Surviving Business Competition with Technology
Keeping your audience intact is a task that requires skill, innovation, and high-value creation. The market is abuzz with upcoming technologies, businesses, and opportunities which if combined can create the most impactful combination to survive the competition.
In the digital age, several options have surfaced that can assist you to create better marketing opportunities by being more creative and save on cost.
The expansion is another segment that demands high capital flow to drive the audience to your website or product/service through promotional strategies that can stand out and speak for themselves. Thankfully, with the introduction of technology-based innovative products you can now not only save on costs but also design campaigns and marketing products that are unique, closer to your product/service, and can boost your brand value. You can also save on manpower using these technological innovations as they let you multitask and offer assistance in various departments.
The simpler the design and the more creative it is, higher will be the chance of engaging a larger audience.
Some of the key points to be kept in mind while planning new promotional strategies are:
- Innovation – The easiest way to create buzz for your product is to offer a never-seen experience that has yet not been launched or explored. This will not only make people excited about the marketing strategy but also let them experience the product in a new way.
- Technology – Digital marketing or offline marketing relies heavily on offering an advanced perspective on the product. For this, integrating technology with your product is a must.
- Compact design – Gone are the times when people used to carry a ton of baggage with them. Modern times offer the best of everything in the most compact form which should be the key to innovation. The simpler the design and the more creative it is, higher will be the chance of engaging a larger audience.
- Save the effort – Focusing on technology-based creative solutions that can replicate human efforts or reap better results is the best mode of investment is better options while designing marketing strategies. Smart solutions are the need of the hour that can diversify the current marketing scenario and make you stand ahead of your competitors.
Technological innovations that are leading the market are as follows:
- Augmented Reality – AR is enhancing virtual reality using algorithms that use real-life images to overlap the VR and creates a better user experience. It is changing the way people interact while shopping and introducing a new experience that can help them leverage the opportunity in hand. Several e-commerce websites, medical students, military, gaming, sound and video content has already been amplified using features that let you experience a lot more than what exists in reality. Several brands have already come up with features that let you try clothes virtually and choose better. This has also influenced people’s decision-making and is resulting in increased profits with improved user interaction.
E.g. Gaming is one of the biggest markets using AR for expansion. Several games are employing AR to offer experiences that are beyond imagination and create interfaces while picking data from surroundings and mixing it with the videos created using VR. This is like creating a virtual world into reality which gives an impression of existing right in front of you. From an innovation point of view, AR has raised the bar for customer experience by letting companies optimize the mix of technology and reality.
- Artificial Intelligence – AI is helping companies mine data and make learning easier than before. Systems will enhance machine learning are being developed to save manpower and time. This will also reduce costs and increase profits. AI is currently being used in healthcare, travel and various other domains to forecast the future by analyzing the current data available. This is also expected to improve human competency and living conditions.
The biggest benefit of using Chatbots is that they are available 24-7 and provide a very human-like experience while reducing the requirement of actual manpower.
E.g. Humans behave based on their mood. Also, manpower comes at a cost. But using AI, companies are dissolving the boundaries that limit the customer interaction by using machine learning and making it more versatile. Talking Robots also called as Chatbots are being used to study human interactions and accordingly help the customer with their requirements. The biggest benefit of using Chatbots is that they are available 24-7 and provide a very human-like experience while reducing the requirement of actual manpower. This can be further leveraged by using these chatbots to direct customers to various products as per their requirement considering their enormous capacity to store data.
- Virtual Reality – VR has opened the doors to space where reality exists in a much smaller frame. VR is helping companies develop programs to help people experience spaces, nature, beauty a lot more in a different manner. From jewelry to real estate, customers are experiencing a whole new world without leaving their room. VR is also making patients heal faster and help the healthcare industry offer better services.
E.g. The real – estate market is being disrupted by VR to meet customer’s expectations of letting them experience the property whilst they are in a different time-zone. With custom programs specially designed to bring these spaces into reality using VR, companies are trying to implement better ideas to make the experience much better and real. Several companies are targeting Non-residents and other niche clients who are short on time to live and breathe the space virtually.
Technology is a weapon that is helping companies fight competition and thrive to grow exponentially. It has presented them with the opportunity to build tools, applications, products and services which have never been thought of. With the naivety of this new technological era, comes the freedom to explore and experiment more without any fear. Companies are using these immersive technologies for their benefits without holding back and offering customers with experiences that can turn into memories.
The transition from traditional marketing to techno-creative marketing strategies is bound to reveal a new customer behavior, unobserved human characteristics and evolution of a time that will mark the beginning of an era that relies on technology to build a virtual world and deliver experiences which are magnificent in nature.