A professor of Strategic Management and Dean at Lagos Business School, Pan Atlantic University, Chris Ogbeche, has called on practitioners in the nation’s integrated marketing communication (IMC) space, desirous of being relevant in future, to brace up for a future marketing that will be driven by technology and big data.
Speaking at this year’s Marketing Conclave, tagged, ‘Marketing For The Future’ and organized by First Katalyst Marketing, the seasoned marketing professional argued that it had become imperative for marketing practitioners, brand custodians and captains of businesses to begin to keep abreast of key trends and developments in the marketing space, for them to fully understand the twists and turns the profession might take in future.
He stated that since marketing drives global economy, and the COVID-19 pandemic had forced many businesses to change their business models, it had therefore become imperative for businesses to either innovate, grow or cease to exist.
According to him, one of the key trends that would drive marketing in future remains Artificial Intelligence, since it would help in automating decisions, while, at the same time, influencing marketing efforts.
Another key trend he advised marketing practitioners and brand custodians to watch out for, is the advent of voice marketing. According to him, the increasing popularity of tech efforts such as the Google Assistant, and others, might sound the death knell of businesses that failed to take cognizance of this development, while planning for the future.
The university don also believes the advent of Virtual Reality in future marketing, would go a long way in bridging the gap between experience and action.
“With Virtual Reality, which is going to play a dominant role in future marketing, consumers will be able to experience a product, digitally, before making a purchase, unlike in the past when the only option was to experience such product, physically,” he added.
Professor Ogbeche also advised practitioners on the need to make their businesses data-driven; since this would drive key marketing decisions.
According to him, data would enhance customer intimacy in future, with such insight going a long way in helping brands develop personalized marketing strategy.
He further noted that the increasing sophistication of the present-day consumers, has made it imperative for chief executives to come up with solutions that will cater for the needs of the next generation of consumers, likely to be less patient, but more demanding.
While using the occasion to introduce the new chairman of the agency, Tsola Barrow to the audience; the Managing Director, First Katalyst, Soji Odedina, described the marketing summit as the ‘agency’s gift to the industry’.
He assured that the summit, aimed at marking the agency’s ten years of doing business in the nation’s topsy-turvy business terrain, would be made an annual event that would bring practitioners together to discuss marketing matters.
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