Marketing and technology have become the cornerstones for any prospering business. Be it television or social media such as Facebook and YouTube; we see advertised products and services everywhere. And what makes these advertisements effective are the technologies that are involved in their production. In fact, we can even see technology as an important aspect of the strategies involved in marketing. Also, if you have been a part of the ecommerce business world in this digital era, you must have heard about MarTech.
Martech can be defined as the portmanteau of market and technology as it refers to the application of tools and technologies used by marketers to plan and execute their campaigns. Martech is a growing term in the business world where experts have deemed it important for businesses and marketers. Nowadays, they are expected to be aware of this reference as the use of technology in marketing is only increasing with digital tools and platforms.
Scott Brinker, a marketing technology expert who has created a supergraphic of the marketing technology landscape, has come up with some important details that show the use of digital tools. He had been covering the landscape of marketing technology since 2011. The biggest and, perhaps, obvious finding from the landscape reveals that the use of tools has only grown year after year.
He stated that from just 150 tools in 2011, the numbers peaked at around 7,040 by 2019. Also, another important detail he shared was that the findings did not include certain apps. Most of these built apps were made for specific platform ecosystems, regional apps, and even services packaged as products and citizen-developed apps. Now let us see why Martech’s implementation has grown and become so important for businesses today?
So far, it has been understood what Martech is; however, to many, it must still be unclear why it has become so important today. Therefore, I have compiled five crucial reasons to help you understand why MarTech’s implementation is essential for businesses.
We all know that content is the king. However, it is the data that dictates everything in any business. Be it the platform or the timing of the post, or the type of post that a business should focus upon, it is the collection and marketing analytics of the data that decides whether a strategy will work or not.
Today data is available in abundance, and marketers have access to it. The analytic tools have ensured that data don’t remain controlled simply by well-funded organizations. Data has become the resource that marketers can use to refine and visualize their marketing strategies to deliver business value. Also, it helps with customer mapping as well.
Marketing in business has evolved tremendously in recent years because of the extreme rising competition. A quality product and service alone can no longer make the sale for it as there are so many touchpoints in marketing that can influence the customers. A lot has changed since the advanced technology boom, and today besides boasting of a great product and service, the companies are required even to maintain a strong presence with their consumers. And this is where market automation unleashes its power. It enables marketers to connect with their consumers at large. The simplest way to connect is to send a personalized message through email or messaging app.
To ensure the growth of the business, bringing in regular customers is important. However, it is customer retention that is extremely crucial. And we all know how big social media has grown today. It has become an integral part of our daily lives, and intelligent marketers know its worth. They understand that by harnessing the power of social media through fresh, valuable, and engaging content, they help their business grow rather quickly. Not only can they bring in more awareness for their products and services, but simultaneously, they can ensure the engagement and reach of their business brand through video marketing etc.
We only heard about the poor customer service experience where many customers felt let down by the company for a long time. Businesses didn't give customer service a lot of importance until digital marketing made the competition stiff. Today, every business takes its customer service department seriously, for they understood the hidden value in it. Customer service can help with customer retention and bring in positive word of mouth for the business brand. As a result, it can lead to an increasing interest amongst more potential customers.
Digital asset management or DAM is a business practice of maintaining and storing information through technology in a centralized location within an organization. With marketers continuously collecting and evaluating data to web out various marketing strategies, DAM ensures that all the data are stored in safe places for future references. As a result, companies can become more efficient in sharing any stored data anytime with their team to ensure better returns and productivity.
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A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.