CMOs are embracing AI but there's more possibilities out there. Emerging tech like virtual reality and 5G also have the power to innovate marketing.
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When it comes to the trends and technologies shaping marketing today, it's easy to see why AI has dominated the headlines.
The rise of generative AI is a watershed moment for marketers, transforming the landscape for creative expression. To stay relevant in the age of quantum marketing, CMOs must embrace and leverage AI — and the majority of marketers are already beginning to. But it is worth remembering that AI is far from the only emerging technology presenting an outsized opportunity.
In fact, there are two dozen digital technologies disrupting the industry at this very moment, including augmented and virtual reality, 5G, robotics, and wearable devices. The confluence of these technologies will have a profound impact on marketing, influencing every facet of a brand's relationship with consumers.
To survive in this new paradigm, marketers must be open-minded —acting swiftly and smartly to embrace, test and prove the value of these technologies, all while safeguarding consumers' privacy and data.
Marketers need to face the reality that technology is changing how we can, and should, engage consumers and customers. Skilled marketers forge emotional connections, and that kind of creativity can't be replaced. But new technologies can vastly enhance our creative capabilities, extending our reach and helping us measure results. Achieving this balance creates the best of both worlds and ensures that marketers — not robots — are the ones driving the industry forward.
We are amidst a period of rapid and ongoing shifts in consumer behavior that show no signs of slowing down. For instance, Apple's recent launch of the Vision Pro, with reported sales of 200,000 units, may seem modest, but it serves as a compelling signal for marketers to take note. As AR / VR / MR devices become increasingly mainstream, a wealth of new opportunities will emerge, fundamentally altering how we engage with audiences on these novel platforms.
Mastercard
Embracing a culture of continuous learning is paramount to ensuring a brand's resilience in the future, yet traditional budgets are predominantly focused on delivering performance and results in the short term. By dedicating a portion of the overall budget to innovation, our focus shifts from merely meeting and beating benchmarks to fostering curiosity in real-time. This allows us to actively—and quickly—explore how emerging tools and strategies can deepen our connection with customers.
At Mastercard, "Sandbox" innovation challenges ask employees to submit ideas that solve a specific problem or embrace a new technology. The enthusiasm for these challenges has been remarkable, as they give everyone the opportunity to think beyond their usual roles and display their creativity. We also set aside a budget to bring key ideas to life.
One example is the Mastercard Artist Accelerator — a tech- and talent-centered music program geared to helping emerging artists create, collaborate and monetize their work using emerging tech like GenAI and Web3. Launched in 2023, the successful initiative went from a Sandbox challenge submission to in-market launch in a matter of weeks.
It's important to remember that, at the leading edge of marketing, traditional key performance indicators alone may not be a good gauge of success. Emerging platforms might have smaller audiences or non-traditional use cases, making them ill-suited for an apples-to-apples comparison. If you're pursuing a platform or strategy that has yet to be truly harnessed, you don't have the benefit of case studies or established benchmarks.
On the flipside, new data-driven capabilities allow us to connect dots across the consumer journey—proving quantifiable impact whereas we just assumed value before. The upside is that this gives marketers tremendous freedom to determine if, and how, investments are paying off.
In a world driven by emerging tech, where every device is getting connected, and every connected device is capturing loads of information, it is not surprising that Marketers possess more consumer data than any other professional group. And marketing substantially contributes to and shapes the data ecosystem.
This underscores the critical role CMOs play in responsibly reshaping our approach to collecting, securing and utilizing the data consumers share with us. Consent and Privacy by Design, a philosophy that minimizes data collection and embeds privacy considerations into every stage of product development, are terrific guiding principles for every business in our rapidly shifting digital landscape.
By embracing change, handling data responsibly and investing in innovation, brand leaders can make emerging tech their stepping stones — not stumbling blocks — as they push the industry forward.
Raja Rajamannar is the chief marketing and communications officer and president of healthcare, at Mastercard
