Looking into the future where massive internet uptake, cloud computing a surge of internet of things… And ‘glut’ for Smartphones will shape the new information space in 2025 and beyond. But, that is not all. According to Netflix CEO Reed Hastings, the next 5–15 years will usher in another twist in the new tech-drama — a new 3-person conversation scenario. This is not a conversation between three real people (otherwise the biggies will hate to see it making headlines). It is a conversation involving 2 people and a computer. But it will be increasingly difficult to point out who is speaking at any given moment and time — whether it is the people or the computer. It will perhaps be a post-modern version of ‘Big Brother is watching’. But…a little smarter and with abilities to predict your next move.
There have been pretty much predictions regarding the great potential of big data and data analytics on advertising and marketing as a whole. Such bullish anticipations are all the rage around big data and data analytics.
Math, logic and the marketing space
The million dollar question is whether math and logic alone will be able to turn advertising, marketing, and sales in general on its head. You might wonder whether the irrationalities associated with consumer behavior and creative savvy marketing will finally be relegated to the background. Better software logics will be taking the better stage. Better algorithms that capture consumer behavior will be used to analyze mounds of user data and consumer behavior. Closing sales will become easier. IBM and other bigshot software companies are scaling the idea through their Watson initiative to usher in the next decade tech-sophistication. We can only hope that all be well.
Cognitive technologies are coming of age
No question about it. There are pretty much logical evolutions of big data and data analytics. You won’t be surprised bumping into random targeted advert while raving an important TED video on YouTube. As if that is not enough, another round of commercials will be through your way. Because, anyway, organizations must make money while you enjoy your ‘loot of pleasure’. Users visiting major online stores such as Amazon for window shopping (yes it happens online too), research or even actual purchasing will have to put up with ads on their social media later.
Corporations such as Facebook, Amazon, and Google are already big on cognitive analytics and are already garnering some commercial benefits around these cognitive technologies. IBM is also making it big on cognitive technologies too. What is even more interesting is the unprecedented rates of adoption. In the past, it would have taken years for users to get comfortable with such propositions in the tech space. However, any such corporations are still cautious about putting their entire marketing strategies on cognitive technologies.
Big Data analytics will not be an alternative to creativity
Dale Carnegie, a veteran marketer in his age used to say that purchasing is more emotional that it is logical. And that is no truer. Marketers and economists have for long exploited his wisdom, which lives up to this day. However, mathematical models are as static as you might want to imagine. No genius is likely to change the law or the principles behind the mathematical models that shape these algorithms. However, you cannot model an emotion. A depressed patient might feel prompted to eat more comfort food, while an insecure girl might hate to take her meals as a result of social backlash on her body size. That is how complicated emotions are. That is why there needs to be creativity, intelligent approach.
Yes, despite these trends and developments in tech, the place of smart and creative marketing is still intact. And just to let in on behind the scenes deals, investors are not willing to put their hard earned dollars in the development of a sophisticated algorithm. That is so 1990s. They are looking up for a more intuitive software firm that understands the importance of both human creativity and big data analytics. These firms are using has now been referred to as smart or informed intuition. While their decisions stem from analysis of big data, they are constantly on the look for outliers and final decision making is surprisingly intuitive. This is turning out to be a battle for ‘golden gut’.
Big data and data analytics will continue to experience exponential growth and with millions of more devices expected to come online by 2025. The amount of data collected is expected to significantly increase. The era of the internet of things is bound to bring in more and more data on the table. Companies will be burning the midnight oil trying to catch up with more sophisticated algorithms. It will be a battle for life and death (literary) even your toothbrush might soon start collecting data about you. But one thing will remain constant: the consumer will remain emotional if not more emotional due to the harsh financial landscape. So as you make your software, do not relegate your marketing team to the bin. You will need more than your algorithm.
Now, over to you…
You are a marketing guru in your own right.
Making more sales is becoming easier with deployment right sales software. However, automating your sales system with automation software wholly may be a disaster in waiting. What do you think will shape the marketing space in the next decade and beyond? Big data analytics? Intuitive marketing? An awesome combination of both? We need to hear what you think.