments and lives in digital form, thus enhancing human potential. The metaverse offers marketers the chance to connect with consumers in a brand-new setting where they are fully engaged. Businesses will have the ability to increase their reputation by highlighting the assured security of blockchain transactions.

    Web 3.0/AR & VR are being touted as game-changers in modern marketing. Given its immersive and ‘phygital’ nature, interoperability, and collaboration capabilities, however, an ongoing commitment to the platform is key. Many web 3.0 principles are still up for dispute.

    Web 3.0 is still being defined as a whole since there isn’t a single, agreed definition of what it exactly is. In other words, we are creating the aircraft while we fly. Despite this, there is no denying that web 3.0 is changing the way that the modern corporation interacts with its clients. In addition to the numerous potential advantages for early adopters, marketers should be actively involved in the process of establishing this next phase of the internet because they have a duty to future generations. Numerous companies have begun experimenting in this realm, including brands like Airtel, MakeMyTrip, Amazon and Swiggy.

    In one classic example Alpenliebe brand house which comprises candies, pop & Eclair collaborated with Nickelodeon’s annual awards property – Kid’s Choice Awards which screened in the metaverse. Hosted at Decentraland which is one of the biggest metaverse platforms globally, the brand organized a quirky entry for its participants where they were asked to form their own ‘’Avatars’’ upon registrations. A slime pool, a blimp pool, slime fountains & fun slides also appealed to the kids. The metaverse event was mobile friendly which delivered an immersive user experience and created good brand value.

    Again, for companies like Starbucks, technology need not alienate us. To quote Tata Starbucks director of marketing, category, loyalty and digital Deepa Krishnan, who is also a jury member at MMA India Smarties 2022, the future will be all about marrying technology with purpose, experiences, and value by getting to know consumers, their interests, and preferences and making their lives simpler through deep analytics, harnessing multi-point data and insights.

    Five years ago, marketers were beginning to shift more spends online through advertising and digitisation, notes Krishnan, adding that the pandemic hastened that significantly. “The future will be about bringing the offline experience online. It is going to be about humanising the digital. People realise and appreciate the power of human connections and are increasingly craving community-driven engagements. How a brand connects with its consumers is still very much significant and will always remain paramount,” she adds.

    Revolutionising the marketing and advertising industry

    The future customer won’t be susceptible to today’s issues, such as obtrusive marketing and inadequate data protection, thanks to a solid foundation. But for businesses looking for success in the new era of the internet, AI and the metaverse-based research technology will not only introduce them to the developing web 3.0 marketing but will also give them access to the consumer and market intelligence necessary to grow a company.

    The author of this article is MMA India country head Moneka Khurana.

  • How to induct modern marketing in your business?

    How to induct modern marketing in your business?

    A clever digital campaign, captivating brand activation or a smart app – what constitutes modern marketing? Does one need to think beyond activation and digital strategies to become a modern marketer in the true sense of the term?

    More than 83 per cent of CEOs of global corporations consider marketing to be the driver for the lion's share of their company's growth. Most senior leaders are of the opinion that their marketing strategies have to modernise, but they have little idea of how to actualise their ideas.

    Modern marketing not only needs new capabilities but also select enablers to support these new capabilities to meet the new demands of the market. The third and fourth quarters of 2020 will usher new challenges that modern marketers have to address for their company's growth.

    Mindset Shift: What you need to become a successful modern marketer!

    A majority of the CMOs are facing stagnation due to the lack of knowledge about the full set of changes necessary. Without the clarity of the inter-dependencies of the elements needed for a shift in mindset, most marketers gravitate towards isolating only the elements they are familiar with.

    Ignoring some elements necessary for developing modern marketing solutions can lead to the creation of blind spots, which may lead to frustration, delays, and loss of ROI. A successful development of modern marketing solutions requires three mindset shifts.

    Making a modern marketer: Three necessary mindset shifts

    Here are three mindset shifts that act as the foundation of the development of the modern marketer –

    i.                 Working together with all CxO

    It’s impossible to drive company growth while working in silos. It is now the responsibility of the good modern marketer to collaborate with all the departments from production and sales, to creative and designing.

    Chief marketing officers (CMOs) can drive greater and faster growth by working with C-suite colleagues as partners by acting as “unifiers”. The “unifiers” collect information on how working together can help the CIOs, CEOs, CFOs and the other CxOs.

    CMOs should serve as the role model for every member of the marketing team. They should lead by example, and show the marketing team members how to collaborate with other colleagues from other teams with respect and ease.

    ii.                Putting the Customers Before Everything Else

    Companies have held a customer-centric mindset for a long while. "The customer's always right" or "the customer always comes first" isn't a new concept. 

    Modern marketing involves the CMO and the rest of the marketing team knowing and facing the set of challenges a company must overcome to achieve customer-centricity and to scale at the same time.

    These steps can include –

    ·       Addressing customer pain points to solve them and meet their evolving necessities

    ·       Setting up a centralized data platform for easy access to all customer profiles by authorized employees

    ·       Generation of real-time insights from customer journeys

    ·       Measurement of customer interactions and site analytics

    ·       Using the insights to design customer-centric journeys and address consumer concerns

    Customer segmentation and micro-segmentation are two important tasks that can enable the CMOs to develop a more customer-centric mindset ideal for the modern marketing team.

    iii.              Focusing on reallocation of assets, new investment opportunities and monitoring returns

    Today, it is possible for every marketer to measure the returns from every channel they have used and are using for marketing their brand/products/services. For example, even when upgrading a company’s website design, one has to measure the impact in terms of organic traffic, by A/B testing. And use the data to make underlying changes to the design or content.

    The ROI mindset requires CMOs to work with the concept that the money they are investing is their own. Therefore, it demands close monitoring of the assets, quantitatively measuring the returns every quarter and drawing insights from market trends before reallocating any resources.

    The ROI mindset demands a close working relationship between the CMO and CFO of the company. It will not only build the company's financial profile but help unlock additional investment opportunities for the company leaders. Moreover, it will demonstrate the importance of modern marketing to the board of directors of the company. 

    These three mindset shifts are inevitable and indispensable for any corporation that wants to adopt modern marketing. A marketer has to rely on modern data sciences, technology, consumer feedback, market surveys and unified working conditions to transform themselves into a modern marketer. 

    (The author is iXceed Solutions MD & co-founder. The views expressed are her own and Indiantelevision.com may not subscribe to them.)