The Future of Advertising - Taking context from the 4th Industrial Revolution
Artificial Intelligence, today, provides us a wide variety of opportunities to engage with and cater to a large set of audience with multiple behaviors online and predicting when and where the user will make his next big action or purchase. New types of algorithms are helping marketers plan in advance creative advertising techniques such as the portfolio optimization technology of Adobe Advertising Cloud.
We live in a world governed by algorithms and customers also do have enhanced expectations from them. With the rise of voice assistants in last 2-3 years, a large amount of data is already processed by modern AI algorithms and they already know "a lot" about you which may again be available in coming days for advertisers to use and target.
AI has the ability to give insights into:
What would be the customers buying patterns in the near future?
Where the customers interest lies?
Which channel customers prefer to use the most?
When will the sale occur or time of buy?
Best marketing campaigns or channels to deliver results.
Smart "Data Driven" Content
Today, every marketer would accept that although messaging is very personal but when it is out of context, it is not only creepy but resists user of taking into any action resulting in waste advertising dollars.
People don’t want to be "sold" to, they want an immersive, rich environment and demanding experience. So, the future of advertising is not advertising at all, without smart content. Companies like Apple, Morgan Stanley, Coca Cola are very good in coming up with new and innovative smart content strategies.
World in the binary form "1s and 0s" is driving great results for marketers, but they also need to add the fundamentals and the most important aspect which is human touch and human behavior, as the machines don’t buy products but humans do.
Augmented reality technology has been in existence since last 2 decades and even being used widely by fighter pilots as helmeted mounted display way back in 90s. Google started this decade with a big promise to equip every smartphone owner with Google Glass but things didn’t work out as expected.
Still augmented reality has a bright future and marketers as usual have huge expectation from this great technology. Last year with the release of games like Pokémon Go, this technology has again given rise to speculations on its acceptance and time has finally come with mass adoption to this tech in daily life of customers.
With that Augmented reality does not only offer a few another billion advertising impressions to target for advertisers but also an immersive new world of realm where we will see creativity to a whole new level, due to the promising features of Augmented reality and ease of comfort for its adoption which is not the case with VR or IOT.
Space based advertising is the use of advertising in outer space. This is no longer a science fiction but a controversial form of future advertising. Little progress has been made in this field but with the arrival of low cost space travel and low-cost innovations in satellite and pay load launch in outer space, again it hits the debate for this kind of advertising which may one day become a reality.
Virtual reality products are already in the market, but the future of this technology for advertising really depends on its mass adoption. For instance, advertising giants such as Google has already started to bring this technology in main stream in a manner that almost all the YouTube videos today are VR ready, with that we can hope that VR based advertising is also sitting at the doorsteps and once the mainstream adoption of VR takes place just like Mobiles or Tablets, a new mass scale advertising medium with billions of impressions to offer daily is readily available for advertisers.
Internet of things a next trillion-dollar opportunity with the arrival of 4th industrial revolution. According to Gartner, there can be around 20 billion internet connected devices by 2020 and on an average 9 devices per person. This gives a tremendous opportunity for digital advertisers to scale up their advertising initiatives in new kind of devices after TV, Computers, Mobiles and Tablets.
Just imagine your refrigerator displaying you with ads for groceries which have just gone over and letting you know about the nearest grocery stores for more information. A health device showing you relevant ads related to the nearest yoga classes.
IOT has the ability to completely change the face of advertising as we know it, it may not only give billions of impressions to offer for advertisers to target but also give new, relevant and targeted mediums to minimize the wastage of advertising dollars on just 2 or 3 devices which we have today.