3 reasons why you need to capitalize on voice and how to do it

If you’ve ever asked Siri to text a friend or called on Alexa to play your favorite song, then you understand the appeal of a voice assistant. It makes your life easier and more efficient. The question is: what possibilities does voice technology hold for your business, and why should you take voice seriously as a business opportunity?

1. Consumers frequently use voice assistants to discover media and entertainment
   

Consumers are increasingly using voice assistants to search for and discover new media and entertainment. According to Magid consumer research conducted for CTAM, half of all U.S. voice assistant users report having used voice assistants to learn about video entertainment content. Among other media behaviors, 58% of consumers have used their voice assistant to control their television. Music streaming, as well as messaging, access to news/weather, and search, are no longer differentiators for voice assistants the way they might have been when Apple introduced Siri in 2014. Now, consumer expectations are rising, and with them, so are opportunities for media/entertainment providers to make sure they’re at the front of the discovery queue.

2. Users also rely on voice assistants to make purchases

Online shopping is another prominent consumer behavior on voice apps. When ordering paper towels from Alexa is only a spoken phrase away, it’s no wonder that consumers are eager to order household goods, apparel, books, cabs, and even pizza from their voice apps. Magid consumer research shows that 47% of consumers with access to voice assistants use voice to shop.

3. As a result, monetization opportunities abound

As you might be starting to guess, those companies that forge partnerships with Apple, Google, Amazon, and other popular voice app providers will gain an edge when it comes to voice discovery. If a consumer asks Siri for a TV show recommendation, whose show will Siri highlight? Probably one belonging to a network that’s signed a promotional deal with Apple.

The same holds true for voice-based shopping. When a user tells their Amazon Echo device to “order new socks,” how will the voice assistant decide which brand to buy? If left unspecified by the consumer, Amazon will likely favor brands with sponsorship deals.

Meanwhile, third-party apps are also seizing the opportunity to cross-promote. In 2017, Dwayne “The Rock” Johnson starred in a television commercial using Siri to book a Lyft ride. This three-way collaboration — television, voice assistant, third-party app — marks the beginning of ad innovation around voice assistance.

So how will you move forward to capitalize on voice?