For a long time, India has been a supplier's market. The focus on the customer and their needs are limited, with the market centering around sales and products. But technology is incentivizing the market to rethink the business structure and re-build the industry that uses modern marketing techniques to interact with consumers. The Gartner’s CMO spending survey 2020-2021 revealed that CMOs remain bullish on technology for marketing by setting bigger budgets for marketing and digital advertising. However, enterprises use only 58% of their existing technology capabilities – indicating a huge undiscovered scope for marketing.
A collaborative relationship between marketing and technology has a huge potential. This has been steadily evolving to create what is today known as the Mar Tech landscape. Mar Tech has over 8,000 solutions with businesses investing in AI/ML, IoT, AR/VR, and other fast evolving technologies. The new technologies and tools provide customers with a plethora of channels to interact with brands. The new marking lifecycle consists of engaging with and retaining the right consumers by leveraging the latest technologies.
The Mar Tech stack consists of the technologies and approaches to enhance organizational focus on the consumer’s needs and wants rather than the product.
Focus on Customer Experience & Data
Consumer and data are at the center of Mar Tech. The Portal Insights Report for 2021 analyzed changes in Mar Tech investment behavior over a year, the findings of which show that investments were majorly made in the traditional elements of advertising and promotion relating to customer experience and data.
There is a shift in the market, reducing the focus on traditional advertisements and instead using user data to make data-driven and customer-oriented investments. This includes investing in analytics, AI, virtual reality, cloud computing and several other market automation tools.
Organizations are leveraging these Mar Tech tools to create a connected consumer experience in an entirely new manner. The data-based insights created by these tools help organizations understand the consumers’ minds and connect with them throughout the customer journey cycle.
Reaching the Consumers effectively, the first important step to engage the customer is to reach them correctly. Enterprises are heavily investing in tools such as Content Management Systems to manage the organization’s web pages, including blogs, articles, podcasts, videos or images. The brand’s website is at the heart of user experience, and the organization’s advertising generally drives the audience towards the website. The age of increased digital competition makes it very easy for users to judge and accept/reject a brand at its first appearance.
The digital equivalent of having similar stores next to each other is fighting competitors to show up first on the SEO page. This is especially true given the pandemic and its boost to e-commerce. The focus is for organizations to hone the search engine by leveraging Mar Tech tools for SEO optimization. Based on data-driven insights, companies can understand their target consumers. It is important to identify the market trends in the organization’s target group and to correctly place their content strategy to ensure they receive traffic from their target audience.
While reaching their target audience, companies need to market their products/services as relevant and personal to the consumers. The Mar Tech industry is all about personalizing content; be it in emails or social media posts, the marketing is done to the specific segment of the group across various platforms. Personalization allows organizations to connect with customers during the different stages. After this, they can leverage the micro-moments in the customer journey to place the correct automated tools that assist marketers in ensuring constant contact with customers during all of these stages. This helps in improving brand awareness, brand loyalty and engagement.
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