Lars Lehne is Global CEO of Incubeta.
Change is an inevitability, something only a fool would deny. Technology evolves, values and ideals shift and reshape, and we quickly rotate through a recurring cycle of fashion and styles—all boiling down to the whims and deeds of humanity. And given that humans are extremely fickle beings, a chaotic sense of instability often ensues.
That chaos can be particularly felt within the marketing industry. Our job is to predict the trends of the future so we can meet our consumers with the right message, in the right place, at the right time. Yet, the future is incredibly unpredictable, and with everything changing so fast, accurately forecasting future trends is easier said than done. Just look at the 2020s so far: We’re three years in and have already seen a global pandemic, Brexit, a war in Europe, huge leaps forward in the uptake of renewable energy, financial instability and incredible developments in the field of artificial intelligence.
It’s easy then to understand why some marketers might not be the biggest fans of change, as it significantly increases the complexity of their work. But it also isn’t something we can hide from. It will happen whether we want it to or not, and our choice is to either embrace the change or get left behind.
So, instead of turning our back on the uncertainty, we need to dive right into it. Because in the words of the ever-quotable Lord “Littlefinger” Baelish from Game of Thrones: “Chaos isn’t a pit. Chaos is a ladder.”
Finding The Ladder
During chaotic times or periods of major change and unrest, conventional models and systems can be heavily disrupted. Long-standing market leaders are often unable to adapt quickly enough to the changing circumstances, due to their size and the length of their decision-making processes, making room for innovative and nimble companies to make their mark.
For proof, you only need to look as far as the Fortune 500 list. Many of these companies were created during such times, jumping on the opportunity to establish themselves among the chaos.
Disney, for example, rose to success during the Great Depression of 1929. It released the first-ever cartoon using synchronized sound and was perhaps the pick-me-up the world needed during the worst economic crash in history.
The 2008 financial crisis was no different. As many traditional industries struggled, startups like Airbnb and Uber capitalized on the chaos by creating entirely new business models. They saw holes in the market—needs either not being met or being served poorly—and created innovative solutions to fill them.
Even the Covid-19 pandemic—the one which brought daily life to a standstill and tore down global markets—was a catalyst for innovation. For those businesses ready to pivot, adapt and offer services relevant to the new environment (such as remote work solutions and e-commerce platforms), it was a period of increased demand and unforeseen growth.
The key is to be adaptable and willing to take risks and be prepared to use chaos as an advantage. That’s not to say businesses should be exploiting the hardships people face. Instead, it’s about approaching a problem from a different angle and offering a new way to solve it.
During stable times, businesses tend to stick with what’s working. But in times of chaos, when the old ways are no longer working, there is more incentive to experiment and innovate—and there, the ladder emerges.
Out With The Old, In With The New
Amid the chaos thrown at us by geopolitical circumstances, there has also been a huge technological evolution. Artificial intelligence (AI) and extended reality (XR) have become buzzwords within the marketing industry, but they are far more than that. They represent a profound transformation in how brands can engage with customers, how data can be utilized, and how we can further innovate our marketing strategies.
As we step away from the old ways of marketing, saying goodbye to third-party cookies and Google Universal Analytics, it is time to embrace the new. AI-driven tools like predictive analysis and customer segmentation software can help plug the gaps left by the depreciation of cookies and allow for new, unprecedented levels of personalization, while other aspects of AI can help with everything from enhancing creative processes to assisting customer service teams.
XR, on the other hand, has opened up a brand-new way of providing audiences with immersive experiences. Technologies such as virtual reality, augmented reality and mixed reality have changed the game, bringing customers into a fully immersive environment and allowing them to virtually connect with a brand or product like never before.
For brands looking to climb the ladder, these technologies present an opportunity to create groundbreaking solutions that will undoubtedly set them apart from their competitors. There may be some trial and error needed to successfully integrate AI and XR, but the reward is well worth the risk. I know this to be true because it’s something our agency helps clients with.
The Opportunity In Chaos
Chaos needn’t be a taboo for marketers. On the contrary, it should be seen as a breeding ground for innovation, experimentation and opportunity. By embracing uncertainty, trying out new approaches, adopting new technologies and encouraging flexibility and resilience, marketers can capitalize on the chaos around us and use it to drive transformation and growth.
The key is to remain adaptable and open-minded, with the customer at the center of all future strategies. In doing so, brands can find new and better ways to connect with their customers, delivering meaningful experiences that truly engage with their audience.
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