Marketing technology, which is also referred to as martech, has been around ever since the integration of technology in the marketing space, of which the most common examples would be email marketing, SEO and SMS marketing. To help brands achieve their business goals via martech, several martech companies were established in the last few decades that provided innovative tools and solutions.
With the passage of time and multiple innovations in the industry, the competition for these companies is increasing every day. The better and brightest of these companies are using several ways to create long-term relevancy in the competitive market space.
Innovation
The pandemic created disruptions and this created an opportunity for martech companies to enhance their product capabilities and service offerings to make the CMOs, marketers and their users’ life easy.
The virtual communications space specifically saw the maximum innovations during this period. Features like virtual backgrounds, that was not so essential in 2019, became one of the major features that determined the adaptability of a martech product.
Companies like Zoom that were at the forefront of these innovations saw the maximum number of users preferring them over their competitors.
Creating value
Value proposition is a sacrosanct approach for any martech firm or the Chief Marketing Officer (CMO) of a company, and it can seamlessly be incorporated by deploying SEO tools and methodologies, as they positively impact the ROI (Return on Investment).
For instance, India’s largest footwear chain, Bata, with more than 150 stores across the country achieved 20x ROI within eight months by integrating SEO methodologies. In fact, ROI by utilising SEO has grown multifold for some of the ecommerce giants in the country and the same is endorsed by the sales figures achieved by them.
Automation
For any martech company to stay relevant and value-driven, it needs to constantly evolve its service portfolio as well as brainpower in sync with the need of the hour.
For example, the processes that yield successful results but are repetitive should be automated. But for this to become a reality, tech evolution has to take place even at the service provider level to upgrade its services and find new arenas to add value to the client.
Hence, adopting AI-enabled tools to automate tasks has become the order of the day. Its outcome has already been seen in tools that are used nowadays for keyword tracking, competition analysis and other such industry practices.
Creating growth
Hacking growth is one of the challenges of every marketer today. Solution partners like us help clients achieve high growth by taking a holistic strategic approach for various dimensions like sales, website visits, customer engagement etc.
A UK-based digital marketing company witnessed a 30x growth in website visitors within just one year. They were not able to achieve any major growth during the previous years with their previous SEO efforts with a company in Europe, so this kind of exponential growth not only creates relevancy but creates loyalty.
Customer insights
Providing enhanced customer insights from the available data is a no-brainer but it is yet a rare commodity. Brands need a unifying data source that connects data across various sources and provides holistic information and customer insights.
Martech companies are using tools like Google Data Studio that easily connect data with spreadsheets, Analytics, Ads, BigQuery and more. This helps in easy reporting and dashboarding, thereby enabling easier and better decision-making, planning, strategizing, and campaign planning for marketers.
Edited by Kanishk Singh
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)