The MarTech Stack
MarTech is exciting. As technology evolves and data sets grow, marketing is changing, adapting and (sometimes) becoming automated. Understanding where technology and marketing meet, your MarTech stack, is one of the best ways to scale your business and transform big data into actionable insights. Here are a handful of technology trends that promise to shape the way you market in 2021.
Scaling your business with AI
Artificial intelligence (AI) is more than a marketing tool. It’s an incredible way to automate tedious tasks. From content distribution to storing digital assets, chatbot software and services, AI has revolutionized customer service and can even help with personalization. Airbnb, for example, uses AI in its MarTech stack to personalize offers based on customer data around search but also to assess if a guest is ‘trustworthy’. LinkedIn uses AI to customize job recommendations and share better content in a feed personalized around interests. According to a new survey from Marketing Insider Group, 78% of online users said that personally, relevant content increases their purchase intent for a brand’s products and services.
Predict your way to success
It’s no secret that customers prefer personalization - that’s what Mobiz is all about. Predictive analytics (sometimes referred to as computerized decision making) can take your strategy to the next level. Being able to predict consumer behaviour, understand how to achieve more with less and turn ideas into actionable insights is massive. Keeping up (and ahead) of consumer trends requires data and the ability to track and forecast marketing campaigns is where MarTech works best.
Predictive analytics can also help to create a customer experience that feels seamless, holistic. Online stores can use shopping data to predict when a customer will buy something again (“Need milk? Order now!”) and on-demand services, such as Netflix or Spotify, integrate what you’ve watched, flagged or listened to in order to personalize the entire customer journey. It’s contextual, future-thinking marketing and it works.
The intelligent assistant
Do I need a chatbot? Here’s what we know: Chatbots are killing it at customer service and driving consumer engagement through the roof. In fact, new research from Juniper shows that they could drive $112 billion in retail sales by 2023. They also saved businesses, in 2019, a hefty $300,000 on average. A good chatbot has the ability to streamline sales, service and marketing communications. More than that, a chatbot provides what feels like one-on-one conversation with a brand or business. Email inboxes are cluttered with promotional mailers which means trying to collect customer data from a survey may not necessarily work. Chatbot data is MarTech gold because it opens the door for personalization helping companies to understand what customers really want (as well as what they’re struggling with).
Can you show me how?
Once upon a time, a business deal was completed with a handshake. Store visits, face-to-face meetings and demos helped product sales. With MarTech, this is still possible. Thanks to the coronavirus pandemic, one-on-one virtual experiences, in lieu of in-person demos, have become an effective mechanism to successfully market to customers.
Interactive (or live) demos embrace technology by allowing remote selling. They’ve also become a critical part of the MarTech stack because they facilitate an immersive experience that can be personalized - a recent Salesforce study found that 72% of business buyers expect vendors to personalize experiences to meet their needs. Interactive demos are where digitalization, personalization and remote work come together.
The whole customer journey
Marketing budgets are shrinking globally. In order to scale, companies will need to look into MarTech solutions to help them innovate and connect different parts of the organization together. It’s about working smarter and faster, but also about picking the right technology to fit your workflow. One piece of software can no longer represent your entire marketing stack. What’s more is that there is no excuse for standardization - next-generation and dynamic features are what users expect. So, in order to make the most out of your customer data, create better campaigns that convert and get real value from your MarTech stack, it’s crucial that you understand how to integrate the data you’re collecting effectively.
To find out how Mobiz fits into your marketing stack and maximize your customer data, speak to us today.