Marketing and the future of innovation

Marketing

Fifteen years ago, if anybody had told you that a non-existing startup will turn out to be the world’s largest taxi company and it would have no single taxi to its name, you would have dismissed it as a hoax.

Here we are in 2018, Uber, the world’s largest ride-hailing company with over 2 million drivers globally and with about 750,000 in the United States alone. If other competitors such as Lyft, DiDi Chuxing and Ola are priced in, the last 15 years has been a major shift

The same applies to Instant mobile messaging.

If anybody had projected that a non-existing app with a weird name-WhatsApp would overtake the BlackBerry Messenger, Yahoo and Google Talk, such projection would have been taken with a pinch of salt.

Today, without a single user in China (the world’s .most populous country), WhatsApp said it had about 1.3 billion monthly users and 1 billion daily active users as at July 2018.

The list is endless. It turns out that 15 years ago, Google Chrome, Spotify, Bitcoin, Instagram, Square, Airbnb, SnapChat and even iPad were not here.

These unprecedented shift in business, marketing, labour and economic direction tells us we are in a century that might turn out to be the most outstanding in the history of humankind. Many job roles are created today with specificity to a startup or design requirement. These will see many people out of the labour market as artificial intelligence ( solve many problems requiring manual and physical interference.

New jobs are being created with older and traditional jobs being redefined. Marketing and media skills have also seen a paradigm shift. The strategy of creating awareness and connection with the target market/audience for these emerging industries also have their nuances.

As a takeout, agencies must be on the train of innovation in order not to be left behind.

First published in NEXTGEN, a weekly newsletter of SBI Media Limited.