As any marketing manager will appreciate, the field of marketing technology is growing at an exponential rate. As customers use an ever varying range of devices and forms of communication to make informed purchasing decisions, choosing how to spend your marketing dollars to the meet the needs of the customer is of primary importance.
You only have to look at Scott Brinker’s Marketing Technology Landscape Supergraphic for 2016 to see just how complex this environment is becoming. Though the graphic does focus on the US environment, the same spread of offering and facilities is penetrating across the UAE and the Middle East. And with more than half of all organizations using more than 20 different marketing solutions, the combination of services that a luxury marketing manager chooses to promote their luxury business is vital in the overall success of the brand.
Within Brinker’s own graphic, the number of service providers in the industry has grown by a staggering 87% in the last twelve months. This shows just how quickly the market is moving. But as the field of options increases, the ability to draw together a cohesive and integrated marketing strategy for a luxury offering is becoming even more convoluted by the day.
The changing way we address different aspects of marketing technology is also manifesting itself. Rather than focusing on the technology that drives the concept, such as Big Data or Cloud Technology, we are now looking at marketing technology in the areas where it can deliver success. This includes Commerce and Sales, Content and Experience, or Social and Relationships. Each of the six sectors within the landscape then has sub sectors, breaking down the options available even further.
Embracing this change of approach within the luxury market is going to be key to the ongoing success of many in the sector as a whole – but first, you need to understand it.
Still a main focus within the luxury market is the area of Advertising and Promotion. Across the UAE we are seeing the expansion of this form of marketing on an almost daily basis. Mobile marketing is a key area of focus within this sector. However, the benefit of display and programmatic advertising within the luxury brand can never be underestimated.
This sector also includes search and social advertising, content advertising, PR and print. using the online services of modern providers combined with traditional offerings, to create a cohesive and consistent communication formula.
The second major section in the marketing technology landscape is that of Content and Experience, where customers are encouraged to develop greater brand loyalty by improving their experience at every point of contact. From mobile apps and interactive content to the value of high quality SEO, the technology that supports this area of marketing is now more vital than ever.
When a customer is engaged at a fundamental level at every touch point within the brand experience, their commitment can become almost ritual. Careful and tailored email marketing, content marketing, and video marketing all use the most innovative technology to provide the feeling of a unique customer experience, and by providing such a personal service to your potential clients, their eagerness to deepen their relationship becomes even greater.
The Social and Relationships sector of the marketing landscape is also a vital tool in any marketing plan. The most forward thinking marketing managers in the Middle East understand that correct use of social media and customer feedback is key to the success of any luxury brand. But this technology can go even further. We are now looking at the value of call analytics to enhance the customer relationship, as well as using the concept of advocacy, loyalty and referrals to create even greater potential for deeper market penetration. With the correct technology to support the strategy, every social interaction can be monitored and used to create an even greater level of brand value.
As we have all come to appreciate over recent times, the way in which luxury customers make their purchases is also changing across all regions. As the customer use more sophisticated technology, the innovation required in Commerce and Sales becomes even more essential.
But it is not only the way we market in existing channels that is influenced by the technology within the sector. Innovation is also opening up more opportunities to contact the customer, from affiliate marketing and ecommerce marketing through to proximity marketing and partner relationships. Commerce and Sales technology is opening a greater number of doors for the luxury market, and it is up to the marketing manager to consider how to exploit opportunities.
Possibly the biggest area of growth for the coming years has to be in the form of Data. From mobile and web analytics to predictive visualization, the vast array of data now available about a potential or existing target market is phenomenal. But choosing the software that will dictate how you use the data, and the business issues within the luxury market that it will resolve, is of primary importance. The number of service providers with contrasting solutions is growing every day. With the right platform, the opportunities for data driven marketing executives to exploit the advantages is incredible – but make the wrong choice and it’s all just white noise.
The final sector within the new marketing technology landscape is that of Management. Projects, workflow, finance, talent management and product management all come under this heading, to ensure effective control over every resource. A number of the platforms coming into the Middle East are being adopted from other areas of the world, while others are being developed locally to provide a more specific offering; but without the ability to deliver on the promises of the marketing plan through effective resource management, a luxury brand is no better than the bargain basement alternative.
The landscape of marketing technology within the luxury market has changed significantly over recent times, and is only set to become more diverse as we look to the future. We can guide you through it, using our extensive experience in luxury marketing across the UAE and the Middle East. Contact Eight Luxury Marketing today, and see how we can drive your luxury brand to even greater levels of success.