Martech innovations that will shape the new digital decade
A wave of digital disruption has taken over the martech industry today. The rise of digital-first consumers, who seek personalized and empathy-driven services, has opened new avenues for customer engagement for the new–age marketers. Driving DCX (Digital Consumer Experience) has become a priority, as a digitally engaged customer is more brand loyal and likely to add 3x annual value compared to the average customer. Martech innovations are leading DCX strategies for marketing professionals and brands in this new normal. Here are some of the key drivers that will shape the future of martech in the new decade:
Now, more than ever, consumers are vigilant about their personal data and how it is used. 128 out of 194 countries have implemented legislation for data privacy and protection. With data laws such as GDPR (General Data Protection Regulation) becoming stringent, marketers need to be compliant and ensure customer comfort to gain brand trust and loyalty. Brands need to be responsible while sourcing customer information and implement a customer consent-driven approach.
Amidst the global health crisis, consumers are stressed and fighting anxiety and fears. During this time, empathy has never been more critical for marketers to establish an emotional connection with consumers. Martech innovations with Artificial Intelligence (AI) can assist marketers in driving empathy-driven campaigns by leveraging behavioral data, analyzing emotions, and giving insights to understand the customer pain points. This will help marketers to engage with context.
Easy data integration
CDP (Customer Data Platform) is the next big thing for marketers to manage data. The platform enables easy integration of multiple databases, organizes unstructured data, and gives marketers a 360-degree view of the customer. CDP platforms help in driving contextual campaigns across multiple customer touchpoints. Today, only a handful of brands are leveraging this platform, which is expected to gain a market size of USD 10.3 billion by 2025.
Efficient data management
Managing multiple digital assets – images, design files, videos, marketing collateral, presentation decks, etc. – can be a day-to-day struggle for marketers. Digital Asset Management (DAM) platforms empower marketers with increased efficiency and streamlined workflows. Expected to reach a global market size of USD 6 billion by 2025, DAMs are the best platforms for marketers to store, manage, and organize data.
Today, customers are present in multiple channels – social media, apps, websites, SMS, and more. They expect a personalized and unique experience on each of these channels. The one-size-fits-all approach may no longer work, and the future of martech lies in building personalized omnichannel strategies to reach customers at the right moment, on the right channel, with the right message.
No–code app development
Accelerated digital marketing efforts need solutions that can help marketers keep up with the pace. No–code or low–code app development platforms make this possible. Marketers without technical skills can create basic apps for automation or analytics with just a few clicks. The rise of low– or no-code platforms will create sophisticated customer experiences at an accelerated rate, even with tighter budgets. This decade will see more advancements in citizen development for Martech solutions.
In India, USD 100-150 million is spent every year on many marketing advertising technologies, and this is only expected to increase in the coming decade. The martech trends mentioned above are essential for new–age marketers to drive successful strategies and get higher ROI. The martech trends mentioned above are essential for new-age marketers to drive successful strategies and get higher ROI.
Contributors: Sudakshina , Preeti, and Swapnil