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Marketing Technology: Martech Tools challenges and benefits

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Blogs

Marketing Technology: Martech Tools challenges and benefits

Marketing Technology: Martech Tools challenges and benefits

Skyrocketing business ROI doesn’t stem just from marketing your business. The goal is to overcome dynamic operational challenges using smarter Martech tools.

Marketing technology is transforming the way businesses approach their marketing strategies. With the right implementation and utilization of Martech tools, marketers can streamline their efforts and maximize the impact of marketing technology investments to drive growth. The tools also help in examining customer behavior and optimize the campaigns for a better ROI. A study by BDO & WARC shows that the global Martech market is projected to grow from $121.5 billion in 2020 to $182.6 billion by 2025. This gives the laggards and even the industry’s early adopters a solid chance to equip themselves for a headstart in the market.

We’ll further dig into the benefits of Martech adoption for your business, the challenges you might anticipate, and how to overcome them

Cashing in benefits from Marketing Technology

Improved Customer Experience

Martech tools empower your business to concoct personalized and targeted campaigns by analyzing consumer behavior and their interests and preferences. This, in turn, leads to an improved CX, as customers are more likely to engage with something that has high relevancy to their goals.

Current State of JO

According to a 2022 Gartner survey, CMOs prioritize investing in customer journey orchestration (JO) for improving the experience of customers at various touchpoints. This involves using multiple technologies and applications to create an enhanced and a cohesive JO. In contrast, only 20% of the respondents report having proficiently established customer journey orchestration techniques for the entirety of the CX process

Streamlined Marketing Efforts

Martech tools aid in automating and executing marketing plans that create a balance of the automation tools and manpower. This could save your human efforts from being squandered in manual tasks that can be automated like email marketing, social media scheduling, and data analysis. Thus, you can extract the most out of your technology capabilities paving the way for more business profit.

Task automation also allows for a more tailored customer communication process, providing data-driven insights and improved decision-making. For example, a study by Salesforce says that using marketing automation software has resulted in a 14.5% increase in sales productivity and a 12.2% reduction in overhead marketing costs. 

Additionally, customer relationship management (CRM) tools can help marketers track and analyze customer behavior to understand customer needs better and maximize marketing effectiveness.

Martech Tools for Data Analysis

Martech tools can help marketers in real-time data analysis by providing insights and metrics to help inform their marketing strategies. For example, data analytics platforms such as Google Analytics and Adobe Analytics can track website traffic, user behavior, and conversion rates. These insights can be valuable in tweaking strategies by extending your understanding of the customer journey and improving the journey orchestration process.

In addition, marketing automation tools like Hubspot and Marketo can help marketers collect and manage customer data, automate campaigns, and track performance. This enables them to enhance their resource utilization efficiency and effectively engage the target audience.

Businesses that leverage technology to analyze data and automate processes can improve customer engagement, growth, and revenue. Therefore, investing in Martech tools can be a game-changer for businesses looking to improve their marketing efforts and stay ahead of competitors.

Martech Adoption – The expected challenges

Selecting the Right Tool

A recent survey by Gartner indicates that businesses are utilizing just 42% of their Martech stack capabilities, compared to 58% in 2020. Hence underleveraging and improper utilization of the Martech vendor investments can lead to potential headwinds for the business

Percentage of Marketing Technology

This is a problem because businesses must optimally utilize the marketing tools they’ve invested in, especially during tough economic times. If they do, they can avoid facing greater financial scrutiny from their CFOs or cutting budgets.

One of the biggest challenges of Martech adoption is selecting the right tool for your business. With over 8,000 Martech tools available, deciding which one to use can be overwhelming. To choose the right tool, companies need to clearly understand their marketing goals and the type of Martech tools they need to meet them.

Integration with Existing Technology

Integrating Martech with existing technology can be challenging, as it requires expertise and can be time-consuming. To overcome this, businesses should train employees to use the tools effectively and optimize their marketing strategies.

Cost

Martech adoption can be expensive, especially for small and medium-sized businesses. However, the benefits of Martech adoption outweigh the costs in the long run, enabling firms to achieve a better ROI in the long run.

Martech Adoption – Overcoming the challenges

Investing in Training

Investing in employee training is crucial for successful Martech adoption. You might invest in the best-in-class Martech tools, but under-trained personnel would create a gap and won’t be able to meet your marketing needs. Training your employees to strengthen your marketing foundation would help you optimize the expenditure of money in due course and increase your ROI.

Start Small

Keeping risk management in mind, businesses should start small and gradually scale up for minimizing risk. This allows them to test the tool’s effectiveness and make informed decisions before investing heavily.

Wrapping up

Martech adoption has become necessary for businesses looking to stay ahead in the digital age. However, embracing Martech might seem one of the best ways to spike up your ROI, but with the benefits come the challenges. To overcome marketing technology challenges, businesses certainly need to clearly understand their goals in the first place while considering every tiny element that would build a solid step for organizational success

By embracing this technology, you can revolutionize how you operate and reap the benefits it offers. It is essential to stay ahead of the curve and consider exploring Martech adoption to discover how it can enhance your operations and improve your overall performance.

blogs 08 2
Blogs

Technology for a better CX

Technology for a better CX

There’s a chasm between the CX brands deliver and what customers expect. Technology can bridge this gap.

The CX technology space is rapidly growing, and this acceleration is so fast-paced that in just four years, the industry grew from $471 Bn to $641 Bn in 2022. 

What does it mean for your business? What does it translate to in terms of growth and customer demands?

During such economic headwinds, business leaders must prioritize efforts that boost CLV. It’s time to get serious about customer experience technologies or risk becoming irrelevant.

cx technologies 1

A Part of The Picture

Many businesses have begun leveraging multiple technologies to enhance CX. However, integrating these solutions is the only way to derive maximum benefits and growth from your tech investments. Take stock of your current tech stack and gauge if you’re using any solution in isolation because if that’s the case, you’re not looking at CX from a holistic standpoint.

There has to be a strategy for each transformation initiative, and enabling powerful omnichannel customer experiences would need a CCaaS infrastructure. Pricing and product features don’t give businesses a competitive edge in today’s customer-driven world; CX does (A Gartner study found 81% of companies expect to compete on customer experience).

But even though the expectations seem to increase, the budgets aren’t. 

CX: From Good to Great

We all know that if customers enjoy doing business with you- they buy more, refer more, and tend to be more loyal even during market fluctuations or getting cheaper alternatives. They are even more comfortable trading their personal information for a better CX.

Understand what truly matters to your customers. Are they looking for agility, convenience, or just a human touch? Technology would help you understand your audience better and comprehend their likes, dislikes, goals & motivations.

Using the right technologies will make the experience more human and consistent for your customers. Prioritize solutions that deliver what customers expect the most. Using AI to create hyper-personalized, meaningful customer experiences will allow you to drive growth at scale.

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Technology isn’t the goal

CX tech is booming and will continue to do so, but it is only a means to an end, not the end itself.

You need to prioritize CX in terms of people and goals. It starts with your culture and employees. How do they show up for the clients? How helpful and genuine are they in their interactions with the customer? Do your employees have adequate training to get the most out of tech and offer customers the speed and precision they demand?

Great CX begins with a great employee experience. Your client-facing teams can get the support they need from tech, but tech isn’t the only thing that makes CX great; people play a role just as important.

Rethinking CX requires marketing and tech leaders to reimagine tech and people. Align these two areas to create a sophisticated human-tech relationship and elevate CX.