What: We touched base with members of Portada’s Council System in order to find out what their views are regarding the future of marketing.
Why it matters: In view of the accelerated pace at which the industry is evolving, it is crucial to identify what the future has in store in order to have the necessary tools ready to face it.
Marketing is Bound to Become More Scientific
As technology evolves, marketing is perhaps one of the industries in which scientific advancement is most noticeable as it is inescapable. In the words of Ricardo Arias-Nath, CMO of PepsiCo Latin America, “Marketing is evolving at a dramatic pace, what we’re seeing is disruptive changes in the way people consume media, buy media, and with that, the role of advertisers changes dramatically.”
According to research by Salesforce, artificial intelligence is expected to grow more than any other technology in the next few years. About half (51%) of the marketers who participated in Salesforce’s study are already using AI, and 64% of them agree that it has “greatly or substantially increased their overall marketing efficiency”. Indeed, AI has a projected YoY growth of 53%. As Arias-Nath explains, “The advent of artificial intelligence is going to have a massive impact in the way people choose, in the way people go to market to select the products they consume, so we think the practice will change, it’ll become more and more scientific in time, and that’s what we’re already seeing at the moment.”
Audiences Are More Connected Than Ever, Are We Connecting with Them?
In the era of the fourth industrial revolution, the digital revolution, new media and devices provide consumers with a myriad of options for watching and listening to content. Digital consumption gains more consumers every day; and so TV and traditional media struggle to keep up with video streaming on computers and mobile devices. This forces marketers to rethink every part of their strategy.
“I think what’s happening is the landscape’s changing drastically in the way marketers are communicating through different channels. No longer is it about getting a billboard out there in the field, it’s now about connecting with the consumer through that consumer journey,” says Mike Tasevski, VP, North America Sponsorships at Mastercard. “When we look at consumers they’re so connected to their mobile devices, whether it’s their computer… The way they even consume anything is the biggest feature and that’s how we’re gonna see that landscape change is where do we need to intersect with that consumer journey.”
As Attention Spans Shorten, Staying Relevant Gets Harder
Everyone knows that, nowadays, Social Media is the place to be; particularly young people consume content and communicate mostly on social media. However, social media users don’t look at a piece of content more than 2 seconds, which means creativity is paramount if we want to gain their attention.
“There’s lots of messages out there, people’s attention span is shrinking and shrinking so, as a brand, how can I grab the attention of my consumer and what can I do to get into a conversation with them and stand out for what I think is a unique value contribution that my brand can provide, and then making them actually buy the product, which is always a nice thing too,” comments John Sandoval, Senior Brand and Latino Marketing Manager at Intuit.