Growing Higher With Advanced Marketing Technology
Currently, three big trends happening in marketing technology are,
• Manual workflows to Automation- Most workflows are being automated that reduce response time and error rate, and add clarity in decision-making.
• Reactive to Predictive- With stronger alerting systems for external and internal signals, most decision-making is happening before an actual spike event happens (positive or negative).
• Single tech moving to multiple tech- From a monolith marketing system, companies are experimenting with different specialist algorithms/systems across different areas such as SEM, recommendations and collaborative filtering etc.
Sales and Marketing technology integration has become priority owing to three reasons. Primarily, Digital marketing is becoming a bigger part of most companies’ budgets. A strong tech integration is the best way to track and optimize performance for better results. Secondly, Digital allows rapid action and trials of different marketing creatives. Data can now determine the success of a campaign using A/B testing. Marketers can optimize for best results without having to take pre-mature calls. Thirdly, storage space and processing power are becoming cheaper by the day.
The marketing solutions enable sales and marketing team to be predictive, scalable and reactive in real-time. It helps become,
• Scalable - Data structures are well thought through on platforms such as AWS that can handle any amount of data from 10 transactions a day to a million a day. Scaling quickly, is eminently possible since storage/server capacity can be increased on the fly.
• Predictive/React in real-time - Dynamic alerts that most marketing platforms provide, marketing teams can react quickly with promotions/ campaigns/creatives and optimize for better results. Alerts can be set for micro/macro signals intelligently before an event occurs.
The marketing companies adopting different kinds of marketing technology quickly and broadly. Following are the benefits for companies across multiple fronts,
• Higher revenues - Better recommendations/real-time analytics help in higher conversion and higher attributable revenues.
• Lower cost - With a smaller team and more automation, number of errors reduce.
• Clearer strategies - Companies can have a firmer strategy based on real-time insights than perceptions.
Companies must evaluate pros and cons, and marketing stage/maturity to take right decision for them. Three critical elements in the strategy are,
• Looking for new arbitrage opportunities/mediums/networks - Trying out new content marketing initiatives or trying newer marketing platforms such as Snapchat (if target segment is relevant) or other growing platforms which have still not monetized, will help brands establish a niche for themselves and scale up quickly at lower cost.
• Leverage existing elements better - Maximizing loyalty/referral/conversion initiatives/mobile app. Strong technology integrations and analytics will help companies maximize investments they have already made in online/mobile initiatives or loyalty/ promotion schemes that have been historically working with.
• Never forget basics - eMail/ PR/SEO/etc. Continue showing excellence in traditional mediums and channels that have always worked. Many of these bring in organic traffic with little or zero cost and keeping them updated helps better achieve results.