What Is Martech? Know More About The Benefits Of Martech
Welcome to the world of Martech- the innovative Marketing and Technology amalgamated technique.
The journey you are about to embark on involves a detailed breakdown of why EVERY company should have a fair knowledge about Martech scope.
How YOUR company can benefit from it and most significantly, why companies who don’t employ Martech might be left behind.
Excited to experience more about Martech?
I hope you are!
However, before we dive further, let’s first define: What is Martech?
After reading this article you might know how essential is martech and how brands need to leverage its benefits.
Today, Martech is a buzzword, that’s doing all the noise among the marketers.
Martech is basically the blend of both marketing and technology.
You may be already using these Marketing technology strategies but don’t know that they have a collective term called Martech.
Moreover, whenever it comes to adopting new technical jargons, it becomes highly intimidating for most business owners to accept it.
It’s quite simple, martech tools help you to improve your marketing through the smart application of technology.
What is Martech?
“The market is moving so quickly that if you plan and plan and plan you’ll find the plan is very quickly out of date,” Glenn Flower.
Wondering what was the need of Martech for businesses?
Businesses were already getting ample amount of success, but still they had to integrate marketing and technology to accelerate it.
Let me tell you, the main motive behind bundling marketing and technology together was not just about decreasing costs.
It is also about bringing in additional revenue, using available resources efficiently and to bring technologies related to marketing under one roof.
MarTech has significantly influenced the perception of marketers to do their work in recent years.
It has given them the ability to interact with wider audiences, make smarter decisions.
They now have the opportunities to leverage the power of the internet to grow their businesses in ways that would not have been possible before.
The Inception Of Marketing Tech
If we go on to see the rise of martech to what it has been today, we need to revisit the past.
Previously, marketing was product-driven, then it shifted to being buyer-centric.
Then it turned human-centric, where customers were viewed as whole persons with emotions and a need for purpose.
With the emergence of social media and smartphones, there came a necessity of a fourth era: Marketing 4.0.
Customers post their purchase assessments for anyone to read, and marketing claims can be checked on social sites in seconds.
So, to match the different period of evolution of Martech, it had to change accordingly.
In Martech 1.0, the challenge was building customer and prospect lists to help marketers drive awareness of product features.
The challenge for Martech 2.0 was supporting customer segmentation based on demographics, past purchase histories.
Further, Martech 3.0 required a deeper understanding of customer views to support psychographic segmentation and personalized, highly tailored responses driven by interpretations of recent buyer activity.
MarTech 4.0, a community view is added on top of requirements from the preceding eras.
MarTech can help your marketing department become increasingly efficient and effective.
Over the next decade, marketers expect to see unprecedented growth in their marketing technology usage.
Developing teams have an eye on how they can implement this array of marketing technology to the fullest.
According to martechtoday, the marketing technology landscape now boasts a roster of nearly 5,000 companies.
There are so many marketing technology solutions out there that it seems like a new one pops up every day.
Each does such fantastic stuff like providing new data points, measure a different channel, track the customer journey, and more.
While all of these martech solutions have essential benefits there are other overwhelming benefits also.
So, we have curated a list of how can businesses utilize Martech for brands benefits.
Benefits of Martech
1. Enhanced customer experiences through increased relevancy and personalization
New to machine learning?
Then you need to know about it right now.
Machine learning is the ability for a machine to learn input tasks and use them in the future for automation.
The best marketers are employing machine learning nowadays.
It helps them to understand, anticipate and act on the problems their business sales prospects are trying to solve.
More faster and with more clarity than any competitor.
It gives you the insight to tailor content while qualifying leads for sales.
It finds out what’s most useful for each prospect and customer.
Machine learning is taking contextual content, marketing automation including cross-channel marketing campaigns and personalization, to a new level of accuracy and speed.
In the age of the consumer, this data is incredibly necessary for a brand’s success.
2. Automated data gathering, customer profiling, targeting and analysis
Isn’t marketing automation the heart of B2B marketing organizations?
More than half of B2B companies have already invested in marketing automation, and the adoption rate isn’t slowing down.
Every martech tool is embedded in AI and machine learning.
Segmenting and sorting the specific set of data for predictive analysis and automation is machine learning.
Automation saves a lot of time, and on the cusp, this enables better conversion and tracking of behavioral data sets.
Active customer engagement helps conversion which entails brand loyalty.
But what they have forgotten is to retain old customers.
You should have a deep understanding of the marketing funnel before you can come into play.
It’s easy for marketers to set up their martech to focus on acquisitions, treating potential new customers as more critical than existing clients.
“It’s not just about acquisition or retaining customers, it’s about how well you can keep the customer experience in mind.
It is a reputational issue, too.
Take for example Chatbots, they are available 24*7.
Chatbots helps by automating the initial process of capturing more leads and predicts a customer’s buying journey.
Bots collect information like location, price range, gender, characteristics and lot more.
In the process, it saves the time of both the client and agent by collecting necessary information.
The chatbot marketing helps in identifying target customers, so you never want to waste your time to set new lists for targeted people.
The bots are more reliable in engaging potential clients and ensure leads stay connected after the initial contact is made.
The bot resolves the customer problems within no time. Quick response time will be a significant factor in keeping the customers engaging.
For example, a bot can schedule the meeting to give you time to do more important things.
Customer service is vital for a brand to clarify product related questions. New services are now focusing on A.I. technologies for businesses.
3. Improved measurement of marketing effectiveness with time
Although leveraging MarTech aids in businesses gaining a competitive edge, not all companies have committed to it.
Marketing tech gives marketers more time for creativity.
Automating tasks that previously absorbed valuable time is surely going to be a preference for marketers.
It frees up resources, you can channelize more energy and your team can focus on other efforts.
Instead of guessing what works, employees can spend more of their time on creative and strategic tasks.
Technology that closes this gap is incredibly valuable.
4. Improved marketing performance with insights
Martech is a confluence of marketing and technology.
73% of marketers believe 2018 will see the advent of Artificial Intelligence (AI).
Whereas 20% think voice-search technologies like chatbots, smart assistants will dominate.
Why spend more time to extract data that suits your business.
Leave it on artificial intelligence, be a smart-worker, not a hard worker.
Martech will allow extracting segmented and filtered customer base from the huge warehouse within a fixed span of time.
If you are in the Marketing Tech vertical, what you are doing is cool, but think what you can do differently.
Your company can gather useful data on its customers; it will find patterns that connect specific behaviors to purchasing decisions.
Further, you can automate processes that serve those behaviors.
Predictive marketing solutions pull off all the relevant data sources in your organization and make it easily accessible to you.
This means you can concentrate on using the information to drive sales rather than getting lost in excel.
Irrespective of company size, brands are using martech to improve the effectiveness of their marketing effort.
You need to see that your martech requirements should align with your strategy and business goals.
Thus marketing tech empowers marketers with the knowledge to ensure they are not shooting in the dark.
It becomes easy for them to track the outcome of their marketing effort.
This implies that not only “martech”, machine learning and artificial intelligence is an integral enhancer to the digital platform.
Regardless of what strategy your company is focusing on this year, Martech effectively is the key to winning.
There is a subtle beauty behind this marketing tech strategy.
It’s entirely up to you to decide when and how you want to incorporate it.
As a marketer, it’s your job to promote and enhance your company’s goals and objectives across various marketing mediums.
You need to evolve and embrace the marketing and tech duo to get started right away.
Understand the marketing scope to connect with who and where your prospects are.
Today even the blockchain industry is growing, and so is digital marketing.
Baby steps towards improvements make YOU a player in the long run, but the process can be challenging.
Leverage the strengths of the two, and eventually, it will improve your marketing through the application of technology.
The applications of Martech are endless.
Marketing and Technology have become an inevitable part of any business.
But you need to be patient.
You cannot think that you’re going to get returns right from tomorrow because you won’t.
In 2018 most of the martech providers are working on creating a robust algorithm that will scale up high in real time.
Marketing and Technology is the new edge carving the martech landscape.
What do you think?