The 21st century has witnessed a surge in the development and application of technology in different fields of endeavour. Incorporated in this trend is the application of technology to marketing and changing the way marketing is done. A legion of firms jumped on this wave, deploying a barrage of digital competencies in the transformation of a hitherto very traditional practice, and have over the years recorded meaningful strides. But like it does to all other things, the passage of time has made MarTech (which was once a “new way” of marketing) the new norm!
But for the not so technology savvy guys, what is MarTech?
MarTech, a portmanteau for Marketing Technology is simply put, the application of technology to marketing. From a different perspective, it describes the software and tools marketers employ for the purpose of planning, executing and measuring marketing campaigns.
Take note of the three elements of the subject matter highlighted above.
The planning phase in MarTech comprises of different activities which include:
- The SWOT analysis of the product
- Crafting of objectives
- Researching the market: which involves looking out for the competition, target audience and selecting the right channels.
This sets the foundation for the next phase. The next phase being the execution phase involves the design process and delivery of the designed marketing assets. The adverts are delivered on the selected channels through a broad range of media, blogs, websites, etc.
Lastly, the measuring phase. In concise terms, this phase deals with feedback through data collection. The customer data is collected via a per click basis and could be stratified according to demographic and/or geographic bases. The data collected consists of the reactions to the displayed advertisements.
Great! now we understand this lingua, but how did we come about MarTech?
Throughout the history of technology, we can deduce that: for every innovation or discovery there are events that gave birth to such advancement, these events are premised on the drive to solve a bugging problem. With respect to the subject matter, it can be concluded that MarTech arose due to the need to reach a wider audience. The first in the chain of innovations that led us here was the development of digital marketing companies. These companies were the building blocks for further innovation. With the recent explosion of mobile devices across the globe, they made use of these as the new mediums for online advertising.
So, what steps do we take?
On a macro level, digital marketing companies need to focus on financial institutions, mobile network operators, government agencies and consumer brands because they are the hubs of commerce in any modern society.
How can this be done?
Thankfully, there are a good number of applications and platforms that can help with this, some of which include Adrenaline by Terragon, Demand Side Platforms, Adatrix by Terragon, Ontraport, Marketo, Act-On and so much more. These applications give a 360-degree view of customers who engage with ads and effectively help us pinpoint potential customers using Machine Learning Algorithms. With all these in place, there is no need to worry about data being obsolete.
Considering the preceding, the next question is what is the future of MarTech?
We can only expect more innovations in the advertising space and digital marketing at large. But what direction will these innovations take? How will it affect you, the consumer?
With the trend of things, you should watch out for:
- Customer Data Platforms: This centralises customer data from multiple sources and makes it available to systems of insight and engagement
- Customer Identity resolution: (Definition by Forrester says it is “The process of integrating identifiers across available touchpoints and devices with behaviour, transaction, and contextual information into a cohesive and addressable consumer profile for marketing analysis, orchestration, and delivery.”)
- Behavioural Marketing: (Majorly referred to as automated Personalization, it leverages customer behaviours to deliver a more personalized customer experience)
- Predictive Marketing: (It leverages behavioural data and combines it with predictive modelling to power customer messaging based on predictions of their future shopper behaviour, their propensity to convert, likelihood to churn, or potential future spend)
Written by Praise Adanlawo