Experience Economy White Paper
People born after 1980 represent $31 trillion in annual purchasing power.
This group are not just powerful spenders but they are more socially aware, more environmentally conscious and are looking for brands to buy from that reflect this – authentically. Socially conscious native brands are on the rise and businesses that understand the importance of the experience economy, for employees and customers alike, will take centre stage.
Marketing Maturity Curve
While nearly nine in 10 marketers say they have used artificial intelligence in some form to do their job better, a number of challenges still prevent them from tapping the technology’s full potential. It is an inevitable journey as HBR reports. The adoption of AI in the marketing department will only continue to increase as businesses enjoy the benefits of real-time segmentation of customers, personalised messaging, predictable customer value, and optimised media buys. By eliminating the tedious manual tasks of tweaking business rules each time new customer information is captured, AI will liberate marketers to focus on more strategic and creative activities like campaign planning.
A new study, conducted by Forrester Consulting on behalf of Albert, revealed that 88% of marketers today have adopted – or are in the planning stages of adopting—artificial intelligence, and that the benefits vary according to both the type of AI they have adopted and their application of AI in their marketing programs.
Of those that have adopted an AI-driven marketing solution, 74% of respondents reported using assisted AI technology, which surfaces insights for marketers to consider during manual decision making. Only 26% of marketers reported using autonomous AI, which can act on its own insights and work collaboratively with marketers.
Check out the infographic for more findings about marketers’ journey with AI.
The new world of retail
One thing is clear – the digital customer journey is anything but simple. It is increasingly complex and challenging. With countless data points to analyse, it has become nearly impossible for ‘humans’ to keep up, as the algorithms of major advertising platforms belonging to the likes of Facebook and Google are constant changing.
Learn more from Naomi Simson
With more than 2.8 million LinkedIn followers, Naomi share her insights, experience and observations about business, innovation and success on her blog NaomiSimson.com. She is passionate about shifting the way people experience life she co founded Big Red Group with the BHAG of serving an experience every second by 2025. This purpose flows to the BRG suppliers, distribution partners, team members and stakeholder. On Shark Tank Australia I am an investor and supporter of the startup community. I am also the author of two best selling books, ‘Live What You Love’, and ‘Ready to Soar’.