Enterprises need to realize that adopting technology is not enough; appropriate usage and leverage of its capabilities is what makes the difference.
The marketing industry has witnessed the widespread adoption of the latest technologies in the digital marketing space. In order to cut through the competition, brands today are investing heavily in marketing technologies. They need to realize that the main priority should be to strategize the correct implementation of the technology. Most of the marketers focus more on the planning, choosing, and adopting technology, ignoring the most significant part – the best usage after its adoption. If firms invest in adopting technology but fail to apply it efficiently in their marketing operations, the entire martech investment gets wasted.
For instance, marketers invest heavily in data analytics tools – but they need to realize the benefit of data and how collecting real-time data is crucial. Also, to make the investment fruitful, they need to understand how to decode the data and strategize according to them.
The marketing industry is witnessing a widespread adoption of technologies in the digital marketing environment. Technologies like ML, AI, and Big Data processing see massive adoption, focusing primarily on tracking the digital customer journey to design customized campaigns for digital platforms. Usually, the real gap is created because there is no standardized effort to check the performance of the marketing activity on executed vs. planned.
In the case of marketing campaigns involving third-party alliances, firms need to use martech tools to check the activity and progress each day. The secret of a successful marketing campaign is not just technology adoption, planning, skills, and resources that make all the difference. A lot of firms today are totally dependent on the vendors and agencies to provide reports. The biggest fear of failure should be driven by – what if the target strategy fails to hit the right spot because timely course correction was not made. Data plays a crucial role in avoiding that.
A centralized domain rich tech-platform can assist with real-time corrections at every stage of the marketing campaign, be it planning, investments, execution, and analysis. Automation of marketing activities enables speedy work processes and also allows quicker turnaround time for every campaign. Martech tools help with the detailed mapping of spends planned vs. executed to provide an overview of the campaign and to assist marketers in order to ensure that every activity is functioning as expected. This is how Martech tools help with the reconciliation, to settle a hassle-free and transparent process.
Finally, in the analysis stage, the clean and rich data can feed AI/ML the benchmarks to enable firms to forecast and plan future strategies effectively. This helps in setting the goals for upcoming marketing campaigns as well as it also helps to raise issues against the mistakes of third-party collaborators. Marketing expenditure and activity can be sliced up to any level using Martech tools to view performance in real-time and suggest corrections.
The key reason why tech-platforms fail is the scarcity of efficient teams with a combined knowledge of marketing and technology. It all about the mindset; people should focus more on how to use the technology rather than just running behind adopting the most trending technology. With the new-age technologies paving a way to yet another Industrial revolution, enterprises should have a close check on ensuring that these technologies are being used to their full potential, ethically.