The State of MarTech 2020
This is an exciting time to be working in marketing. Customers have access to technologies that connect the Online & Offline experience more than ever now. The number of channels and touchpoints like Email, Social Messengers, Digital App, Websites, etc. are ever-increasing that enterprise marketers can leverage to reach the customers.
But leveraging the full potential of multi-channel touchpoints can be challenging. In the time where customer loyalty is rapidly declining and they are bombarded with messages, one must ask “how can my messages and customer engagement remain relevant to my audience throughout all the noise?” The need for an Omnichannel Marketing Strategy has become existential for enterprise marketers as customers expect you to engage with them seamlessly across touchpoints. Multiple projects in 2020 will be directed at breaking silos between channels to create those engaging experiences and strategies that customers expect.
Join the survey here and get a free copy of the final report on the State of MarTech 2020 to discover how other Marketing leaders are planning their Multichannel Strategy for 2020.
Join the survey and find out what channels are prioritized in 2020
Last year, the marketing technology landscape has dramatically transformed the way companies across all industries engage with their customers. The traditional models of customer engagement based on solely discounts and offers are becoming less and less efficient. Today’s customers no longer rely on brand and marketers to provide them with offers or information on brand products or services, they have it all at their fingertips. This has led to an easier benchmarking and a stronger market awareness that decreased brand loyalty with customers switching brands at the drop of a hat.
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In this digital era, customers decide when, where, and how they wish to interact with your organization. As the customers become more informed the push technique is slowly falling out of favor. With the rise of swiping, multi-tasking, and multi-device engagement, the average attention span of customers is reducing significantly. Add to it, the increasing number of channels via which the customer will be bombarded with information, you certainly have a tough challenge at hand.
“It is not that customers don’t want to hear from brands at all – but they want to hear the right message at the right time through their
preferred channel.” – Naras Eechambadi, Quaero
The state of MarTech uncovers the methods employed by CMOs to leverage technology in their overall strategic plans for 2020 to turn around the need for immediate interaction and engagement. You can join the survey here and get a free copy of the final report on the State of MarTech 2020. While the convergence of marketing and technology could be a possible solution, it is essential to understand the changing customer loyalty to address the core of the problem.
Decrease In Customer Loyalty and What Can Be Done?
The cost of customer acquisition is always manifold than the cost of customer retention (seven times to be precise). This makes it imperative for brands to ensure that they work towards improving customer retention. The first step is to analyze the reasons for decreasing customer loyalty, which is caused due to failure in keeping up with customer expectations, sub-par delivery of offers, faulty loyalty programs, and the impact of transparency.
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“The next best action may be a retention-oriented activity, a reward, a thank you message or a service action-instead of just trying to sell the next widget.” – Naras Eechambadi, Quarero
The next step that can help brands sustain the change is employing the omnichannel strategy. As the touchpoints increase, the marketing activity should follow suit. Your customer can come across your brands on different platforms and a seamless experience across all these platforms will aid the customer in moving further in the buyer’s journey. A synergized campaign across all platforms will increase your exposure and also help in retaining existing customers. The key here is going omnichannel. Is your marketing strategy omnichannel yet? You can take the survey to compare on-going omnichannel strategies in 2020.
Finally, customer experience is the key that can set you apart from the competition. Today, customers value experience and personalization more than price or any previous association with the brand. Your brand can delight the customer by ensuring that at every point during the whole of the buyer journey. You need to provide relevant information for the customer to take the right decision. It is critical for you to know and understand the entire buyer journey across all platforms to effectively deliver the right message. A highly customized and personalized message can work wonders as it shows the customer that they are not some random number to your brand, but someone whom your organization values.
So, it is vital for organizations to ensure that customers remain loyal to their brands and this is where marketers come into the picture. However, since technology has such a major impact on the entire buyers’ journey, customer experience, and customer loyalty, marketing can no longer operate in isolation. Therefore, CMO, CTO, and CIO must work together towards effectively using MarTech in preparing their organizations for the challenges of tomorrow.
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Decision Balance and Tech ownership has shifted between CMO & CTO / CIO
For many years, the CMO of any organization has been the go-to person for solving marketing challenges and devising new strategies. Traditionally, CMOs are marketing experts who may have spent decades with the company or in the same industry and they could take key decisions based on their experience. Today, CMO can no-longer make as quick decisions as they used to and have to rely on data and technology to create successful marketing campaigns. As technology becomes a part of our lives and that of customers, it is essential for CMO to understand how they can leverage technology integration to extend their capabilities. The CMOs & CIOs will need to collaborate closely to drive the MarTech strategy.
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A new trend that is also emerging is that CMOs are slowly outspending CTOs when it comes to Martech as they are now empowered by APIs that allow them to break down information silos and extend their use cases more easily. While marketers are good at adapting to change, the challenges arise as technology is evolving exponentially, whereas organizations (and people within organizations) only adapt at a logarithmic rate. Yet there is no denying the fact that the combination of marketing and technology can open new avenues for organizations. By using CMS platforms, social messengers, AI bots, translation platforms, etc. new possibilities can be created which were never possible a decade ago. MarTech is the solution for addressing the challenges created by the ever-evolving technology. The possibilities are endless and the same has been shared by marketing leaders in the report which you can access by completing this survey.
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GDPR And Other Privacy Law Are Impacting Your Marketing Business & Budgets
MarTech essentially deals with using data obtained from the customers to devise marketing strategies for more targeted campaigns. Today, data is one of the most valued commodities, perhaps even more valuable than oil. So, it is hardly surprising that anything so valuable will eventually be regulated and governed. Increasingly, countries across the globe are now making laws that govern the data usage of their citizens. GDPR which was introduced in Europe last year is a prime example of regulations on gathering and usage of data.
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GDPR is meant to protect the personal data of individuals in the European Union wherein personal data includes names, photos, posts, IP addresses, and more. Failure to comply with the GDPR guidelines can warrant a fine of €20 million or 4% of a company’s global annual income whichever is higher. If your company serves customers in the European Union, it is essential for you as a marketer to clearly understand and adhere to the GDPR guidelines. As a marketer, it will be your responsibility to ensure that any data that is collected has been obtained by taking informed consent. It is critical that the data collected is used only for the purpose for which consent was sought.
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Personalization has been a buzz word in the past couple of years, and even now we are talking about hyper-personalization. However, it is essential that marketers tread cautiously in using the personal data of the customers and always work within the framework of the law. Understanding these rules and regulations will not only help the marketers in adhering to the law of the land, but it will also empower them to chalk out a strategy that alleviates any concern that the final user may have about the use of their personal data. This will certainly reinforce the trust the customer has on your brand.
You can take the survey to find share how GDPR & Privacy law have impacted your Marketing decisions & strategies and get the final report to benchmark the trends.
How Do You Integrate New Stack In Your Channels And MarTech Ecosystem?
While we can continue talking about data or MarTech, it essentially comes down to the specific goals of your organization. The technology is evolving with each passing day, so it is essential for you to evaluate these technologies and integrate them into your existing MarTech ecosystem. There are numerous apps & software available on the market, and you do not need to jump on every new technology. However, it is critical for your organization to have a CRM software, marketing automation platform, and methods to measure results.
The marketing technology stack you use should enable you to target prospects who are most likely to buy your solution. If any technology that you are planning to use cannot do that, then it may not fit into your MarTech ecosystem. The technological stack that your organization needs will differ from other organizations and will depend on individual factors such as the scale of the company, business model, how tech-savvy are the people within the organization, and more.
You need to evaluate the specific needs of your organization and then consider the best possible marketing technology stacks that can help you reach your goals. You can take the survey here and get a free report on the State of MarTech 2020 where you will find top CMOs discussing how they have successfully embraced MarTech and selected as well as integrated the new stack in the ecosystem.
