The emergence of martech as an essential part of the business strategy is mainly due to the rise in the availability of open-source code platforms and developments in cloud computing.
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According to the latest report by BDO, WARC, and the University of Bristol, the global spend marketing technology spend is $121.5 billion. Companies like Amazon AWS and others are making it easier for companies to access the cloud. Meanwhile, the open-source code allows developers to build on top of existing martech tools and platforms.
The marketing technology budget has been one of the top priorities of CMO’s in recent times. To strengthen their marketing strategies further and make them effective, developers have used various technologies for their advantage. As the market gears up for 2020, CMOs need to be extra alert while channeling their next martech investments.
Make investments that bring value addition
First and foremost, companies need to stop following a herd mentality and avoid investing in technology just because everyone is but focus martech investment strategy on tools that are in line with the company’s goals. They need to take a wholesome approach and consider different factors while determining the company’s martech, adtech, and productivity. At the same time, they would have to ensure the financial stability of the vendor supplying the tools to the company.
If a company is considering investing heavily in a start-up, it would be wise to ensure the parent company is well- or well-funded. Secondly, analyze how easy or difficult it will be to integrate a particular tool in the company’s current martech stack. A company’s marketing needs will multiply in proportion the business growth. Instead of stacking new solutions on top of older programs, CMOs need to invest in a software package that consolidates business requirements. They need to take time and look out for tech solutions that not only fit their business but also help it take forward. They have to be deliberate while exploring the martech landscape that is evolving at a phenomenal pace.
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Focus on Consumer Emotions
A Wunderman study revealed that almost 80% of customers exclusively shop with brands that understand them. Clearly, it is not enough to lure customers with rewards programs and discounts. Brands and businesses that can connect with individual consumer emotions are more likely to succeed. With the rise in the availability of data, it is easier for brands to enhance personalized customer interactions.
One of the ways brands can increase connection with customers is by rewarding them if they engage with a non-profit on social media. This initiative of getting customers involved with an organization the brand supports helps in strengthening the connection with customers feel to the company’s values.
Gear up to Tackle Regulations
Owing to the rise in several data breaches, customers have become more conscious about their data privacy. This has resulted in lawmakers taking action in the U.S. and Europe with CCPA and GDPR, respectively. It is expected that the US will soon witness federal legislation focused on governing how consumer data is used.
Marketers should proactively address privacy concerns around data-driven approaches. Marketing companies should make sure that their subscribers are choosing to receive promotional or marketing messages and are not bombarded with the same. Furthermore, they need to state what information they are collecting clearly and the intended use for this information.
Next, organizations need to follow up with systems that enable data portability and the permanent deletion of personal data. If companies are already collecting and using consumer data, they will be held accountable for how it is used.