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As 2020 progresses, the hype around 5G builds. But beyond the hype is an extraordinary opportunity for marketers.
Mobile advancements are highly dependent on bandwidth. In a short period of time, we have come to take 4G capabilities for granted. But it’s worth noting that today’s in-app advertising, in-app purchases and streaming video games could not exist on 3G.
What does that mean in financial terms? In the 5 short years that 4G has been the norm, $468 billion of revenue has been created from app downloads, in-app advertising and purchasing. All because a bandwidth advancement allowed for an inter-activity model that was impossible before.
So, what’s ahead? 5G.
Ericsson proclaimed in a recent Mobility Report, “No previous generation of mobile technology has had the potential to drive economic growth to the extent that 5G promises. It goes beyond connecting people to fully realizing the Internet of Things and the Fourth Industrial Revolution. On a global level, 5G network deployments are expected to ramp up during 2020, creating the foundation for massive adoption of 5G subscriptions.”
Ericsson now forecasts that 5G will cover up to 65 percent of the global population by the end of 2025, and handle 45 percent of global mobile data traffic.
In a 2020 predictions survey from Arm, the smartphone remains the top coveted item in most people’s minds for the second year-in-a-row, but that’s not to say that nothing has changed: many respondents are eager to upgrade to a device packing 5G connectivity.
In fact, 55% of the respondents said they will or are likely to buy a 5G enabled smartphone in 2020. And with the global 5G rollout gathering momentum (1,250+ commercial deployments according to the Ookla map), we’re likely to see ownership rates increase rapidly throughout the new year.
So what does this mean for marketers? Faster internet speeds will increase the number of users and significantly increase the amount of data coming from those users.
This will greatly impact how marketers use personalization – a tactic that modern consumers pretty much demand from companies. From custom call-to-actions, to personalized emails and location-based homepages, data-driven marketing personalization is the way to go to increase conversion rates.
5G will also have a big impact on digital advertising. With a major drop in latency-time there will be higher quality ads on mobile devices, potential 4k video capabilities, offering a better experience for the consumer and more ad formats.
Clearly the time for companies to act is now and here are five things marketers should be doing now to prepare for 5G:
4G was roughly twice the size of 3G – and it led to nearly $500 billion in new revenue creation. 5G is 10 times, an order of magnitude, the size of 4G. And this impacts multiple variables – power, density and latency. No one can say for certain what the exact impact of 5G will be, but the potential is enormous. The question for marketers is – will you be ready?
As the Global Head of Marketing at Arm Treasure Data, Tom Treanor drives the marketing strategy and execution for Treasure Data’s CDP (Customer Data Platform) and IoT Data Analytics solutions. Previously he helped define the product roadmap for Alexa Internet’s SaaS marketing and analytics tools. Before that, he was the Director of Content Marketing, Social Media and SEO for Wrike, a leading project management and collaboration software solution. He has an MBA from the Wharton School of Business, as well as a Master of Arts in International Studies from the University of Pennsylvania.Reblogged 1 day ago from www.clickz.com
Crises have a way of accelerating technology trends that were already well underway. The coronavirus pandemic could end up being the event that adds momentum for the automation of jobs in the digital marketing industry as companies try to survive and bounce back.
The key question to ask is: why are you looking to automate something? The answer generally comes down to improving productivity, cutting costs and increasing profit.
Here are five key marketing areas ripe for innovation now:
Machine learning is particularly well suited to making predictions when given a large amount of data. Major marketing platform providers like Google and Facebook use machine learning to deliver more relevant ad experiences to consumers and improve the performance of their offerings in an effort to get advertisers to spend more.
Advances in machine learning have given rise to independent software providers building out packaged solutions to save time for media buyers. They help advertisers take advantage of machine learning algorithms to improve their media buying efficiency without the overhead of building and maintaining custom-developed software on their own (an expensive proposition).
These systems can adjust bid strategies to shift budgets around to better performing creatives and different customer segments to make ongoing performance improvements without manual intervention.
The next step up from automated media buying involves more complex systems that can work across multiple digital marketing platforms. Orchestration is a key concept in this class of autonomous marketing solutions.
It goes far beyond automated bid management to consider your marketing funnel, customer journey, or life cycle. Systems that orchestrate marketing efforts with a more robust view of the customer journey encompasses a host of benefits driven by AI and automation, particularly in the following areas:
Voice-based interfaces to intelligent assistants like Amazon Alexa represent an area of growth and exploration in the marketing world. While most “assistants” are designed for consumer use or customer service applications, these intuitive voice interfaces hold promise in helping marketers better understand what’s happening in their digital media efforts, uncover trends, adjust, and take advantage of opportunities in new ways that would have been too laborious or complex using traditional user interfaces or reporting dashboards.
The amount of digital content available today is absolutely staggering. On Instagram alone, consumers publish 95 million images per day according to statistics from the company in February 2019. More than 72,000 GB of global internet traffic is moving around every second.
So what kind of content do your customers like? What resonates with your prospective customers? Artificial intelligence can help marketers sift through huge amounts of content to help them find out what their customers are spending their time consuming or engaging with.
This can lead to ideas around what types of media outlets might be fruitful places to advertise. These insights can also fuel your content development, content marketing, and advertising efforts from a creative perspective.
There are many great benefits of AI-powered customer service for businesses and consumers alike. For consumers, chat-based interfaces are accessible, feel familiar, and provide immediate responses to most common queries.
It saves consumers time compared to wading through support lines, phone trees, and support queues, or waiting for customer support emails to get addressed and answered by a support agent.
The volume, structure, and repetitive nature of routine service requests make automation highly approachable with off-the-shelf solutions that plug into common chat interfaces ranging from text messaging, Facebook Messenger, and beyond.
Automating these five marketing areas during the coronavirus fit nicely into a broader framework of a customer life cycle, which together would significantly impact improving productivity, cutting costs and increasing profit. And for any of these disciplines, AI offers a high enough “risk to reward” ratio to make the potential benefits of time and resources involved worth the cost and distraction factor.
Lomit Patel is the Vice President of Growth at IMVU. Prior to IMVU, Lomit managed growth at early-stage startups including Roku (IPO), TrustedID (acquired by Equifax), Texture (acquired. by Apple) and EarthLink. Lomit is a public speaker, author, advisor, and recognized as a Mobile Hero by Liftoff. Lomit’s new book Lean AI, which is part of Eric Ries’ best-selling “The Lean Startup” series, is now available at Amazon.
The post Key marketing areas ripe for innovation during the Coronavirus crisis appeared first on ClickZ.Reblogged 1 day ago from www.clickz.com
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