According to Denise Persson, a marketing expert at Apigee, digital marketing channels and apps are relying more and more on the power of APIs. This burgeoning digital global economy involves the exchange of digital assets, and marketing executives are beginning to understand and implement their transformative power in innovative ways. Perrson believes that CMOs can use APIs to grow an existing business in 5 distinct ways.
1: With 30 billion web-enabled devices estimated for 2020, the Internet of Things (IoT) realm is at it's dawn. APIs can be used as the critical method of real-time communication between all these devices.
2: In today's digital economy, business relationships are formed through the exchange of data assets. Partnerships can help a business extend their data value, and with an API these distribution channels are standardized and made more efficient. By sharing data through APIs, businesses can connect to fuel additional growth.
3: APIs can be opened up for 3rd party developers to use to create apps, inspiring innovation, and opening up new revenue streams by pricing per data usage. For example, Walgreens recently published an API, and now has 75 apps integrated with their QuickPrint functionality.
4: APIs can create brand new product experiences. For example, AT&T recently deployed an API to turn a subscriber's monthly phone bill into an easy-to-follow explanatory video. Innovative API techniques can increase value for the customer, decreasing customer service calls.
5: APIs are quickly becoming the focal point for organizational, technical, and security concerns for digital businesses. It is becoming an industry expectation to include an API as part of a company's marketing interests.