It’s that time of the year again. Setting goals, assigning roles, finalizing budgets and choosing your martech stack. With technology and consumer preferences changing so rapidly, how are marketers going to keep up in 2019? What are the key Martech Trends in 2019 that you can’t afford to miss?
As consumers seamlessly navigate between devices and channels, they leave a data trail behind. It is almost impossible to understand this journey unless this data is collected, studied and inferenced. Marketing technology has to be leveraged for this purpose and marketers are increasingly seeing value in investing in martech products. Gartner’s CMO Survey for 2018-19 reports that about 29% of CMO’s budget would be allocated to mar-tech in 2019. This is a considerable increase from 22% in the last year.
As mar-tech takes the centre-stage in digital strategy, the biggest challenge marketers face is to decide how to use the available time, budget and skill-set to ensure that the technology they use meets the set business goals. Here are the top trends that we feel will shape the marketing technology landscape in 2019:
Businesses are transforming and data is in the centre of this transformation. Insane amounts of consumer data is being generated and it needs to be carefully gathered and analyzed to get intelligent insights into the complex customer journeys. Tools that allow marketers to track, collect, measure and analyze customer data touchpoints are crucial but more data does not necessarily lead to better insights. How the said tools break down the data and help marketers derive relevant insights for smarter campaigns is equally important.
Improved Customer experience
There is an increased focus on delivering superior customer experience. Companies are rushing to provide personalized experiences to its customers because they have realized that personalization can increase the marketing ROI by up to 8 times. Creative and sincere forms of communication with customers are more effective than generic advertising. However, personalizing the customer experience calls for knowledge of customer journeys and preferences. Technology has to help identify patterns and optimize in real-time with predictive insights and the capability to derive intelligence from raw customer data.
Not so long ago, it was unimaginable that we would be watching movies on our smartphones or interacting with our cars. The emergence of IoT connectivity has highlighted the huge potential of voice as an advertising medium for marketers. Brands are now able to interact with their consumers like never before and have the ability to forge a very unique relationship with their customers. Smart voice-activated devices like Alexa and Google Home have become a common feature in consumers’ households or cars and talking to devices comes naturally to the young generation. It is changing the way consumers research products, make shopping lists and also make purchases using voice assistants. It opens up a whole new world of opportunities for marketers to use this medium creatively and start leveraging it strategically.
Social Media Commerce
Social media platforms started as a way to connect with friends and family online but has already grown into so much more than that. It is how people are consuming content including news, researching products and companies, following influencers and much more. For marketers, social media has been used primarily to get eyeballs and generate awareness. But now social media platforms have realized that they can shorten the customer journey by allowing them to shop directly from the platform. This allows marketers to engage the right influencers and work with them creatively to encourage the purchase decision.
Continued Rise of Attribution
Although classic web analytics and marketing automation tools do help with attribution, marketers are struggling with the lack true attribution insight to optimize their spending to revenue. Most marketers use CTR (click-through rate) more than any other metric but the relationship between click-through rates and sales are very vague. However marketers are recognize the need to evolve their attribution approach. Attribution platforms help in connecting marketing to revenue outcomes, monitoring channel/partner performance and delivering highly insightful intelligence.
New marketing technologies are emerging and are being adopted more frequently to enrich traditional conceptions of marketing. A few other technology trends that we will see this year:
- Artificial intelligence and machine learning are revolutionizing the ways we derive consumer insights faster and more accurately
- Video continues to be the most popular form of consumed content
- Chatbots have become a key part of companies marketing, sales and service arsenal
- Automation is making marketing more convenient and is allowing businesses to scale by simplifying repetitive, time-consuming tasks
- Augmented reality and Virtual Reality are finding real-world applications.
- The demand for Data privacy is increasing and marketers will have to focus on transparency and building trustworthy relationships with their customers
- 5G will improve connectivity, thereby propelling IoT, wearable tech, Artificial & Virtual reality industries