Marketing technology, also known as MarTech, describes a range of software and tools that assist in achieving marketing goals or objectives. Salesforce introduced this business model as an alternative to expensive ‘on-site’ or custom-developed CRM systems that only big corporations could afford. Salesforce disrupted the industry when they made CRM software available to companies of different sizes at a fraction of the capital investment required for traditional software development and deployment needed.
Automate your MarTech, have more time for marketing wins
The urgency of today’s digital imperative is leading companies to increasingly turn to automation technologies for improved efficiency. Duplication of leads, new leads not getting notified to the sales team, late and unpersonalized response to the prospects – all these challenges can result in a lost sale and opportunity. To overcome the challenges and to keep the businesses updated with the recent technological disruptions across the world, the marketing managers are strategically investing in marketing automation solutions and tools and stay competitive in the market
Trends in Marketing Automation
Changing consumer behaviors forced companies to change marketing and sales tactics
In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016. With the growing digital-savvy customer, it’s important for marketers to provide a quick and customized selling experience to their customers.
Increasingly tighter budgets altered how companies approach revenue generation and measurement
With the onset of the COVID-19 outbreak, many B2B marketing companies adopted a “play it safe” approach through which they reduced their marketing budgets until they could analyze the impact on their businesses and had to wait for the economic scenario to improve. During a study analyzing the marketing technology landscape in North America, it was found that the responding industry professionals in the region said they spent 30 percent of their marketing budgets on MarTech, out of which 16 percent was devoted to in-house marketing technology.
Low Code software delivery model unlocked access to automation tools
Gartner predicts low-code app development will account for more than 65% of all app development functions by 2024.
With “low-code/no-code”, users can customize the software to their needs with little to no programming ability. These LCNC platforms are now accessible to all the employees across the organization rather than a handful of skilled developers which enables MarTech usable by everyone.
Why do CMOs need it?
With a plethora of automation technologies revolutionizing the digital-first approach, marketing automation offers numerous benefits which every CMO should be aware of. Focusing on the micro-moments (I want to know, I want to go, I want to do, I want to buy) in the buyer’s journey is very essential to reach the right target audience at the right time with the right opportunity.
“Be there, Be quick and Be useful!” The difference between a conversion and a lost sale is identifying these exact moments and sending personalized emails which are based on the actions of the prospects. Personalized emails which are action-oriented and not generic can result in 2x open rates and 3x click-through rates compared to routine emails, which greatly increase the chances of conversion.
Developing ICPs and mapping out their journey would result in a refined segmentation and adequate personalization of the messages for each stage of the marketing funnel. This would enable a rich marketing automation strategy resulting in higher conversions while saving time and resources. Once marketers have chalked out a marketing funnel specific to their business, put together the MarTech stack, they need to fill in tools and platforms for each stage of the funnel. MarTech tools help marketers connect with customers at every stage of the marketing funnel to help them navigate the entire customer journey. There are certain products that connect with customers at every stage of the journey and some are specifically designed for a particular stage. Pick and choose what you think will work for you and then rinse and repeat.
MarTech tools help marketers connect with customers at every stage of the
marketing funnel to help them navigate the entire customer journey.
What CMOs say about MarTech?
- More than 90% of CMOs see MarTech as “ very important”
- More than 80% of CMOs implements MarTech for growing revenue
- On an average MarTech boosts sales productivity by 14.5%
The global marketing automation tech revenue will grow from 11.4 billion U.S. dollars in 2017 to 25.1 billion in 2023 and is expected to register at a CAGR of 17.67% through the forecast period (2021-2027).
Today, MarTech solutions on the Cloud can be Point solutions (MarTech solutions focused on one key aspect of MarTech) or Suite solutions (a suite of MarTech solutions on one platform). Choice of deployment really depends on the marketer’s needs, skills and budgets.
The core categories of MarTech tools & techniques
The MarTech landscape is spread far and wide and consists of innumerable tools and techniques. It can be divided into 3 different categories — to keep the classification simple.
1. Execution Layer
Sales automation, sales enablement, customer support, and Customer Relationship Management (CRM), Social Media, Influencer Marketing, Email, Advertising and Mobile tools.
2. Campaign Layer
Content Marketing Tools, Content Marketing Platform, Rich Media tools, Lead Magnets.
3. Data Layer
Data Management Platforms (DMP), Customer Data Platforms (CDS), Account-Based Management Tools (ABM), Predictive analytics
To understand how MarTech can result in agile and effective marketing, let’s dive into some use cases:
1. Synchronize Sales and Marketing data
With our MarTech solutions, we synchronize marketing and sales data by developing a slackbot that uses a combination of Hubspot and Salesforce to prevent duplication of leads and notify sales teams immediately with lead information which has resulted in smoother and agile execution. The whole process just takes 30 seconds to complete ensuring a personalized response is sent to a new lead within 5 minutes.
2. Automate workflows and partner onboarding
Organizations can choose to automate their onboarding process to save time and resources. Using Workato, a rigorous 12 step onboarding process down to only 4. The process begins with a Marketo form to collect new applications; Workato allows them to automatically move the applicant information into SalesforceIQ as accounts, contacts, and opportunities.
“Workato has been my go-to place for any kind of debugging or query issues. For my MarTech recipe, I have integrated about 9 systems in 1 to create the complete automated system. I made a list of connections to create my recipe, established those connections and worked my way through according to the needs of the recipe.”
-COE Team Member, Incepta Solutions
To keep the businesses updated with the recent technological disruptions across the world, the marketing managers need to strategically invest in marketing automation solutions and tools to adopt the latest digital marketing trends may it be in financial services, entertainment, media, healthcare, government, and retail industry.
About Incepta Solutions
At Incepta Solutions, our team of #InceptaInnovators is passionate about developing the bridge between people and operations, as we create stories that we can all be proud of.
Since our inception in 2010, we are recognized as trusted experts in providing digital services to global businesses. We are proud to be named one of the top 5 Information Technology companies in Canada on the Growth List 2020 (published by Canadian Business and MacLeans). In addition, we are humbled to be a certified Great Place to Work – Canada.
Our full suite of technology services includes:
Integration | Digital Transformation | Cybersecurity
Data Management | Cloud Strategy | Customer 360
At Incepta Solutions, we provide business solutions that solve challenges and enable future growth and success for our clients. We leverage industry-leading technologies to provide innovative solutions that are robust, of premier quality, and cost-effective.
In our growth journey, our goal is to become a global leader in digital transformation and enterprise solutions. We enable businesses all over the world to solve complex and critical integration challenges. As #InceptaInnovators, we hope to look back at these times on how we have helped global brands and enterprises achieve success. Our driving force is that one day, we are able to reflect on our shared journey and be proud of the stories we have created together.