The term “Martech” may be a portmanteau combining the terms “Marketing” and “Technology.” intrinsically; Martech represents the intersection of selling and technology in today's highly digital business world. Any sort of technology that features a pertaining to marketing operations are often called "Martech" whether it's a neighbourhood of an analysis platform, a device-facing benchmark tool, or any other type of digital or high-tech resource.
Examples of Martech are abundant in today's society. Any social media marketing or any marketing that takes place during a digital environment is an example of Martech. Any marketing that's tracked with digital systems is an example of Martech. If business uses technology of any kind to deliver or track coupons, that's also Martech.
Businesses may use Martech designs to develop templates for messaging, organizing fulfilment campaigns, or maybe to tie marketing to other sorts of software like customer relationship management or inventory management platforms. The applications of Martech are nearly endless, which is why this buzzword is such that a lot a neighbourhood of talent recruiting and hiring is taking place in marketing world.
NEED OF MARTECH INFLUENCE ON CUSTOMER JOURNEY
Marketers, since ages, have focused on employing strategies to impact customer behaviour at the highest of the marketing technology funnel. It’s important to understand how marketing and technology convert and identify where Martech influence on the customer journey.
Recently, utilizing Martech to nurture brand sentiment at every stage of customer journey are becoming more widely acknowledged.
In the era of digitalization, businesses need a widespread online presence. Companies have now realised the importance of leveraging data to empower customers. They are sharpening marketing content, which will support sales department throughout the customer journey in Martech.
Today, 63% of marketers use customer journey mapping. Connecting Martech to different points in the journey can be useful to identify opportunities for improvement.
Previously, marketers only thought of investing in solutions aiming only at campaign tracking, reporting, and other tools. However, today they have to explore new technological strategies designed to optimize everything of a customer experience journey in Martech. Customer experience is very important, but many companies are paralyzed and don’t know how to start a customer-centric strategy.
MAPPING OF CUSTOMER JOURNEY
You will agree if I say that the top priority for marketers today is to lead the company in finding better revenue by enhancing customer experience.
So, rather than pointing to a specific structured route, let’s begin outlining the customer journey map. A customer journey map is your customers experience together with your brand, their interactions together with your brand and a long-term relationship. Moreover, a customer journey map documents your customers’ touch points online and offline, how you measure each touch point’s effectiveness. Unlike marketing technology funnel, it portrays multiple ways where customers are making decisions and reacting to the brand interactions.
Additionally, it also can help your marketing team to focus your advertising and content development for specific customer personas. It enables marketers to know how customers are interacting with you. Whether you need to improve the ways to increase customer satisfaction, engagement, conversions and up sell opportunities or all good.
Organisations should have a customer-centric approach, which might be something almost like the below map of customer journey.
A perfect customer experience requires people, process, and technology.
Marketing now must manage the whole customer experience and shape the general business strategy.
HOW MARTECH INFLUENCE ON CUSTOMER JOURNEY
Martech is the amalgamation of marketing and technology. Tech-savvy companies are wisely leveraging a good range of innovative Martech solutions that will help in the method of reaching customers. Marketers are on a lookout to invest in a Martech stack that will help in optimization of the entire customer journey.
IMPACT OF COVID-19 ON MARTECH
Covid hit globally and each industry was affected & lives of each and every individual. When hope in offline business faded, economy degraded exponentially, Martech was a standalone hope to cover loses and also an employment opportunity for many. As per researchers Covid and its related content will continue for days, weeks and months. Industries have shifted to online platform and trying to adapt to new business tools to cover loses and maximize profits. Digital video keeps us informed and entertained while providing important distance learning tools for college kids who have seen the varsity year disrupted. At an equivalent time, television, especially connected TV, is both crucial source of stories and entertainment. It is also very important for brands to understand consumer sentiments. By making aware of the topics and trends brands can actually initiate conversation with its audience. It’s very important for brands to choose the right context and design ads according to the current situation and since offline modes are not the right option, so online platform is a big yes for these opportunities for campaigning, marketing and advertising. Video-conferencing services and collaborative working tools have become essential to a distributed workforce. Google Meet, Google Classroom & Zoom calls have become important tools for online classes for students. With opportunities there are threats, Marketing budgets are vulnerable, and often the first thing to get reduced, salespeople are stuck on their phones and prospects are scrambling to adjust. Customers can still be retained by proper communication and engagement. One can set up more diagnostics and feedback tools and use the data available to identify potential growth opportunities with existing customers. There are likely new opportunities for brands to better serve their existing customers, delivering greater value. Proper engagement on social media platforms might prove profitable.
MARTECH 2020 AND BEYOND
The global Martech market is now valued at an estimated $121.5 billion representing a year on year increase of 22%.Marketers globally expect Martech budgets to increase over the next 12 months, and only 4% expect a decrease. Brands in North America and UK are spending 26% of their budgets on Martech compared to 23% last year. Future growth lies in the adoption of latest technology. Less than 40% of responding brands are leveraging the Internet Of Things (IoT), connected devices and other Tech tools.