In the 2000s, with more and more Internet users and the birth of iPhone, customers started searching products and making decisions about their needs online first, instead of consulting a salesperson, which created a new problem for the marketing department of a company. In addition, a survey in 2000 in the United Kingdom found that most retailers had not registered their own domain address. These problems made marketers find the digital ways for market development.
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It may not be widely used yet, but by all accounts, visual search is set to become an extremely efficient and popular method of online search. It likely won’t ever surpass text-based searches, but as AI improves more people will certainly start using it. Some mobile phones already have AI implemented in their camera functions that will help speed the use of this technology along.
One way marketers can reach out to consumers, and understand their thought process is through what is called an empathy map. An empathy map is a four step process. The first step is through asking questions that the consumer would be thinking in their demographic. The second step is to describe the feelings that the consumer may be having. The third step is to think about what the consumer would say in their situation. The final step is to imagine what the consumer will try to do based on the other three steps. This map is so marketing teams can put themselves in their target demographics shoes. Web Analytics are also a very important way to understand consumers. They show the habits that people have online for each website. One particular form of these analytics is predictive analytics which helps marketers figure out what route consumers are on. This uses the information gathered from other analytics, and then creates different predictions of what people will do so that companies can strategize on what to do next, according to the peoples trends.
An omni-channel approach not only benefits consumers but also benefits business bottom line: Research suggests that customers spend more than double when purchasing through an omni-channel retailer as opposed to a single-channel retailer, and are often more loyal. This could be due to the ease of purchase and the wider availability of products.
Tech Republic notes that there have been over 3,800 data breaches within organizations – in 2019 alone! While the hacks at huge companies like Yahoo, Facebook, Equifax and Marriott make the headlines, there are plenty of breaches at smaller firms, too. As a result, just 25% of consumers believe that most companies handle their sensitive personal data responsibly.
It’s clear that the people (but not the companies) of the world are getting serious about privacy, and marketers – who rely on those people – have no choice but to play by the new rules or miss out. One of the new rules is that marketers and brands will have to “‘earn' the contact information of their targets” rather than engage in mass marketing. As Forbes points out:
Forbes reports that the company is expected to work with political campaigns in the future. But whether that happens or not, we can be sure that neuromarketing will have a major impact on the future of marketing. The richest consumer data resides in the brain and any tool that helps companies understand the brains of their prospective customers is sure to be worth its weight in gold.
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