You all are aware of today’s “Digital World“, where we see technology moving on to further new levels with time. In three more years it will be 2020, the beginning of a new decade and new technologies like AI will be introduced. What we need to understand is that along with technology, the consumer behavior will also change. Every field of technology will be more efficient, productive and consumer friendly. You will get to see changes in the ever growing field of Digital Marketing By 2020 Digital marketing.
Following are a few changes that would determine the future of Digital Marketing!
- More Targeted Monetization Opportunities
Many social media platforms now offer ways to promote content via paid advertising. The fees are usually tied to click-through rates or impressions. Targeting for paid content is already very precise as it allows marketers such as myself to have the ability to choose the education level, age, job title and many more demographics of consumers who are exposed to an advertisement. This precision will go a lot further by 2020.
Traditional demographics will continue to be vital, but they will be combined with information that was previously impossible to use in real time. GPS tracking on smartphones will bring in the era of location-based advertising, and it will not stop there. Other real time information such as the current weather and scheduled events in a consumers calendar will be considered to tailor the most valuable advertisements possible.
By 2020 the following situations will be commonplace:
- Stores that sell umbrellas will have the opportunity to target people within 2km of their shop, if it is raining.
- Coupons for toy castles will be offered to people who have indicated they are going to a birthday party for their nephew, if the nephew has shown interest based on his Internet activity.
- Coffee shops on the way from meeting #1 and meeting #2 will be advertised.
These advances in a marketer’s ability to target consumers are very good, for everyone. Every time an advertisement does not help a consumer, productivity is wasted. The advertising creators wasted time and money making the advertisement and the consumer wasted time watching it. The better the targeting capabilities of the marketers, the more likely the advertisements will end up on the devices of consumers who want and benefit from the information.
- More Smart Products
Not only will products become more useful as they gain Internet access, but they increase in power exponentially as the other products they interact with also do. Having smart refrigerators that automatically add milk to your smartphone’s grocery list is useful, especially when the word “Milk” is a hyperlink to the most valuable milk coupon available.
- Personal 3D Printers
Allowing consumers to download and print a scale model of product is a marketers dream. Downloading models of a new car or boat will help empower consumers during the buying process and allow marketers to increase comfort levels for their high involvement products.
As the market for selling blueprints for 3D printers continues to grow, free blueprint databases will also grow and be used for marketing purposes. “Download Blueprints” will be featured on several company websites by 2020.
- One Universal Virtual Desktop
As biometric technology increases in terms of speed and reliability, consumers will have an online profile made up of all their selected applications including social media, credit cards, and an ever-increasing library of what the latest and greatest programs are. This will allow users to interact with the physical world in a more personal and intimate way, optimized for each smart device.
Tapping your finger on your armchair scanner on an airplane will instantly open your virtual desktop on the touch screen in front of you. It will open to exactly where you were, on the last device you used, whether it was one you own or just used to sign in on. Precise and seamless transition between hardware will be expected in 2020. If you were typing up an email while waiting to board that airplane, the email will open exactly as you last had it, mid sentence, with all the minimized tabs just as you left them.
Hardware will allow you to optimize your virtual desktop in different ways, depending on where you are. Bikes at the gym with virtual reality headsets can sync to your account and bring you through your favorite virtual city, while hovering text messages in front of your bike. Devices such as your car’s computer system will also be able to host your virtual desktop. Step into your car and say “pick up Zack Shore”. It will then find me in your contacts, locate where I am, and drive you to me.
- More Immersive Content
Consumers are more likely to purchase products and services that they understand. As social media and digital advertising become more immersive, they gain power in their ability to increase consumer’s familiarity with products in ways not possible today. An example of a social media platform that will likely rise in popularity by 2020 is one that will center around live video streaming and allow users to search by keywords, probably with hash tags as they are used today. Being able to interact with users as they live stream product demos will foster unprecedented levels of comfort before purchases are made.
An example of a more immersive social media platform that exists, but has not yet been adopted for advertising purposes is FYUSE, an application that takes navigable 3D pictures.
Innovative products will benefit the most from these new immersive technologies, as they have the most to gain by educating and demonstrating how they work. As new technologies are adopted faster as a result of more immersive marketing techniques, they will more rapidly inspire even more immersive methods, exponentially advancing the technology.
- Sharing Economy Grows
Traditional industries that rely on purchasing expensive objects then renting them to the masses are in decline. As technology has allowed for individuals to rent out their personal property and services with ease, the playing field has been leveled. Where hotels had a monopoly, AirBNB has stepped in. Taxi cabs have been thwarted by Uber and even banks are increasingly challenged by loan technologies such as Lending Club.
There were many technologies that needed to be adopted before this transition to a sharing economy emerged. Paypal was important to overcome the hurdle of finding a reliable and safe method of paying sellers online. Facebook and LinkedIn needed to exist so that people are not viewed as an anonymous account, but represent themselves, within the context of a verifiable network.
As the sharing economy grows, physical assets lose their value relative to digital infrastructure. Setting up a system of borrowers and lenders could be worth billions, where buying a few thousand cars to rent out is yesterdays business model. In a generation where access is valued more than ownership, marketing strategies will evolve. My prediction is that by 2020 the sharing economy will converge into a single social media platform that offers rides, housing, day labour, loans, pool spaces, WIFI and meals. The advantage of a single platform is that users will tolerate spending extra time initially verifying their accounts to make sure that all future transactions are safe.