Are you having trouble with your marketing campaigns? If the answer is yes, then there’s a new kind of technology that can help you out – Martech. Sure, marketers are using tech tools! But it’s more important to focus on their usefulness, especially after the pandemic as we shift even further online. Additionally, according to Gartner, technology is a bright spot that is being given 26.2% of the marketing budget.
Martech innovations help a digital marketing team to undertake all the aspects of their campaign properly.
Ranging from automating email marketing to data analytics, this growing technology continues to upscale marketing, allowing businesses to engage and communicate with the targeted audience in a better way.
What does the term ‘martech’ mean?
Martech is a portmanteau of the term marketing and technology. The term refers to the use of software, tools, and technologies by marketers in achieving their marketing goals. Martech tools are helpful in planning and executing marketing campaigns, collecting and analyzing those campaigns. After that, they measure the impact and can make necessary updates.
The use of martech tools is on the high rise – nearly 69% of the marketers intend to boost their martech spend in the coming period to perform their job more efficiently.
Best martech trends for better marketing practices
1. Artificial intelligence in social media
Thanks to AI, social media marketers are now able to reach the right audience at the right time and place. By automating the tiresome tasks and gathering data, AI is able to optimize marketers’ decision-making and overall improve their process.
Beginning from creating the content for posting on multiple platforms to monitoring its impact on the audience, it becomes a mandatory asset for any business. Due to such considerable support of this technology, AI in social media is expected to grow to a value of $2,197.1 million by 2023.
Social media platforms are already taking advantage of AI:
- Facebook uses machine learning (ML), starting from serving the content to finding the target audience’s faces from the images for personalized advertisement. Also, short content, including ads, is written by the AI tool itself.
- LinkedIn uses AI to provide job suggestions, recommend people they might know or want to connect with, and serve specific posts in your feed.
- Snapchat takes the help of artificial intelligence to overlay the filters as per the movement of the individual’s face in real-time.
Because of such technology, marketers can focus more on the creative portion and strategic implementation rather than repetitive and time-consuming tasks.
2. Account-based marketing
Account-based marketing (ABM) focuses explicitly on B2B businesses. Here, the marketing and sales team works simultaneously to target the best accounts and convert them into customers. This helps to save the time that was previously lost on the unqualified leads who are not the right fit.
ABM streamlines the whole sales cycle and helps you to remain efficient in finding the ideal customers for quickly building relationships with them. Firstly, high-value accounts are being searched. After finding that the key stakeholders are targeted, and then marketing tactics specifically for them are implemented.
This marketing approach entirely focuses on account-specific messaging by keeping in sync between the sales and marketing teams. Doing so brings more personalization to the buying journey that is pretty essential to convert leads into sales. All these efforts result in a better ROI. The key benefits of ABM are shown in the figure below-
3. Data analysis
The success you achieve from marketing depends on the effective use of data. Data analysis shows the entire history of the progress you made and the respective results. Moreover, the set of data remains helpful in decision-making, forecasting outcomes, determining the effectiveness of the marketing, identifying marketing opportunities, and many more.
With the help of today’s tech, analyzing and processing the data is done faster and more accurately, bringing better insight into the data. It facilitates more certainty about the source of revenues for your business too.
4. Conversational interface
AI-based chatbots are already serving as one of the best sources of communication for customers. The conversational interface uses natural language processing (NLP) for understanding, analyzing, and undertaking human-to-human-like conversations.
Due to such huge usability, its growth is on the rise:
Martech: In summary
Innovation always brings more effectiveness to marketing. By utilizing it well, you can better engage with your future customers. Think of it like this; are you using marketing technology to save yourself from falling behind in the market?