Martech is part of the digital technology world which has become extremely volatile, especially with the new technology constantly evolving to help develop unique marketing strategies. Revolutionary new marketing technologies come up ever so often and prove to be highly beneficial. When it comes to the ad tech world, marketing automation has been all the rage lately. So we have compiled a list of 5 ways Martech can boost your marketing strategies.
According to the Marketer vs. Machine report by Adestra, 74% of marketers mentioned saving time as the biggest benefit of marketing automation. Other benefits included timely communications, upselling, and increased customer engagement.
Whether it’s integration with natural language processing (NLP) or machine learning (ML), marketing automation is helping businesses outgrow their competitors. In fact, the Lead Generation Marketing Effective Study by Lenskold states that 63% of businesses that are outgrowing their competitors are using marketing automation.
Now, marketing automation is part of a wider fusion of two domains called MarTech. MarTech brings together the concepts of marketing powered by top-notch technology. This marketing tech or adtech helps marketers execute digital strategies faster and more effectively. Here’s how MarTech tools can help you optimize and flourish your business.
1. Martech enhances customer engagement and experience
One of the biggest purposes of digital technology has always been enhanced experiences for customers. Digital technology, especially adtech, aims to provide customers with better products and seamless user experiences. With MarTech, businesses can take this purpose to an even higher level.
MarTech tools, with the help of natural language processing and machine learning, provide marketers insights into personal information, subscriptions, customer purchase patterns, demographic, past conversations, market demands, behavioural data, and more. Marketers can then use these insights to develop better and highly-targeted marketing strategies that come with high potential.
A marketer has automated a lead generation email using a MarTech tool to be sent out to two-thousand subscribers. The content of this email is highly personalized and created by keeping the above insights in mind. Now, when a 30-year-old man receives an email about a good anti-ageing face cream in their inbox, they are more likely to follow through the purchase than a 16-year-old teenager receiving the email.
Clearly, personalized emails enable businesses to find high-quality leads with a higher probability of making a purchase.
With that being said, MarTech is not limited to internal automation but can be adopted into physical hardware to enhance the customer experience. Large financial institutions have utilised this by adding RFID technology to improve their users’ security.
2. Smarter content curation and creation with new marketing technology
Companies tend to bring out a new marketing technology after the other without first assessing their content. There are many instances where a company could come up with a great new marketing strategy but couldn’t get good results. They fail to understand that maybe it was their content that was lacking.
According to a report by Digital Trends, 73% of consumers prefer to do business with companies that personalize their shopping experience. MarTech tools powered by natural language processing and machine learning can provide key insights into customer preferences. Businesses can then utilize these to create highly personalized content that speaks very closely to the customer’s personality and needs.
3. Marketing automation improves productivity
Marketing involves many time-consuming tasks, which in some cases can decrease work productivity, but with the recent shift to digitalisation marketing technology has enabled marketers to streamline workflows and processes using marketing automation tools.
One can now automate a particularly redundant task and focus on other high-priority tasks such as automated customer profiling, data collecting, or spreadsheet updating, marketing tech enables you to boost your time efficiency by leaps and bounds. The time saved also allows marketers to dedicate more time to developing new unique ideas.
4. Martech can boost excellent alignment between sales and marketing
A marketing strategy won’t work well unless there’s alignment between the two teams responsible for bringing customers and making sales – the sales team and the marketing team. Often, the company will receive below average results, owing to a choppy alignment between these two teams.
With MarTech tools, businesses can help these teams streamline their workflows and work in harmony. When the marketing team provides high-quality and sales-ready leads to the sales team, they have a better chance of converting them into paying customers. Thus, MarTech tools enable both these teams to work with reduced friction and increased efficiency.
5. Effective measurement strategies using adtech
Often, marketing includes a lot of guesswork. Marketers have to constantly play catch-up and assess which strategy is working and which isn’t. This guesswork is also not based on concrete and proven key performance indicators or KPIs. This is where marketing tech or MarTech tools can lend a helping hand.
Almost all MarTech tools provide marketers with an insight into the KPIs. How many people added a certain product into their shopping carts? Which was the most common touchpoint in the customer’s journey where customers abandoned the purchase?
Now, when marketers know that the customer clicked on an Instagram ad, visited their website, viewed the product, but ditched the purchase at this point, they know their weak point. Once an analysed has been carried out they can choose to optimise the part of their customer journey to achieve business objectives.