MarTech Changing the Business Landscape

According to a recent report by Nasscom, companies are estimated to spend about $1.5 to $1.8 trillion on marketing in 2020
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Jan 22,2021
  • |
  • 234 Mins Read

Marketing plays a chief role in upholding every company. It has evolved over the years. The niche or practice is prevalently blended with technology, in turn, giving rise to a chunk of marketing technology platforms and service providers. According to a recent report by Nasscom, companies are estimated to spend about $1.5 to $1.8 trillion on marketing in 2020.

As per the report, there has been a striking growth in several MarTech stacks in the last decade, resulting in innovation by MarTech platforms. In the last year, one in five solutions was new, with data being the fastest growing category at approximately 26 per cent y-o-y (year-on-year) with social and relationships witnessing a high growth of 14 per cent y-o-y. 

 

Pandemic Changing the Scenario 

COVID-19 has thrust digital commerce (driven by e-commerce and m-commerce), into the spotlight by expediting the growth by almost 37 per cent in Q3, 2020 over Q3, 2019 largely in the areas of Food & Drink, and Sporting Goods. With the rise in digital commerce adoption, getting a better share of a consumer’s mind and wallet is highly dependent on the companies’ digital assets. Hence, the need to get various components of digital customer experience right has become a top priority for most companies. The need to invest in the right MarTech(marketing technology) tools that can influence the entire digital experience journey and extract maximum value from their customer is of utmost importance.

Digital Becoming a Part of People's Life

Business landscape has transited. Unlike the pre-pandemic phase, clients no longer evaluate, engage, and transact with organisations. The entire landscape has become a highly competitive and mobile-friendly environment wherein user experience is imminent. 

The report states that the company going through its digital transformation faces intense pressure to get its DCx first time right (FTR). FTR was most often used in the manufacturing world for improving the quality of products during a production process, but today marketing is heavily dependent on the technology departments of companies to get DCx First Time Right as customers don’t give companies a second chance in a digital world. 

Realising the Importance of Customers' Digital Journey 

Over the years, 70 per cent  companies have recognised the significance of a unified digital customer journey. Thereafter, firms have created or established the mapping process for 

their customers. This exhibits that firms are extending their customer experience to digital platforms, hence enhancing their focus to increase their unified digital customer experience. MarTech providers should leverage the growing client need of extending digital assets into their existing customers. 

Getting MarTech Strategy Right 

To make the best use of the martech platform, it is crucial to frame an apt martech strategy. Customer-centric firms are making use of insights to comprehend and provide the most relevant experiences in a customer's immediate context and moments of need. Comprehending the martech trends is also vital. The report states that use cases, ideation, imagination, and the way MarTech platform is utilized play a major role in DCx more than just investment in tech stacks themselves. Lastly, using the MarTech Assessment Framework named IMAGINE, which is created to facilitate MarTech providers, helps strengthen MarTech providers go-to-market approach, while the companies can refer to validate, implement and extract the maximum value of their MarTech investments.

 

Please add your Comment

More from Jaspreet Kaur

Our Group Companies

Get Industry First Insights

Sign up for our exclusive Newsletter

  • Follow BusinessEx
Stay tuned & get updated