All around us, we’re seeing implications of the Fourth Industrial Revolution on our daily routines. When was the last time you used Google Maps to get someplace? Or asked Siri a simple math question, or picked something to watch from your Netflix recommendations?
While it’s easy to think about a distant future where robots take your restaurant order and sell you a house, similar advancements may be closer than we think, and some of that may be due to this new revolution.
This change in technology means a change in how products are marketed to consumers, meaning marketers should take note. So what is the “4IR,” as some have abbreviated it?
As Schwab explains, the revolution builds directly upon the Third Industrial Revolution (3IR). The result of the 3IR was digital — it brought the invention of electronic systems, information technology systems, and the birth of the idea of automation. Due to the creation of these systems and technological advances, the 4IR is built upon this.
Why the Fourth Industrial Revolution Matters to Marketers
Some of the key technologies driving this revolution include artificial intelligence (AI), quantum computing, virtual reality (VR), and the Internet of Things (IoT). An example of this revolution at work is AI finding patterns in large amounts of data, quantum computing organizing that data at an incredible speed, and the Internet of Things displaying this data in the form of recommending a Netflix documentary to you.
What does this revolution mean for marketers? How will we be affected?
1. More data means more personalized marketing
The advancements of quantum computing and AI data collecting means there’s an influx of data available to marketers about their target audience. To illustrate, because of quantum computing, Facebook can pull your most recent Google searches and then suggest ads based on your search history, thanks to AI.
Information, such as demographic and psychographic data, is collected and used by software such as social media analytics tools.
This data can help marketers create a more personalized strategy –– one that target audiences can identify with. For instance, if your data sets are telling you that your target audience prefers to make purchases via eCommerce options, why not look into including Instagram Shopping into your social media strategy?
In the above dashboard captured from Twitter analytics, you can see examples of the demographics Twitter can track and provide insights on. This data is available thanks to advancements in AI, and has become a critical component of building impactful marketing strategies.
2. More connected devices mean more chances to build your brand
With all of the elements that make up the Internet of Things (like voice assistants, smart appliances, and wearable tech), marketers have the chance to build brands that align with this new internet.
Read more here:: hubspot