Everyone Can Get On And Off an Escalator, The Same Is Not True For An Exponential Curve
Exponential is defined commonly as a rapid increase of a particular value that can be measured with an exponential function. An example of this in common speech is “Prices have increased at an exponential rate.” This term sees use in mathematics, business, and the information technology field. To apply this to inbound marketing consider two factors one continued growth and two various numerical combinations as it relates to goods and markets. The constant theme to keep in mind is that everything is growing in the modern market in terms of market size, goods, available information, big data, and technological expansion. Below is further examination of exponential growth in the marketing industry.
Exponential Growth In The Broader Sense
The term exponential times has been applied to many facets of the modern world. In the general sense, it means that several factors are leading to rapid advancement in several areas and fields. Technology is by far the most visible of these. The rapid advancement of cellphone technology is one of the most visible examples of this in the modern world. But it’s not just consumer products that are advancing at a rapid pace database technology, computing power, artificial intelligence, and the global reach of businesses to their consumers are also growing. This has resulted in a market that is global in scope, requires quick reaction to market trends, and the ability to access data in real time. This makes inbound marketing particularly challenging as customer markets have expanded in scope and while reaching them through technology has become easier the sheer volume of competing ‘noise’ has also greatly increased.
Exponential Growth In Goods And Markets
Inbound marketing is greatly affected by the above mentioned factors. Exponential growth in data collection and access has created a market environment that is larger than ever but requires more precise marketing than ever before. For example older target markets were somewhat inexact and based on demographics such as age, geographical location, marital status, profession, and so on. In the modern market some demographic studies have become so precise they measure a target market based on TV viewing habits at certain hours during the week. The global marketplace has also greatly expanded as well giving you access to more customers than ever. This has created its own unique problems in marketing as you have to be very specific on who you target and also consider foreign culture and languages as well if you are in the global marketplace. Lastly, growth of social media and customer directed marketing has created a lot of information for potential buyers to sort through meaning your own inbound marketing has to stand out amidst a sea of competitors.
Solutions
The exponential growth of the marketing industry will require more advanced systems to review and filter the sheer volume of information now available, the multiple marketplaces, and the many products a company produces. This is where AI will come in. Artificial intelligence will be able to organize highly detailed customer information into highly specific target markets that offer a high rate of return. It will also be possible to calculate various culture factors that an individual may not be aware of. Given the quick response time needed to succeed in a global marketplace, AI will allow you the agility you need to be proactive in the market instead of simply reacting to changes.