Does Your Marketing Tech Stack Up?
Marketing technology (MarTech) refers to the tools and software used to automate, optimize, and measure marketing efforts, such as marketing automation, CRM systems, analytics, social media management, and more. It helps companies to reach and engage with customers effectively by streamlining marketing processes.
How do you assess and make running changes? Evaluating and making running changes to your marketing technology stack can be done through continuous testing and experimentation. This includes A/B testing different elements of your campaigns, such as subject lines or call-to-action buttons and analyzing the results to determine which variations are most effective. You can also conduct regular audits of your stack to identify and eliminate tools that are not delivering the desired results. By continuously monitoring and optimizing your marketing technology stack, you can ensure that it works as efficiently and effectively as possible.
Customer Data Platforms
A Customer Data Platform (CDP) is a marketing technology that allows businesses to collect, store, and manage customer data from multiple sources in a unified view. With a CDP, companies can create unique and persistent customer profiles, which can be used for targeted advertising, segmentation, and personalization. This enables companies to understand their customers better and create more personalized and effective marketing campaigns.
New and Emerging Tech
Web3 is the next dimension of the internet that is being built on decentralized technologies. This new web will enable more secure and private data management, enabling new forms of e-commerce and customer engagement. Web3 technologies will also allow new forms of customer data management, enabling companies to build trust with customers and create more personalized experiences.
Personalization at scale
Personalization has been a buzzword in marketing for years, but in 2023, we can expect to see it taken to a new level. With the help of machine learning and AI, marketers will be able to deliver highly personalized experiences to a large number of customers. This will involve not only delivering the right message at the right time but also tailoring the experience to each individual's preferences, behaviors, and interests. As a result, we can expect to see higher engagement rates, increased loyalty, and improved customer satisfaction.
It’s important to not only offer personalization but to get it right. 71% of consumers expect some level of personalization, and 76% are frustrated when they can’t find it. The balance of personalization and privacy is critical, with 67% of consumers wanting personalized recommendations, but only 40% looking for brands to show up in the sites and apps they frequent.
Integration of data and analytics
Data has always been a critical component of marketing, but in 2023, we can expect to see a shift towards greater integration of data and analytics across different channels and platforms. This will enable marketers to gain a more holistic view of their customers and their behaviors, allowing them to deliver more personalized and effective campaigns. We can also expect to see more emphasis on real-time analytics, enabling marketers to react quickly to changes in customer behavior and market trends.
Smaller and mid-sized businesses need to increase their use of data and analytics. Recent research has shown that 65% of companies in the $100-500 million revenue band are using advanced data analytics to inform marketing decisions. Only 46% of companies with under $10 million in revenue can say the same.
Talent Needs for Marketing Tech
This is an area that spans two disciplines, IT and marketing, and the same roles can be found in one department or another depending on how a company is organized. Leaders may be able to look across departments to find the best talent for critical MarTech needs. This is an opportunity to increase cross-team collaboration and reinforce common goals.
Critical roles include marketing operations, data scientists and data engineers, web and marketing developers, and in the C-suite: Chief Digital Officers and Chief Customer Officers. Aligning the top of the house with marketing strategy can help ensure buy-in at all levels, which will make updates and changes stickier.