Did you know that marketing technology represents almost 33% of a company's marketing budget according to Gartner? If you ask me, that's a lot of money. Out of this budget, 28% will be invested in infrastructure to run marketing software. 24.4% will be invested in marketing software itself while 25.2% will be invested to develop and implement these applications.
It is clear, that MarTech spending has increased by leaps and bounds.
In fact, CMOs might just start spending more on technology than the CIOs this year itself! Since technology has been advancing at such a rapid pace, I can't help but ask myself, where do I see marketing technology in 10 years? How will it help us? How will we cope up with this speedy development?
It is a tricky business, predicting the future. And, whenever that future involves technology, it becomes even trickier. Who knows how scientific progress will help shape marketing technology in 10 years.
Here's what I think the image of marketing technology in 10 years will look like. I might not be correct, but I think that the future looks like this:
Marketing Technology Will Soon Eliminate Mundane Jobs
This is the age of Artificial Intelligence (A.I.), the time will arrive when it will start taking over our world. I do not mean this in a sinister way but by the looks of it, AI will phase out a lot of mundane marketing jobs.
Marketing analysts who analyzed and interpreted outcomes could soon be replaced by machines that can calculate and analyze whatever you need. Numerous marketing tools like marketing automation can already analyze and publish customized reports if needed.
Some social media managers too might have to face the axe because social media bots are on the rise. It will become increasingly easier to control your marketing operations from one central dashboard.
But, this does not mean it is the end of the world. New sets of jobs will be created because, at this point, demands will This will be done in order to assist the machines with the human aspects of interaction.
There will be the creation of new sets of jobs. Why? Because machines are not humans. They still cannot replicate human feelings. And, consumers nowadays require the human touch more than ever. So, no prizes for guessing, the humans make a comeback at this point.
There will be SDR (Sales Development Representative) roles that will help need fulfilling. As an SDR, people will have to help with the nurturing process of leads. This is something that requires close attention and the human touch. Something, that the machines will fail to provide even after a decade.
Also Read: Will Marketers Lose Jobs to Marketing Machines?
VR is the New Content
The future looks beautiful with the advent of VR. In fact, most people who consume content online on a daily basis are visual readers. According to Hubspot, 55% of people would prefer videos to read actual blogs. That would mean that consumers are already ready for the future. Are you?
Content marketing as we know it has been going through changes since the past few years. Traditional content marketing is on its way to becoming history. Consumers want to interact with brands. They want to see their brands interact with them. They want interactive content that will stimulate them in a positive manner.
Soon enough, we will be shooting only VR videos and that's all your consumers will need. In fact, VR sets are already here. People are playing games on them.
How long do you think will it take for everyone to have a VR set? How long do you think will it take for VR to become a norm in content marketing?
Bye Bye Repetitions and Errors
I do hope that AI makes its way substantially into marketing technology in 10 years' time. Apart from phasing out repetitive tasks, being a machine will help replace a number of mundane elements from marketing.
Whenever I say mundane marketing tasks, what comes to your mind? Sending emails? Sifting through data? Any other activity? Well, whatever it is, you will not have to worry about it anymore, in the future. AI will take care of all those tasks and you will be free of them.
You will be able to devote your time to planning campaigns and other creative aspects of marketing. Let the machine do its job, and it will do it free of errors because it is a machine.
It seems to me that once AI enters marketing in all its glory, a lot of tasks will be eliminated from a marketer's to-do list. For me, that is a great relief because these are tasks we can live without. Am I right, fellow marketer?
MarTech will Eat Up AdTech
The way marketing technology is progressing, it's hard not to see this happening. Earlier on AdTech helped brands buy programmatic ad slots to reach out to specific demographics. Think of it as something like buying TV ad time.
But now, with marketing technology paving its way, marketers do not need AdTech anymore. They can target their audiences themselves thanks to robust segmentation tools.
Marketing Technology in 10 Years: What DOES the Future Hold?
These are the major things that are going to happen if marketing technology keeps developing at this pace. What are the changes that think might happen in the world of marketing? Let us know your views at [email protected].