The student initiative Business & Finance Club invited five marketing experts from eccelerate, Detecon International GmbH, Morefire, MPCG Michael Prothmann Consulting Group and DB Schenker to the CBS Campus for the largest Marketing Day to date. As an association of around seventy students, the Business & Finance Club regularly offers free workshops and presentations by guest speakers on financial and investment topics. On Marketing Day 2018, the five speakers presented their most important digital marketing trends.
1st trend: Amazonisation
Bastian Latt, Director of the digital business consulting company eccelerate, pointed out in his presentation that technology has led to a democratization process. 80 and 90 percent of Germans currently own a smartphone, which is an ideal interface for mobile and online marketing. The Munich-based consultant saw the strategy of “Amazonisation” as the most important future trend, based on aggressive expansion tactics, a focus on customer experience and a culture of continuous improvement. According to Bastian Latt, even conservative industries such as insurance would have to open up to this influence in the long term.
2nd trend: Audio and video formats
In his presentation, Claus Essmann, Associate Partner at Detecon International GmbH, emphasized 5G as the technological basis for smart cities and intermodular mobility. The biggest shortcoming of 5G at the moment would be its high energy balance – a problem which, according to all forecasts, will be solved by 2020. With the 5G network standard, digital advertising will be played out faster and the use of audio and video formats in mobile and online marketing will increase in the long term.
3rd trend: Phase-oriented online approach
“Leadership in the digital age” was discussed by Robin Heintze, managing director of the online marketing agency Morefire, and Michael Prothmann, management consultant of the MPCG Michael Prothmann Consulting Group. In their presentation, they recommended placing advertising messages online using the See-Think-Do-Care framework, i.e. according to the phases a user goes through on the way to purchase. In the sea phase, users are reached who are eligible for a product on the basis of their profile. The think phase is aimed at users who are just thinking about buying a certain product. In the Do phase, users are addressed who are proactively looking for a solution to a particular problem. The care phase is aimed at customers who have already bought something.
4th trend: Chatbots
Barbara Reuter, Head of Marketing Operations at DB Schenker, cited chatbots as the most important trend in the marketing industry. According to the expert, dialogue systems have already begun to revolutionise customer contact and will continue to gain in importance. According to a recent study, millenials would rather communicate eight times via whatsapp than in a personal conversation. Nine out of 10 consumers would also be open to business bots. Barbara Reuter compared the use of chatbots with chocolate eating, where the user would feel an immediate reward. In the future, these bots could also assume the function of a browser.
More information on the activities of the Finance & Business Club can be found at: www.cbs.de/en/practice-career/student-initiatives/finance-and-business-club/