Companies riding the crest of the wave of today’s digital tsunami are using new technologies to influence consumers at every point of their shopping experience, marketing executives told an audience at a recent talk hosted by the New Jersey chapter of The Indus Entrepreneurs (TiE).
The presentation, held on July 24 in Kingston, focused on disruptive marketing technologies and their transformative impacts on brands and consumer-shopping behavior.
Today’s digitalized society has made it imperative that brands abandon old and nearly obsolete “spray-and-pray” marketing tactics. Instead, more companies are using artificial intelligence, sensors and other advanced technologies to create hyper-focused marketing campaigns, according to marketing tech experts Udayan Bose and Dilip Keshu.
Consumers want “a personalized experience that only a digital experience can give you,” said Keshu, CEO of the marketing agency BORN Group (Princeton), which has created ad campaigns for Starbucks, DKNY, Red Bull, Harley-Davidson and other major consumer brands.
Bose, founder and CEO of NetElixir, a Princeton-based marketing firm, added that digitalization has been a game changer for marketers in helping brands win the battle for consumers’ hearts and minds. “It’s all about the consumer journey and how you can best engage them.”
Both speakers agreed that the digital age has had a profound impact on traditional communication channels in recent years. They pointed out that many companies are relying heavily on social media, mobile phones, emails, IoT and other technologies to connect with consumers, instead of TV, radio, newspapers, magazines and billboards.
For example, newspapers have been one of the hardest hit industries in the digital era: More than 1,800 local papers have gone out of business since around the beginning of the 21st century. More papers are expected to close or merge with competitors as advertising becomes increasingly digitized.
The rush toward digital marketing has also knocked some of the most recognized brands from their perches as the world’s highest-valued companies.
Industry leaders like General Electric and ExxonMobil can no longer lay claim to the top spots, in terms of market valuations. Tech giants Amazon, Apple and Google have taken their place.