MarTech Changing the Business Landscape

- 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.
More from Jaspreet Kaur
Six benefits of blockchain technology...
Blockchain can be implemented in every field. This...
May 19, 20183 Min Read
How to make your office a better...
Employees are the wheels of all the companies. You...
June 14, 20183 Min Read
Business opportunities in textile...
Textile market place covers a wide range of cloth...
June 20, 20183 Min Read
Accept the Nascent Digitization...
Embrace digitization into the organizational structure
October 10, 20183 Min Read
Women Heading C-Suite Roles in...
Transitional time has come as eminent leadership roles...
October 10, 20183 Min Read
3 Painting Tools Which Are Essential...
Painting is a small endeavour which demands skill and...
December 06, 20183 Min Read
Use Of Social Media Marketing Tools...
The software companies are updated with newly established...
December 11, 20183 Min Read
3 Tip-offs To Selling A Small Scale...
he selling process of the small-scale business is intricate...
December 11, 20183 Min Read
How To Initiate A Home Health Care...
An abundance of private industries have initiated healthcare...
December 12, 20183 Min Read
Why Should Constructors Give Up...
With the advancing time, new construction materials...
December 14, 20183 Min Read
How Does Facility Maintenance Help...
Facility management is the broad term which incorporates...
December 14, 20183 Min Read
4 Type Of Rugs That Every Interior...
In the home decorating process, a rug is an imminent...
December 17, 20183 Min Read
Recommended for you
- August 09, 2021
- September 09, 2021
- July 15, 2020
Latest News & Articles
- May 19, 2018
- June 14, 2018
- June 20, 2018