MarTech comprises the various software solutions used to achieve marketing goals. Businesses acquire point solutions from MarTech vendors to build a “stack” of tools that help them optimise the customer experience on owned media and platforms such as a website or app. Thanks to ongoing digitalisation and events such as the global pandemic, marketers are set to lean more heavily into MarTech in the years to come.
Some of the trends driving MarTech adoption include:
End of third party cookies – Google’s move to block third party cookies from 2023 onwards, as well as Apple’s focus on privacy, has rankled marketers and the US$100 billion market for targeted advertising that relies on third-party tracking. Businesses will have to pivot towards first-party data and start relying on Customer Data Platforms (CDP).
Integration with eCommerce – As online marketplaces and super apps have become the go-to platforms for consumers, MarTech solutions will need to provide seamless integration to optimise the end-to-end customer journey.
Emergence of “hybrid” customers – The COVID-19 pandemic has given birth to a new “hybrid” customer segment whose impressions of a brand are informed by a multiplicity of offline and online channels, necessitating the use of MarTech to track customer touchpoints.
A proficient MarTech stack will enable marketing teams to understand customer interactions at every touchpoint and use those insights to iteratively improve engagement. To encompass the entire customer journey, a stack needs to cover the following:
Conversion Rate Optimisation – To improve conversions via website, apps, or other owned platforms through A/B testing, experimentation, and hyper-personalisation. Tools: Insider
Lifecycle Management – To automate and personalise email messages, conversations, and other interactions for lead nurturing. Tools: HubSpot, CleverTap, Braze
UX/UI Enhancement – To discover what customers need, add new functions and content, and iterate usability across the customer journey.
The right tools, coupled with the right strategy, can help marketers boost customer acquisition, enhance customer lifetime value, improve marketing efficiency, increase productivity and automation, create single view of customer, and empower in-house talent. With only 18% of brands having mastered their extensive MarTech stack to produce a “gifted” or “genius-level” performance in 2020, brands are still trying to experiment across websites, mobile and social platforms. But rather than adding on to their MarTech stack, marketers should take stock of existing inventory and work towards optimising across people, process, technology, and data.
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