The adoption of digital and artificial technologies has made a substantial economic and social impact for faster work processes in the current scenario. As lockdowns continue to affect across countries, there is a specific need for governments to evaluate the unique possibility of incorporating automation, artificial intelligence (AI) and analytics across key industries to function better especially in these challenging times. According to reports, the McKinsey Global Institute identified the adoption of digital technologies as the biggest factor in future economic growth and it is likely to account for about 60 percent of potential productivity by 2030. In fact, AI alone is expected to yield an additional 1.2 percent in productivity growth per year from 2017 to 2030. The marketing teams across businesses have been struggling for years to adjust to their changing roles amidst the digital transformation. This year, the global pandemic, layoffs and other factors have added to the changing market place. Data is probably one important factor which businesses can use to drive positive outcomes and support business growth. Businesses with correct know-how about the smart ways to handle and analyze data efficiently across their operations have a competitive advantage. The need for rapid data transmission has led companies to rely on data processing services to handle challenging data entry and analytics needs.
Amidst this pandemic, marketing teams in organizations are more concerned about pressing issues like how many more people and how much more money may be cut from their teams in the coming year. However, there is one unique aspect of marketing that seems to be doing well even during this stressful period i.e. “Martech” (the abbreviation for Marketing Technology). Marketing stack (a collection of technology-based tools or Martech) offers a prominent role in providing personalization and automation that will help enhance customer experience. Customer data platforms from both big and small companies (like Oracle, Microsoft, Adobe and SAP) help companies create a single, united point of knowledge about specific customer preferences and needs. Here discussed are some of the common reasons why investments in “Martech” witness a huge growth, amidst such huge losses –
- Data is Important More Than Ever – Data is nowadays more important than ever, as companies need to use the data that has been collected. Data needs to be stored and mined for insights that can help not only marketers, but other departments as well. A culture of analytics is not just about data either. Rather, it is a fundamental way of running an operation to center itself on data removing bias from decision making. This is the stage wherein importance of tools arises. Right from real-time data streams for e-commerce or IoT to greater CX data from customer, customer data platforms are a prominent way to handle data from various sources. Therefore, make sure to invest in a specific data platform that can help you get the most from your data. But, investing in the right technology with the wrong people will never yield optimal results. This may be the primary reason why analytics software providers like SAS are committed to encouraging the “Analytics Culture.”
- Focusing on Automation – Reports suggest that the marketing teams will lose $222 billion in budget and 30 percent of their staff by the end of 2021. It is important for these teams to bring in a dynamic presence in the lives of their customers, whether they are making sales or not. Automating the processes is a unique way to build touch points with a fewer people and limited budget. Even more than big data, marketing teams now need to devise new ways to promote personalized messaging on all relevant channels quickly. Artificial Intelligence (AI) and machine learning now move beyond traditional RPA on marketing lines. Intelligent RPA and hyper-automation make the most of their marketing dollars. This is something that is being built into marketing clouds, CDP and other marketing automation tools. Generic automation may not bring the expected results. However, trying to personalize without the right tools to grow is nearly impossible. Finding the right balance is the key and this is where the tech layer and analytics culture must find momentum to deliver on customer expectations.
- Understand the Effectiveness of ROI – In the current pandemic situation, it is crucial to understand how you spend your money on marketing activities and whether they are effective or not. Nowadays, the key indicator to measure the marketing effectiveness is not sales. Rather, the performance marketing is measured in terms of customer contentment, low phone wait times and more engagement in social media channels like Instagram, Facebook etc. In fact, SaaS applications can help you analyze the specific metrics for your ROI which can help companies get a solid grasp of how well their marketing is working and where they can afford to reduce spending (if it is not yielding in the desired results).
- Focus on building strong customer relationships – In today’s marketing world, paying zero attention to customers is no longer acceptable. According to a recent Technology Review Insights survey of more than 1,000 business leaders, 87 percent of respondents have begun deploying AI in their business, with most implementing various programs to improve customer service. It is estimated that 96 percent of marketers agree that efforts to personalize a business experience or transaction will help advance customer relationships. In fact, startup businesses can use AI and personalization to their benefit by leveraging existing data to build a friendlier relationship. Customers always look for a deeper level of connection no matter whether they are current customers or not. Martech will allow teams to maintain a level of interaction which will provide high levels of customer experience, even in negative sales conditions. Right from notifying a customer about a specific product back in stock or providing up-to-the-minute inventory status, marketing technology can help build and maintain strong customer relationships that save time and result in continued satisfaction.
- Future-Proofing is Crucial – Even though ads spend and budgets will reduce overall, estimates suggest that ad spend on Martech will continue to grow by 3 percent in the coming year 2021. This is simply because companies that didn’t opt for this marketing technology earlier have now officially learned their lesson about falling behind. In today’s pandemic situation, no company will ever go un-digital with customer sales or communication – ever again. Martech has undergone significant growth and has become a unique way to reach homebound customers and maintain a relationship with them that is meaningful. In fact, even before the pandemic, marketing automation investment was expected to hit $25 billion by 2023, up from $11.4 billion in 2017. It is expected that those numbers will be further revised upward due to COVID – 19 pandemic.
The growing trend of Martech is expected to emerge significantly and offer excellent opportunities to speed up business processes. Businesses or organizations of all kinds can depend on Martech to help strengthen various assets of their day-to-day operations – from sales and customer service to product inventory or corporate finances. These technologies will also help create new user experience, better outcomes, and help achieve business goals in an efficient manner. Error-free data entry services along with automation, AI and analytics can streamline business functions, help in efficient data consolidation, reduce expenses, improve customer experience and reduce cyber frauds.
