Advent of IoT and the subsequent digital disruption in every field has led to the matrimony of each field with technology. Often, this alliance has been at the very core of numerous advancements. One such, highly valued amalgamation is that of Marketing and Technology. Going by the textbook definition, MarTech is simply a combination of Marketing and Technology.
Citing a report published by MarTech Today in 2017, “In 2011, there were 150 companies which used technological marketing worldwide. In 2015, their number had grown to 2,000 and a year after, in 2016, it nearly doubled from that to 3,500. In 2017, there are 4,891 companies that are using technological platforms in their marketing strategies.”
Suffice to say more and more organizations are embracing technology to further their commercial gains. While marketing itself is considered to be a vast pool of experts with a knack for grabbing eyeballs of the target audience, the admittance of technology has streamlined the process. It is far easier to pinpoint the exact demographic and understand consumer behavior to the minute details. This enables the Product or Service Development to provide more value to the end customer.
Marketing Technology revolves around –
- Analysing the behavior of the consumer through various platforms. This leads to decrease in the turn back time during research and strategization.
- Smarter ad and search analytics helping the consumer reach their value of interest in no time.
- Automated alerts, reminders and notifications making it easy for both the consumer as well as the organization to remain in touch.
- Better impressions during a campaign with a higher chance of lead conversion and greater ROI.
Most of the organizations have been focused on employing behavioral analytics as per a survey conducted 4 years ago.
The biggest example for the same can be seen on almost all E-Commerce websites. Every time we search for a product on such websites, a number of suggested searches pop up to ensure the consumer gets quick results which are beneficial to them as well. The use of marketing technology has made it possible for the marketers to frame a more defined strategy that can incite quick and relevant responses from the targeted audiences.
Why is MarTech The Future
Without a doubt, the introduction of a new technology does create scope for improvement in the existing field. Apart from empowering and educating the strategy makers, it makes audiences also aware of the changing trend which greatly impacts their interaction with brands. Marketing Technology has helped brands drill down their Standard Operating Procedure to a more targeted plan while adhering to a holistic approach.
The creative solutions driving the conversation are a hit among the senior marketers. The effective methodology to gauge audience reactions gives the team a window to recharge and refuel as well, maybe rethink the strategy they have been following so far.
The AI-powered network also makes it extremely manageable for the marketers to extrapolate the visible results for a near accurate forecasting. Marketing Technology makes it possible for the marketing team and the product designing team to come on the same page while devising a strategy. Taking the example of how Adidas collaborated with the Star Wars for their recent movie Rise Of Skywalker and launched exclusive merchandise drawing profit from the sales even though the movie was not a phenomenal hit. Similarly, Nike used advanced User Behavior Analysis to conclude that India was a fan-favorite for the entire Cricket World Cup Tournament and decided to sponsor them only. Even though India wasn’t able to bring World Cup home, Nike was able to make huge profits which proves how important it is to be able to decipher consumer interest. Another fantastic example comes from the strategy adopted by Reliance Jio. By providing free services for a considerable period of time they were able to collect data real time and better their faults thus providing an excellent collection of services at an affordable rate finally.
Not only the positives, Marketing Technology has also helped brands successfully navigate out of bad press and publicity without any considerable damage and made them realize it is impertinent to understand the shift in consumer sentiments.
Marketing Technology has also made it possible for the brand to reach remote areas with lesser resources and create visibility, all thanks to the Smartphones. Now Mobile Marketing has become a conspicuous part of every brand’s Digital Marketing plan.
This survey, which included only the marketers proactively working in the USA, points out the tools being used popularly. In 4 years these numbers have seen a rising trend only with more people preferring personalization tools over mobile devices to make the experience that much more unique for every consumer.
Marketers have also highlighted a broad number of reasons behind using Marketing Technology in another set of surveys.
Machine Learning and AI have also made it possible to reduce dependency on various variable factors by automating the process. This factor has been dominating the market and making it easier for the marketers to reduce the turn-around time during Customer Response Management as well.
Also Read: The Advent of AI in Marketing
Amongst the many pros of MarTech, one of the most visible is the continuous change in trends of marketing. From push marketing, it has subtly transformed to connecting with the sentiments or habits of the consumer thus making the brand seem like an emotion as opposed to just a service or product. Such connect invokes loyalty in the consumers in the current market scenario where they are spoilt for choices.
Marketing Technology solutions offer a wide range of services. This helps marketers benefit from the same on multiple levels. Additionally, it encourages inter-departmental transparency thus enabling the entire organization to function as a cohesive unit. Marketers often find it easier to cascade their learning in the form of actionable reports to other business units.
It can be concluded that Marketing Technology is definitely the future and front of any Digital Marketing strategy. It is easy and affordable to adapt as well since there is a huge scope for customization basis the entire brand or basis a one-time campaign as well. Marketing Technology is proving to be the game changer both inside the organization as well as in the market.
With a robust MarTech stack at its core, Fractional CMO is a marketing automation agency that serves SaaS, Real Estate and Manufacturing companies' marketing needs. We bring a combined marketing experience of more than 20 years to the table. If you are looking for a MarTech partner who can accelerate your marketing success, connect with us here.