The thing with trends is that they come and go out of fashion every so often. As a CMO, your job is to understand these trends before they happen and see it through to the end. Submitting websites to directories was once considered the Holy Grail until they were literally spammed to death. SEO practices vary wildly and it is not an exact science. This is why some people call it an art.
Here are some marketing trends that as a CMO you need to pay attention to, because these trends have been handpicked by Jim Lecinski, and he works in the customer solution’s department at Google and sees these trends from his vantage point:
IoT & Product Digitization
IoT promises to digitize each and every aspect of our lives from dining tables to refrigerators and more. These everyday products are being upgraded to work seamlessly with each other with the power of technology and the Internet. Connectivity is an emerging trending that is seeing more and more takers every passing year, and companies will have to accept it in order to stay relevant.
There is no doubt that apps have transformed the way we go about our daily lives. There seems to be an app for everything from health, finance, banking, productivity, newspaper, and even dating. A recent survey reveals that more than 50 percent of the households in the US own a tablet and 79 percent have a smartphone. Mobile advertising budget is going to account for about 25 percent of the total ad spending by the end of 2017. Make sure you are getting something out of this fast growing segment which is yet to hit its pinnacle.
360 Degree Virtual Reality
There is a reason why Facebook invested so heavily in Oculus Rift. Virtual Reality (VR) is in and those in the know-how are already preparing themselves for the next wave of revolution. It is being estimated by DigiCapital that VR will represent a $30 billion market while augmented reality will be a $120 billion market.
Small is the New Big
Small companies are now taking on the big guys and making a place for themselves. Think of Uber and OyoRooms. These disrupters are changing the very fundamentals of the game, and making new rules they go along. Collaborative Economy is helping these small players take on the Goliaths of our industry. The time of the Davids is here and in a big way.
As a CMO, you need to keep an eye out for these small players who are constantly looking for ways to make a bigger dent in the universe with their out of box thinking and unconventional methods. Crowd funding has allowed many budding entrepreneurs the opportunity to grow without the help of venture capitalists or angel investors. Just skip the middle man!
AdTech and the Future
As per a recent research conducted by eMarketer, US programmatic is going to account for more than 2/3 or $21 billion of all digital display advertising spend. This is the right time for CMOs to plan out their budget and strategy for the year 2016, it is time to pay attention to these upcoming trends in the market before it is too late.
Here are some questions you need to ask yourself:
- Are you digitizing your products and if yes, are you doing it the right way?
- Are you paying enough attention to mobile?
- Are you making use of the new age advertising technologies?