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Marketing technology, or martech, is a term that refers to software and tools that assist marketing teams in accomplishing their goals and objectives.
FREMONT, CA: Martech is a term that refers to the marriage of technology and marketing to achieve marketing objectives through the use of valuable tools. However, these tools are not one-size-fits-all; marketers must choose from a broader martech marketplace to meet the unique requirements of their specific initiatives. When an individual examines the marketplace holistically, he is exploring the martech landscape.
With so many tools available, a little knowledge goes a long way. Below are some martech trends as follows:
No-code technology's rise
According to a survey conducted by Deloitte, 75 percent of organisations will still be far from digital maturity in 2020. This, combined with the critical nature of digital transformation for businesses, will undoubtedly result in the rise of no-code or low-code martech solutions. These solutions are simple for marketers with limited technical skills and can be quickly sold to senior management through simple data visualisation.
Preserving the viability of existing martech stacks
Numerous businesses already utilise martech solutions in some capacity. According to Gartner, only 33 percent of organisations believe their current technology is helpful, while more than 80 percent rely on a short-sighted or out-of-date martech roadmap.
For many, the first step will be to examine their current martech stack and make efforts to maximise, improve, or even re-evaluate it. This is also a signal that many martech stacks and roadmaps are due for an audit to accommodate innovation, focus on business differentiation, or even simple record updating.
Martech to fuel business expansion
While more businesses are embracing digital, many for the first time, they have all been forced to revisit their established playbooks or analytical frameworks that have served them well over the years. As more marketers venture into uncharted waters, burdened by shrinking budgets and increased targets, attribution will become critical.
According to Harvard Business Review, 80 percent of marketers are dissatisfied with their tools to measure return on investment (ROI). At the same time, only 36 percent are satisfied with how they measure business impact. Attribution will be critical in repositioning marketers as trusted business partners rather than a cost centre.
Budgets are being reallocated away from human resources, increasing reliance on marketing technology to improve operational efficiency. As more businesses adopt leaner, more agile organisational structures, marketing leaders will look to technology not only for automation and workflow optimisation but also to foster cross-departmental collaboration. Leaders will look to technology to manage marketing operations and tasks more seamlessly, especially with the continued use of work-from-home or virtual functions.
Put more emphasis on customisation and engagement
Consumers are inundating digital spaces, generating unprecedented levels of traffic and data. While marketers now can track and monitor consumer behaviour at an even more granular level, this also creates a higher bar for the new digital consumer.
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