How CMOs Can Keep Up With Technology Innovation
No matter what your industry is, there is little to no doubt that you are being affected in some way by the continuous improvements and exponential levels of innovation taking place within the technology sector.
It is increasingly difficult to keep up with the latest trends and developments in technology and how they can drive productivity and reach at both a strategic and frontline level. Therefore, I’ve compiled a list for you. You can thank me later.
It contains what I think are some of the most effective ways that you as a CMO (or anywhere in the marketing and sales chain) can take advantage of these tech evolutions.
1. Dos And Don’ts Of Smart Advertising
Social media networks started to become much more prominent in our social lives and as marketing tools approximately 10 years ago. This is when Facebook became open to almost all members of the public since 2006, and YouTube arguably becoming what it is today in 2008.
For better and for worse, data-wealthy organizations such as Google and Facebook are amongst the pioneers of the current state of the advertising industry. They managed to combine, previously considered irrelevant, meta-data with emerging technologies and by creating predictive and reactive inter-relational databases.
These advanced technologies include: machine learning and artificial intelligence (AI), Internet of Things, big data, advancements in interoperability between all machines and human workers, and automation improvements.
Whereas the improvements in performance may seem great on paper, the audience subjected to the advertising methods don’t seem to have the same opinion. This is evident from many website users resorting to methods such as advert blocking software and browser extensions to avoid what some consider invasive adverts in various ways.
If your brand is seeking to publish ads, then you should investigate the likes of the SaTT or Smart Advertising Transaction Token which is a blockchain based solution which seeks to establish previously unforeseen levels of transparency, security and immutability throughout all transactions between advertiser and publisher.
2. Blockchain-Enabled Digital Advertising
If you are a content creator or publisher, then you might want to look at The Online Token instead.
The Online Token doesn’t attempt to fix an industry that customers have outright and vocally rejected by way of ad-blockers; propagated through mainstream media coverage. It instead offers content creators and website owners, or managers, the opportunity to replace traditional advertising or pay-wall methods of revenue generation entirely.
Instead of using these controversial methods: this project distributes funding rewards to these stakeholders in the form of their eponymous cryptocurrency. The amount calculated is based on a combination of customer feedback and visitor count/viewing time. Additionally, the customer perception of content value is calculated based on their allocation of a free secondary currency to their favorite sites (called ‘TRUST’).
Recent scandals such as hacks and misuse of data from centralized networks (Cambridge Analytica, for example) have had a significant negative impact on consumer confidence in many advertisement- and social media-related sectors.
Online Token’s solution is certainly innovative, however you don’t need to ditch adverts entirely to overcome the inherent issues of security and transparency that blight the trade. What’s more is that you could potentially use this as a positive selling point and ethical consideration in your marketing strategy. Check out SaTT if you don’t believe me.
Outside of advertising, a decentralized blockchain based mobile application project by the name of Ravn is just one answer to these communication and social media threats. While the beta version of their messenger app is now available on a limited basis, the full suite of tools and functions will be the true test of the platform’s potential value.
Needless to say blockchain’s transparency, immutability and security make it a perfect foundation for Ravn’s purpose, and they have benefits on offer which extend far beyond these inherent benefits. One of these is an advanced encryption protocol which they call the “end-to-end Multi End Message and Object Encryption (OMEMO).”
Ravn will be available on iOS and Android mobile operating systems.
3. Digitizing And Legitimizing New, Outdated And Underground Industries
If your company is either in early startup stages or you are in the position of choosing new strategic markets to penetrate, then the concept of introducing digitalization of sectors which are traditionally bereft of technology can provide exceptional development opportunities.
Because of a lack of competition in such areas, the ROI and ability to make a large impact is blatant and ripe for the taking.
One organization that has recognized this is called CRYSTALS. While yes, they are also technically a blockchain backed company, their benefits go so far beyond the basic aspects of distributed ledger technology.
The core concept behind CRYSTALS is that it will fix an unfair power balance that currently exists in the modeling industry. It’s a unique sector, as there is a prohibitive barrier to entry with large and trustable agencies for new or aspiring models. Conversely the smaller and independent organizations conduct much of their business through under-the-table cash transactions and using no contracts.
This not only puts the financial prospects of the performing models at risk, but even facilitates darker trades such as human sex trafficking. This is one area which will be solved by inherent blockchain features.
CRYSTALS will also be the first modeling solution to not only integrate a cutting-edge intermediary blockchain based platform with the industry, but to provide any type of standardized independent digital platform for models and agencies/photographers.
Conclusion
This is a tough and challenging time for technology is changing faster than many of us can keep up. Rest assured, these are just a handful of just the latest trends in tech development that CMOs and marketers of all ages need to be aware of and following closely because you know darn well your competition is.
This article originally appeared on Forbes.
