30 May How The Latest Emerging Technology Is Influencing Marketing
Some technology comes and goes without making much of an impression on the marketing landscape. It can be tempting to leap on board with every promising new development, but it pays to be cautious in your approach.
You may consider exploring new technology if there is a clear use case for your business, or there is an opportunity to create a new position. Act conservatively with new and emerging technology if your budget is limited.
The latest round of emerging technology is unlikely to completely disrupt the current way of doing business in the short to medium term, but it is well worth keeping an eye on what will influence future trends.
Bitcoin and blockchain
You’ve probably heard these terms a lot in the media, particularly with Bitcoin cryptocurrency exploding to a value of over $18,000 per bitcoin in January this year. Of course, that bubble soon popped, but the overall attention cryptocurrency is getting is not going away. Businesses are leveraging the popularity of cryptocurrency to quickly raise money by launching their own coins. Interested investors buy the new coins with fiat currency at an Initial Coin Offering (ICO), speculating that the value of the coin will rise in a comparable way to the traditional stock market. Exploring this option for your business would require a very steep learning curve. This arena is entirely unregulated, so there is risk involved. Resistance from traditional banking institutions and large corporations such as Facebook and Google indicate there may be a limited lifespan for this trend.
Smartphone and smart device developments
Smartphones are developing at an amazing rate and there may be room for marketers to get on board here. Global smartphone sales are declining as some markets reach saturation point. There are opportunities for brands to extend themselves through adjacent technology such as the Internet of Things, augmented and virtual reality applications. Voice-activated assistants such as Google Home continue to make progress and businesses will have an opportunity to integrate into native operating systems. Amazon may have room here as Alexa makes online shopping through the internet giant easier than ever.
There are fascinating developments happening at the convergence of augmented reality, virtual reality and drones. Restaurants and food service companies are finding opportunities to use drones to take the vision of foods in restaurants, helping at-home customers choose their preferred meals. Drones are being trialed as food delivery devices. One company has developed a drones-for-hire model, where a drone can be ordered to a dark location to provide light. This has immediate application for safety conscious people but has also proven useful in nighttime search and rescue operations.