What is the future of marketing?
Well, that is defined by answering the question – What is the future of the world? It has always been obvious that marketers are going to push themselves right into the arms & hearts of consumers, anywhere and everywhere they are. But with the fast changing technology landscape and the quick consumption of media [and concurrent production of data], it is hard to predict what platform consumers will be on.
Big Data is the next big thing. Sure! But marketers need to prepare for the next big thing and the next to next big thing. Today, Big Data means gathering tons of data, analysing it and targeting it to the ‘right demographic’. However, it seems like the trend of Big Data is going to change faster than you can imagine – it’s going to be about connecting bits and pieces of small data!
Small Data will be gathered from customers at an individual level, customized at an individual level and targeted at the right place and the right time.
But how do we get all this small Data?
Truth be told, ‘Our world is only going to get smarter’. Today, we just live in the smart phone life but sooner than we know it, each of us will be part of an entire smart revolution. [PS: the revolution has already begun].
We are talking about smart diapers [Intel Baby Suit], Smart teddy [that reports information to the mom], Skully Smart Helmets [for a safer experience], Smart pill box [to remind you to take your medicine], smart body suits [that tracks your heart rate etc] and more smart, smart, smart products.
Sensors will be connected everywhere and will transfer small packets of data from various sources at an individual level. Brand Intelligence will have to take on the task of connecting the dots and give a customised, individual experience in a seamless manner.
The predictions support this trend too: it is estimated that by 2020, every person will be connected to 6.6 content enabled objects i.e devices that send data to a cloud through an additional level of digital technology.
Technology is truly altering our daily lives and as marketers, it is becoming increasingly important to not only be aware of this change, but move with it. I believe that the best brands will not only follow consumers but walk hand in hand with them, providing utility and an emotional connection as they embrace and adopt the new smart world.
[Insights adopted from Andy Baker [CEO of Smart Life] and Guy Hearn [CIO of Omnicom Media Group] at the Festival of Media 2014]