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Summary: Panel on the Future of Marketing

Kristen Lindsey - Thursday, October 13, 2016

I had a great time today participating in a panel of experts sharing with Alaska marketers about the future of marketing. My fellow panelists were Nick Coltman from the Anchorage Press and Melissa Moody from Google. For those of you that were unable to make it or did not hear about it, I thought it might be useful to have a summary of the bigger topics we covered. 

1. What do you see as the next big disruption in marketing and communications?

There are going to be bigger, better ways for marketers to really hyper-target audiences. Nick described it as sniper-style targeting. As part of that, Melissa made the great point that internet access is already happening more on mobile devices than desktops and computers, and we all agreed that mobile is here to stay and that new disruptive technologies will be primarily happening in the mobile sphere. 

I chimed in that it is critical for marketers to really hone in on target audiences and their needs, pain points, and what else empowers and engages them, then apply the targeting tactics that resonate with each of those audiences. With so many new tools, there is a lot of bad content out there that is turning off consumers. If you can create an authentic, engaging experience with your customers, you are going to cut through the clutter. A great online resource that breaks this down is the Content Marketing Institute.

Nick also pointed out that with this targeting comes much more effective measurement and analytics. It is much easier to learn quickly what works and what doesn't and focus your budget in the right places.

2. As a small business without a marketing staff member, how do we make the most of a limited budget?

Melissa: Start with online local listings and reviews - free and impactful!

Nick: It depends! On the industry, target audience, etc. But if you have $300 to spend there are a lot more inexpensive options out there to take advantage of, from an ad in the Anchorage Press to Facebook ads. 

Kristen: We counsel small business owners to keep the fast-cheap-good triangle in mind when deciding on marketing spend - you can only have two! That is a quick check to prioritize quickly. Also, as the owner with many hats, it is also important to consider how your time is best spent - using that $300 for hiring marketing professionals when your time could have a bigger impact on the business success elsewhere is an analysis of the risk of lost opportunity.

3. How do you see virtual reality playing a role in future marketing tactics?

Melissa: Virtual reality will be a huge opportunity for industries with experiential products and services as it gets more mainstream. She pointed out the important difference between 360-degree photos and Virtual Reality. 360 photos are basically a 360-degree photograph taken with a special camera or else stitched together from a number of pictures. Virtual Reality is an immersive experience that requires some sort of headset. (Incidentally, Scott at our office picked up a Google Cardboard, which allows you to experience virtual reality with some simple app downloads. Check it out!)  

It is becoming easier and more affordable to create 360-degree images and load them up on your site of social networks. She mentioned the Android SprayScape app, which allows marketers to create them quickly with their mobile phone. her advice for small businesses is to start with the 360-degree photos, then more forward from there.

Kristen: I mistook augmented reality with Virtual reality and mentioned how quickly Pokemon went mainstream, but regardless there is a point in there somewhere that even as people grasp augmented reality, it makes it easier for our potential consumer markets to understand Virtual Reality, and that is when the technology is going to become useful to us as marketers. The other point I made was that regardless of what disruptive technology comes down the line, Virtual reality included, that we still need to execute the fundamental ,marketing task of identifying those micro-audiences and understand what content and experiences engage them, THEN apply the technology.

4. How can the big Alaska businesses find marketing opportunity in the current economic situation?

Melissa: there are definitely opportunities in other markets. I was at the Alaska Travel Industry Association convention last week, and hearing Governor Walker talk about the huge cuts in the state marketing budget was hard to hear. But that is completely the wrong way to go, because tourism is an Alaska industry of opportunity.

Kristen: Since we are all dependent on oil and gas to create the business economy here, all industries need to evaluate their opportunities. Just like the state is losing an opportunity by cutting back on the tourism marketing budget, individual businesses must continue to double down on knowing their customers and taking advantage of these new marketing trends. One important way for marketers to do this is to restructure their work process to be able to respond more quickly to consumers with the tactics available, learn what works and what doesn't on the fly, and more forward with what is successful.

Nick: Obviously, marketing is not going to help oil and gas. They need more production and volume. But all the rest of the businesses cannot hide in the sand - their competitors will take up that lost space.

5. One word to sum up the future of marketing:

Nick: Targeting

Melissa: Mobile

Kristen: Agile