Digital innovation in the advertising industry

While the age old basic tenets of advertising (4Ps) remain the same, digital innovations have opened more channels than ever before. Back in the day digital innovations ran speedily and dynamically changed how marketeers approached these basic tenets. But, today there are no drastic innovations, only steady transformation. New technologies have now become integral part of the marketing strategies and their ecosystems. Having said, are we future proofing our marketing strategies? No, but there are a few innovations that will grow on us and become fundamental to how we are going to develop marketing concepts 

Gone are the days of linear model. Today, technological innovation and consumer behavior have created a complex reality. The key to combat this challenge is to amalgamate creativity with data to maximize consumer experience. While story telling will remain fundamental to the process but data will give the marketing strategies impactful edge. Art and science have always sat on different silos in the traditional method but in the new world they will converge and we will have to think holistically.

`Many agencies have a centralized marketing structure, but nearly half of them plan to decentralize their operations in the near future. As data hacking becomes more common, demand for decentralization will rise, and decentralization is a solution since it places a greater emphasis on privacy and security. Here are a few more advantages of decentralization:

When we talk about the future of going digital, we’re talking about AI, machine learning, and the Internet of Things. The new world would not exist without it, because these technologies provide us with the dynamism of what our future can be and how we can shape it. Personalization at scale requires AI, which collects enough consumer data to see trends and offer more relevant communications to their target audience. It can learn new information as it comes in using machine learning, and then make modifications to increase performance without having to be programmed to do so. IoT improves performance across the board, from content to interactive advertising. In the year 2021, the globe will also witness a recent innovation known as NFT. A digital asset, such as a patent, can now be owned by anybody.

TV advertising will work harder as a result of Smart TV and the entire web and connected devices ecosystem. People are already replacing their televisions with Smart TVs, which is causing a significant increase in the Indian market share for TVs. It will play a major role in the commercial experience as the traditional linear TV format loses its relevance. Connected to the internet platforms it is paving the way for selective, targeted and flexible advertising formats. The CTV evolution has already entered India and has made significant inroads (growing in double digits month on month), as the web ecosystem is enabling connectivity through SmartTVs, dongles, gaming consoles, etc…

Just when we thought that we have mastered Facebook, Metaverse caused unimaginable disruption. The treadmill of innovation doesn’t show any sign of slowing down in the near future. In such a scenario how creativity will pan across devices, experience and platforms, how you will tell your story effectively through voice-enabled, geo-tagging and wearable chatbots will now become crucial to us dream merchants. We will have to adapt fast and adapt with humility as we breakdown silos and embrace the new world order.

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