The pandemic has had a significant impact on the way businesses work and progress going forwards. It has not only forced them to embrace digital transformation but also seek innovation to survive the storm and stay ahead of the competition. While all industries have benefitted from rapid digital transformation and innovation, one industry that has reaped the maximum benefits is media and advertising. And digital marketing has been at the centre of all innovation in media and advertising. With the introduction of digital technology in this sector, businesses can utilise the power of data analysis in developing innovative and more effective marketing and advertising strategies that appeal directly to the customers.
AI is often considered the future of advertising and marketing. From creating ads, optimising performance, and managing budgets to creating personalised recommendations using predictive analysis, innovative AI is helping businesses and influencing the customer journey at every stage. While it is extensively used to deliver a better customer experience through chatbots and interactive content, innovation in AI is primarily focused on gathering vital customer data and helping companies gain invaluable insights from it.
The concept of a network of virtual 3D worlds or “Metaverse” has dominated the digital media and advertising domain for quite some time. The most prominent name in this race of adapting metaverse for building a 3D social networking is Facebook, now called Meta. Even though metaverse was created for the gaming industry, it has managed to attract the attention of many other players who are investing billions into metaverse innovations. From creating artificial universes, demonstrating how tools and products work, virtually trying apparel, glasses, and other products, to experiencing museums and tourist sites, metaverse makes it all possible.
Internet of Things
A lot of the innovation occurring in media and advertising also involves IoT. As the demand for personalisation keeps rising, more businesses are investing in IoT innovation. Any innovation that offers consumers the chance to enjoy a single personalised network across multiple devices and locations, is sure to be a hit with the buyers.
Marketing Automation Platforms
As marketing has become vital for driving better revenue and growth, businesses are using automation to develop innovative marketing platforms that streamline the process and make it more efficient without taking too much out of their pocket. Continuous innovation in this area has made marketing automation tools more accessible and scalable for small and medium-sized businesses.
Both marketing and advertising rely heavily on customer data. This data is available in the structured, unstructured, and semi-structured form, collectively called Big Data. And Big Data innovation is key to developing new and highly-targeted strategies that help achieve marketing and business goals. The majority of innovation in Big Data is focused on the development of advanced technology or tools that can help collect and utilise this data. Big Data innovation is also aimed at improving the technology that is used to collect data through social media advertising, CRM and business intelligence tools and analyse it more efficiently.
The digital media and advertising industry is progressing at an unprecedented pace, thanks to the extensive innovation transforming every aspect of this sector. There’s never been a better time for businesses in the UK to seek innovation in digital media and advertising. With the tech revolution sweeping the nation, marketing and advertising companies are in a great position to leverage this advantage and develop innovative digital tech solutions that can win the hearts of their customers. And with the HMRC’s R&D Tax Credit scheme, getting funding for your R&D and innovation is easier than ever! Our R&D Tax experts at Datafox can help you make a successful claim and get the maximum payout you deserve.