Abstract
The internet has transformed the landscape in the field of marketing and consumer behaviour in the last two decades, enabling unprecedented reach to the consumers for marketers, inducing low costs in general, providing opportunities to analyse interactions and facilitating the development of novel strategies in digital marketing. As the information age is maturing, it is entering a new era of the fourth industrial revolution where internet's reach is coupled with the smart technologies powered by AI, cloud-based scalable infrastructure, sensor infusion harvesting an ever greater amount of data. The consumer demands and preferences are ever more sophisticated. In this context, the digital marketing field will go through a period of tremendous change, where established norms and practices will no longer serve the purpose of attracting and engaging consumers. A thought experiment is discussed using a persona for the effectiveness of existing digital marketing models. Further, a concept of swarm marketing using AI has been also discussed.
TopIndustrial Revolution And Digital Trends
The technological revolution is on the brink of today’s life and will fundamentally alter the work we do and the way we live. The predictive transformation would be like anything which humankind would have never experienced due to its complexity, scope, and scale. The mystery of how it would unfold the future still remains a mystery but one thing is clear that the response to it would be comprehensive and integrated. All the stakeholders of the global polity would be involved in it from civil society to academia and from the public sector to the private sector (Pee et al., 2010).
Key Terms in this Chapter
Digital Marketing: A process of achieving marketing objectives through applying digital media, data, and technology; such as using email lists, telemarketing, digital television, online chats, informational websites, AdWords, searches, and social media, etc.
Swarm Marketing: Is an AI-enabled process of using inputs from number of sources, generating insights and facilitating profiling of persona and create digital marketing strategy to enhance marketing effort.
Thought Experiment: A thought experiment is a hypothetical tool facilitating conceptual analysis, using visualization techniques, investigating imaginative scenarios based on a theoretical framework, inventions, innovations, and technological developments.
Persona: A persona is a set of characteristics or profiling of target segment of customers, which include various aspect of customer's characteristics, needs, motivations and environment etc and those characteristics are perceived, identified, presented and targeted by an organisation for effective marketing.
Customer Behavior: A process by which an individual search, select, purchase, and use products or services and respond to the utilities of the products or services.
Artificial Intelligence: Is the simulation of human intelligence processes (input information, learning, knowledge, making meaning, reasoning, conclusions, self-reflection, and self-correction, etc.) by machines, especially computer systems and the similar electro-mechanical agents.
Advertisement: A paid form of mass communication using a range of medias to make consumers aware about a product or services and also influence their attitude and behavior towards the product or service.