The business landscape becomes hypercompetitive after every fiscal quarter, compelling companies and enterprises in being fiercer with newer marketing strategies. To nurture their customer relations and build stronger, larger customer bases, every modern-day business considers enhancing their marketing efforts with the help of technology.
What is Marketing Technology?
Marketing technology, otherwise known as MarTech, is a cluster of technologies used to boost the activities involved in the marketing of products and services. MarTech involves the use of dozens of disruptive technologies, pragmatic software, and functional tools to leverage the process of planning, executing, and assessing marketing campaigns. These activities help in optimizing promotions and marketing through digital spheres and cut down man-hour that is needed for executing a market strategy. This technology aids in providing actionable ROI insights, so that you can scale down or scale-up your initiatives in order to acquire the maximum acquisition.
MarTech – Key Categories
Based on the business model and marketing experiences, companies can use specialized technologies to influence their clients and prospects. These technologies and tools help them impact the behaviors of customers across their product lifecycle. The set of tools used in marketing technologies are broadly classified under the primary domains of marketing such as:
- Email marketing
- Search Engine Optimization
- Social Media Optimization
- Content marketing
- Mobile Marketing (mobile apps)
- Marketing Automation
- Campaign Optimisation
- Social Listening
MarTech offers various benefits, one of the important ones being automation of processes that save marketers’ time, smoothly managing a horde of marketing channels, and giving useful insights to further propel the business.
The Future of MarTech in 2020 and Beyond
Why do businesses need marketing technologies? To modernize themselves. To beat the competition and sustain the leadership, it is important for a business to use technology in improving the organizational strength, business communications, customer relationships, and the overall brand value.
In the near future, business leaders will expect more authenticity from their marketing campaigns. At the same time, customers will demand more reality from such marketing activities. Customer privacy will be a primary objective fulfilled by all modern marketing technologies. Consent of the customer will find the highest consideration. Chief Marketing Officers will use ample tools to boost the business impact derived from marketing technology with the help of AI, Big Data, Analytics, and Social Listing. There will be more consolidation in the overall business landscape. Ultimately, they would want to drive more sales, strengthen customer relationships, move ahead of the competition and find success at an earlier stage of business with the help of marketing technology.