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Technology is the driving force of change in the world today, either directly or indirectly. This includes marketing. Emerging technologies like AI will create new ways of reaching customers. They also create concerns such as a company’s stance on current events, customer data, and cybersecurity will dictate marketing efforts. Technology has made it so that companies aren’t just selling a line of products. Companies are also selling emotion and their corporate persona. This new paradigm is what creates the driving forces behind a consumer’s decision to buy. The businesses that know this are the ones that are coming out on top. These are the trends they are using to grow their business strong.
Privacy and Security
How big of a concern is cybersecurity? In April, May, and June of 2018, 765 million people were affected by data breaches. We are regularly bombarded with stories of hackers stealing personal information and selling it on the dark web. What’s worse is that the individuals affected may not be informed about the data breach until months after it happened.
A related issue people are growing more concerned about is privacy. Most people signed up for the myriad of free web-based services and social media platforms like Facebook with an understanding that these companies would use their information. They expected it was to send them targeted ads. What they didn’t expect was the Orwellian level of intrusion, where major corporations file patents for the technology, which would give future smart devices the potential to eavesdrop on our conversations.
The way a company handles cybersecurity and privacy concerns will determine if some customers will do business with them. Aside from that, recovering from a data breach or getting hit with ransomware can cost tens of thousands or more in costs.
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