- Technological developments such as virtual reality, 5G, and robotics are as promising in marketing as AI, but have received less attention.
- Brands that invest in exploring multiple new technologies will be at an advantage.
- CMOs need to be mindful of the learning curve when adopting new platforms and technologies.
When it comes to the trends and technologies shaping marketing today, it’s easy to see why AI is dominating the headlines.
The rise of generative AI is a watershed moment for marketers, transforming the world of creative expression. To remain relevant in the age of quantum marketing, CMOs must embrace and leverage AI, and the vast majority of marketers are already starting to do so. But it's worth remembering that AI isn't the only emerging technology that presents huge opportunities.
In fact, as many as 20 digital technologies are disrupting the industry right now, including augmented reality, virtual reality, 5G, robotics, and wearable devices. The convergence of these technologies will have a major impact on marketing, impacting every aspect of the brand-consumer relationship.
To survive in this new paradigm, marketers must be open-minded. This means we must act quickly and wisely to embrace, test, and prove the value of these technologies while protecting consumer privacy and data.
Broaden your horizons and seize opportunities in emerging technologies
Marketers need to face the reality of how technology can and should engage consumers and customers. Skilled marketers create emotional connections, and there's no substitute for that kind of creativity. However, new technologies can significantly enhance our creative abilities, expand our reach, and help us measure our results. Achieving this balance creates the best of both worlds and ensures that marketers, not robots, drive the industry forward.
We are currently in the midst of a rapid and continuous shift in consumer behavior that shows no signs of slowing down. For example, sales of Apple's recently launched Vision Pro are reported to be 200,000 units, which may seem modest, but it serves as a compelling signal for marketers to take notice. Masu. As AR/VR/MR devices become increasingly mainstream, a wealth of new opportunities will emerge and fundamentally change the way we engage with audiences on these new platforms.
Invest in innovation and experimentation
Embracing a culture of continuous learning is paramount to ensuring future brand resilience, while traditional budgets are primarily focused on delivering performance and results in the short term . By allocating a portion of our overall budget to innovation, our focus shifts from simply meeting and exceeding benchmarks to fostering curiosity in real time. This allows you to proactively and quickly explore how new tools and strategies can deepen your connections with your customers.
Mastercard's “Sandbox” innovation challenge challenges employees to submit ideas that solve specific problems or adopt new technologies. The enthusiasm for these challenges is amazing, giving everyone an opportunity to think beyond their normal roles and be creative. We also secured a budget to bring our key ideas to life.
One example is the Mastercard Artist Accelerator. It is a technology and talent-focused music program aimed at helping emerging artists create, collaborate, and monetize their work using emerging technologies such as GenAI and Web3. Launched in 2023, the successful initiative went from submission of the sandbox challenge to market launch within weeks.
Get ready to define your own measures of success
On the cutting edge of marketing, it's important to remember that traditional key performance indicators alone may not be adequate to measure success. Emerging platforms may have fewer users or have non-traditional use cases, making them unsuitable for apples-to-apples comparisons. If you're pursuing a platform or strategy that hasn't been truly leveraged yet, you won't benefit from case studies or established benchmarks.
Meanwhile, new data-driven capabilities are making it possible to connect the dots across the consumer journey and prove quantifiable impact, whereas previously we thought it was valuable. Masu. The advantage is that this gives marketers greater freedom to decide whether and how their investments will pay off.
Become a wise and responsible steward of your data
In a world driven by emerging technologies where every device is connected and every connected device captures large amounts of information, marketers own more consumer data than any other professional group. is not surprising. And marketing significantly contributes to and shapes the data ecosystem.
This highlights the critical role CMOs have in responsibly reshaping our approach to collecting, protecting, and using the data consumers share. Consent and Privacy by Design, a philosophy that minimizes data collection and embeds privacy considerations into every step of product development, is a great guide for any business in a rapidly changing digital environment.
By embracing change, treating data responsibly, and investing in innovation, brand leaders can use emerging technology as a stepping stone rather than a roadblock to move their industry forward.
Mr. Raja Rajamanar is Chief Marketing and Communications Officer and President of Healthcare at MasterCard.
