In the constantly changing digital landscape, marketers are struggling to adapt to various roles to keep their customer base. However, since the beginning of the pandemic, their job has only become even more challenging.
According to martechtoday, the marketing industry is said to lose $222 billion in the budget, and approximately 30% of staff being laid off by the end of 2021. Such depressing insights depict the upcoming harsh realities that the industry will have to face. However, amidst such gruesome times, marketing technology (more commonly known as MarTech) may help to provide promising results.
Helping to optimize marketing activities, MarTech plays a crucial role in providing personalization and automation that improve and enhance the customer experience. From tech giants such as Oracle, Adobe, and Microsoft to the rising ones such as Segment and Exponea are seeing promising results and high ROI, with the adoption of MarTech. But the companies that have been waiting for the right time for adoption of these technologies for better marketing are witnessing a sharp decline in the growth.
To elaborate on how MarTech can yield such promising results and what factors contribute to its enormous growth here are some insights:
Without a doubt, data holds a key to the success of any marketing strategy. It helps not only marketers with crucial insights but supports all the departments within the organization.
To leverage the power of data, a culture of analytics is essential. It helps to remove any biases for decision making, which are necessary for the growth of any organization. As data is one of the driving forces of MarTech, the company that has the right tools and alignment with its goals to an organization can see promising results.
Making Automation a Priority
Even though there is a huge cut in the budget and workforce, which is only predicted to soar, it is still necessary for marketers to keep providing value and to keep a strong presence in the lives of customers whether they are buying the product or not.
Technologies such as AI and machine learning provide a way to keep in touch with a broader customer base and customize messages across all platforms. With MarTech, marketing teams can efficiently tailor their campaigns for their product and services. Using the intelligent RPA and hyper-automation the marketing team of an organization can rest assured that they have made the right decision.
Clinging to traditional RPA and generic automation is not going to work well. Hence, with the right automation tool and an analytics-driven culture, the MarTech methodology can deliver on customer expectations.
Building Relationships with Customers
Every marketing team wishes that they could adjust their spending to account for their sales – fewer sales, fewer ads. However, this is hardly the case. As customers want to keep in touch with their brands across all touchpoints, it has become essential to learn about their habits and their needs.
Today, customers desire the products that not only solve their intended problems but can also deliver an intuitive experience. With innovative MarTech, marketing teams can maintain constant interaction with their customers and maintain a high level of customer experience. Such efforts can pay off in the long run by providing meaningful insights into customer behavior.
Through creating campaigns such as “we’re here for you”, marketers can make the customer feel that their voice is being heard, but it still costs a significant amount of money. Hence, using technologies of the marketing stack can help companies get the most out of their marketing campaigns.
Due to the proliferation of COVID-19, marketing challenges have increased. Hence, utilizing every aspect of the marketing, such as keeping the data clean, moving the information quickly, and engaging customers, still poses a great challenge. Thus, the adoption of relevant Martech and its best practices is the only way to sustain and thrive in the current economic climate.