8Dec - JanTo Sink or Swim: Navigating the Evolution of Marketing Technology and Learning to Ride the WaveBy Molly O'Loughlin Pajauskas, VP Marketing, Elkay ManufacturingIN MY OPINIONOver the last few years, a technological evolution has taken the marketing world by storm. With the onset of new information collection channels, growingnumbers of automated business solutions, and the increased value businesses and customers place on transparent business practices, marketing professionals have more to consider nowthan ever before. To prepare for the future of marketing, it's important to think through the technological changes we've experienced, what new challenges they present, and how we can ride the wave of change without drowning in a sea of data.Changing landscape takes a team approachOne of the challenges being faced in the industry is the changing landscape across digital platforms and the trends that affect them. According to Statista, video advertisement spending is expected to show an annual growth rate of 4.9%between 2020 and 2024. The rules and algorithms across partners and customer's digital platformsalso change frequently, so ensuring our teams are aware and can adapt rapidly iscrucial to remaining relevant in digital spaces.We can now measure all forms of our marketing efforts, including all pieces of content, copy and imagery. We must be able to take this learning and apply it in an agile work environment to pivot quickly while also ensuring social relevancy to the environment.Understanding data privacy It's essential for teams to understand and anticipatethe changing landscape around customer data and privacy laws. While new information capturing systems can capture customer data for you, it's up to you to understand what data is being captured, how you can best use it, and what laws surround its usage.To stay ahead and be able to overcome the challenges these changes often bring, teams mustcollaborate with their organization's Legal, IT and Marketing departments to ensure they have a robust knowledge of this changing landscape of standards, how it impacts business practicesand protects people's privacy.Turning data into insightsThe rise in automated solutions has also brought about a unique challenge. We now have a mass amount of data at our fingertips that can be from anywhere along our customer's user journey­ from awareness to consideration to purchase and everywhere in between. The advantages of automated solutionscan mean a decrease in resources and expenses, and more streamlined results that can be used for reporting on financial considerations across businesses. The challengeis that while they may all work well,they may not allalign with your business needs.It's vital to understand which data points are the most important to your efforts so you can developplans to shift from the current path. Knowing your audience is keyNow and in the future, knowing your audience is key.New information capturing systems collect mass amounts ofaudienceinformation; However, despite the way that capturing information changed, seasoned marketing professionals still must grow accustomed to
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