How is the Explosion of Digital Technology Transforming Marketing?
Prof. Pankaj Priya (View Full Profile)
Area Head – Marketing & Retail
Professor of Marketing
Interventional role of digital technology has brought about a tectonic shift in the way marketing activities are being carried out by marketers in the current times.
Technology is an enabler at every stage of Marketing planning and decision making. Rather digitalization has become the basis of new business models. Capturing data of the prospect is the starting point as it provides leads on who can be our customers, what are their profiles, what are they looking for to satisfy their specific needs so as to increase increase the conversion rate in future.
Technology again comes to the aid of marketers in understanding the existing customers so as to understand their taste and preference ensuring their retention for repeat purchases, best example being the option suggested to you during your repeat purchase incidence on Amazon or Flip kart. Digitalization plays a major role in promotion, as a segment, especially the Generation Z prefers seeking information, deciding on their choice and purchasing online.
Technology eases the purchase process and shortens the purchase cycle for customers. Digitalization is based on Big Data, therefore, future marketers should be well versed with handling big data. New digital technologies like AI, Virtual Reality, Augmented Reality, Blockchain and their creative integration would provide an entirely new opportunities to provide enhanced experience.
Therefore, marketers would have to think out of the box to meet the heightened expectations of customers by leveraging the new technologies mentioned above, carrying out a predictive analysis with the data mined and delighting the customers.
When it comes to handling backend jobs, like interaction with vendors for ensuring Just in Time supply and channel partners for inventory management, it is the digital technology which helps in better cost control and time management through effective use of bar coding and RFID. So, marketers have to leverage technology at every node of the demand chain to ensure the efficiency and effectiveness of the chain.
Digital technology is all pervasive and marketing cannot be bereft of digitization at any stage of the Marketing process.
#digital technology #digitalization #customers #Big Data #AI, Virtual Reality #Augmented Reality #Blockchain
