Role of Culture and Technology in Setting Up a TrendBy CIOApplications Europe
Our everyday activities, choices and preferences are now part of modern marketing. These play an important role for brands to introduce lucrative offers that tick us hard. It is hard to know what is going to interest consumers down the line. However, unlocking the mystery of trends is a real challenge but can be achieved with proper analysis and use of technology like artificial intelligence. Data collected from social media, surveys, feedback is fed to the technology and by applying the algorithm it is capable of predicting the trends that would interest the consumers in the proximate future or long term. This valuable insight of consumer’s mindset turns out to be a game changer and gives an edge over competitors. Prior to applying any trend, one must look out for a few things.
Culture is Core
Any strategy or trend’s ultimate goal is to connect with the target audience. Therefore it should have social, emotional or satirical touch with it making it easy to associate itself with the human mind. This is caused by macro forces and attitudes impacting human behavior. It necessary for brands to include culture into their marketing strategies as it plays a critical role in shaping pivotal trends. For ideas to become a trend and last long, it is important that it makes a deep connection with younger generations based on their personal identity and choices which impact the concept of authenticity, privacy, and freedom. To predict trend businesses need to understand three worlds at the same time: world of people, world of brands and world of culture.
Embracing New Technology
With the change in time, the process of making strategies also has observed changes. Traditional manual analysis is getting obsolete, instead machine learning and artificial intelligence technologies are being embraced which give greater and many accurate insights into the human mindset. These technologies give real-time analysis enabling brands to modify their marketing strategies too in real-time and keep up with the change. Complex and large volumes of data are supported for analysis which is quite harder for humans. Also, enables the brands to segregate their target audience based on personal and social choice and plan business strategies accordingly.
The core idea is to understand the mindset of the consumer, blend the strategies with culture and embrace new technologies for analyzing and predicting future trends. Customer satisfaction and connectivity is the ultimate goal.