Originally published on Martech.Zone.
When a new technology arises, brands are quick to jump on the bandwagon without fully understanding how they might see or measure results. A few years ago, it was AI and chatbots. Today, it’s NFTs, cryptocurrency, and the metaverse. Numerous brands have launched programs into the metaverse, whether through virtual games, stores, or merchandise.
By 2030, the global metaverse market is expected to reach $1.6 billion.Emergen Research
This trend is primarily driven by Facebook’s new corporate strategy and name change. Although the metaverse has been around for years, brands found it validating when Facebook jumped on the trend — and bet the company’s future on the technology.
The problem, however, is that foraying into a novel tech trend because everyone else is doing it isn’t a good reason. Without a clear strategy and understanding of how new technology will drive your marketing initiatives, you won’t see ROI. That’s why many brands return to the foundational technology that has historically served them well.
Instead of jumping from the latest big thing in tech and back to your tried-and-true tools, stick with what you know achieves long-term results. Consider these strategies to avoid falling for every trendy tech that comes along:Advertisements
Strategy 1: Don’t Let FOMO Rule Your Decisions
The fear of missing out (FOMO) is an impulsive motivator when it comes to adopting new tech, but it shouldn’t be. Although you might think you’ll miss out on something that could push your brand’s marketing forward or seem uncool if you don’t jump on the latest fad, that’s not always true. These factors shouldn’t rule your decisions, and neither should fear that you’ll lose ground to the competition if you don’t start using the metaverse, crypto, or anything else right out of the gate.
You’ll better serve your organization by being thoughtful in your decisions about whether to use new technology to promote the brand. Ask yourself whether novel technology will help your company reach its goals. Not every brand will get new customers by using extended reality or NFTs. JPMorgan Chase & Co., for example, received apathetic and even negative press when it launched its first metaverse marketing initiative.
There’s always a learning curve for new tech, so it’s essential to thoroughly research and look at how early adopters are using it effectively before jumping in. If you can avoid the learning curve and hit the ground running with a new tech trend, you’ll increase the odds of success.
Strategy 2: Gamble On New Tech Responsibly.
New tech doesn’t always get the results people hoped for because of a lack of strategy and understanding. They figure it out as they go, wanting to be the first to use the new shiny thing without understanding the full ecosystem. However, it will be difficult to achieve anything tangible if you just jump at these innovations with no directional strategy or objective.
Unfortunately, there are seemingly endless examples of companies failing to see ROI from their tech investments. That’s a problem when IT spending is expected to hit $4.5 trillion worldwide in 2022.
Know that gambling on new tech means you accept some level of risk. Obviously, you don’t want to spend too much of your marketing budget on something new, but you must also allocate some dollars to test and try new things. If you’re a bigger brand, consider designating a portion of your marketing budget to test new tech. That way, you can be comfortable if a gamble doesn’t pay off.
Strategy 3: Make Sure You Have A Strong Foundation.
The purpose of technology is to streamline operations and amplify your marketing. So, you want your company’s marketing foundation to be stable so the tech can effectively build off that foundation.
You should maximize and become proficient in your current technology before moving to the next shiny thing.Tom Goodwin, Futurist and Technologist
Take chatbots, for example. It doesn’t make sense to add a chatbot unless you first have processes to handle requests with and without a chatbot. Otherwise, the chatbot will give users frustratingly irrelevant or unhelpful answers. Once you create a solid foundation, you can comfortably pursue new, more advanced technology that benefits your business in the long run.Advertisements
Need help navigating the confusing world of new technology and how it can help you? Don’t wait, contact Bluewater today for all your audio and visual technology needs!