Blockchain. Omnichannel. Influencer.
In marketing, you may hear words like these being tossed around and overused to the point of absurdity. Such is the nature of the buzzword. However, these terms become buzzwords for a reason, even if they’re distorted or devalued by the industry echo chamber. These words spring from trends and happenings in the marketing industry, and to understand them is to stay current – despite the cringeworthy nature some of them possess. So, let’s explore some of these terms. Some you may be familiar with, while others you may have written off or tuned out. Whatever the case may be, they’re all relevant (to a degree).
Let’s start with one of the most prevalent buzzwords in recent memory. The word may conjure images of vapid Instagram celebrities or “Why are they famous, again?” reality stars, and while these types may fit the description- the term influencer reaches far beyond this insulated bubble. According to Forbes, “This thinking confuses influence with popularity. The act of influencing requires a specific result: a change in thinking or behavior. An influencer, therefore, is someone who has the power to influence the perception of others or gets them to do something different.” This means that businesses can use influencer marketing without enlisting high-profile social media celebs. Resources like BuzzSumo can help find influencers within certain industries.
You’ve probably heard the word “blockchain” as it pertains to cryptocurrency, the online currency which recently had a sizeable resurgence. However, its applications are much wider, with uses everywhere from marketing to healthcare. Blockchain is a decentralized ledger system, which according to IBM “creates a shared system of record among business network members, eliminating the need to reconcile disparate ledgers.” In marketing, this could revolutionize interactions between advertisers and those selling ad space, while in healthcare it could improve the accuracy of electronic health records.
This term isn’t necessarily new but continues to take on more meaning as the number of marketing platforms increases. It’s also one of the more self-explanatory buzzwords. Take omni- or “all” and channel- or “medium for communicating information” – and there you have it! An omnichannel marketing approach is simply one that covers all available channels, from websites to email to social media pages to apps and beyond.
While all marketing decisions are (ideally) based on data, the term “data-driven” has a bit more depth. We recently discussed programmatic advertising – a software-based marketing tactic used to replace time-consuming human elements and create hyper-targeted marketing campaigns. Programmatic advertising uses data-driven decision making. Customerthink defines the term as “an adjective used to refer to a process or activity that is spurred on by data, as opposed to being driven by mere intuition or personal experience. In other words, the decision is made with hard empirical evidence and not speculation or gut feeling.” Think of it as marketing decisions and strategies that aren’t bogged down by human hangups.
These are but a few of the marketing buzzwords you’ve likely been hearing and will continue to hear further into 2019 and beyond. Take a look at this great article for even more phrases to get familiar with, and stay tuned to our blog for more industry tips and insights.