Smart Technology Marketing (STM) is a phrase you need to know for the future. A media economist, PQ Media, released its first benchmark on this area and reported that STM was the fastest-growing marketing segment in 2018.
We can fall into the crowd that views the coming technology revolution in marketing as a threat, or, as Lawrence Crosby and Chris Langdon put it in an American Marketing Association piece: “What emerges are complex adaptive systems that pose an existential threat to marketing if the field cannot define its role.”
It seems to fit our nation today; marketing tech is either good or bad. Even though marketing technology offers an existential threat and is often challenging, to true marketers — people with a “results” orientation — technology fixes many of the problems with modern marketing. For example, AI-powered platforms will take the fake placement and fake views out of programmatic-based advertising. AI will allow more efficiency and, above all else, more accuracy in the digital media buy. The predictive analysis will also allow for better messaging placement to the right targets and at the right time.
Marketing tech is bleeding into all things, and it is coming fast — from Voice Assistants to Virtual Reality, from Artificial Intelligence to Augmented Reality. These areas are expect to grow at more than 100% for the next two years. Today, smart technology accounts for less than 1% of marketer expenditures, but PQ Media expects the investment to top $7 billion in 2023.
Smart technology marketing is marching forward. Are you going to stand on the parade route and salute, or join the band? To end this on an eerie note, and paraphrasing the Borg, resistance seems futile.