News 3 minutes, 25 second read Mark Johnson, Editor, Just.Marketing
Martech vendors are in an interesting position. With the budget cuts in marketing that have followed covid-19, marketers are under pressure to make every penny count. Martech could therefore play an important role in providing that efficiency and support business recovery.
Just.Marketing spoke to Alex Warren, Account Director at tech PR agency Wildfire and a specialist in martech, to help us draw out 5 trends in martech that will help marketers drive business growth over this year and next.
1. Martech steps in as the entire data landscape falls apart
Between Apple’s recent privacy changes, Google attacking cookies, the move away from third-party data, Brexit changing GDPR and a host of new legislation, marketers might be forgiven for thinking of this as an apocalyptic moment. Martech vendors, however, are starting to develop ways of addressing these issues for brands.
In fact, Alex says, “A lot of marketers have had to stop relying on third-party data and are much more about first-party data — the data that customers give you themselves. Martech vendors are well placed to help brands manage these changes, using their technology to collect and maintain first-party data. As such, what felt like an apocalypse for the world of martech is actually a major opportunity.”
2. Payment companies are entering the space
“With the changes to third-party data, brands are looking for new data sources outside of traditional martech,” says Alex. They’re finding that data on what people browse, ‘like’ or search for online isn’t an accurate reflection of what they buy.
Instead, payment companies offer a fresh data source which can be tied directly back to consumer purchase behaviours. So payment companies, such as Bango, are now able to alert brands to more than what people might buy, but what they actually bought. Alex says, “Marketers are becoming cynical about how accurately social and search activity reflects purchase intention”. Payment companies entering the space is a trend in the early stages but one that is likely to become bigger in the months ahead.
3. Consumers expect personalised content more than ever
There is now more traffic and, hence data, in digital channels than ever before. This means marketers are able to understand the digital customer journey in a more detailed way.
This opportunity, however, comes with consumer expectations. They want more personalised content. The challenge for marketers will be to manage the vast volumes of new data well enough to deliver that personalised content. This will be where martech vendors with smart automation tools that can harness all this content creatively will start to help marketers deliver against enhanced consumer expectations.
4. The automation of marketing
The job of marketing is getting bigger. In-house marketers are now increasingly responsible for Customer Experience, CRM, digital marketing, branding, customer acquisition, customer retention and more. No wonder in-house marketers are feeling overwhelmed.
“Most marketers are creative and want to run campaigns that have a real business impact,” says Alex, adding, “Most of the job is now about data analysis, so the best martech brands are looking at ways to empower marketers and give them their jobs back. It’s a great time to be selling products that can help save marketers time, reduce complexity and automate elements of their roles.”
5. Martech brands are beginning to show personality
B2B marketing has a reputation, often deserved, for being boring. Martech brands carry their fair share of guilt on this count. But times are changing. The corporate jargon and boring B2B content isn’t cutting through anymore. Alex says, “Martech brands have started to realise that marketers are still people; they want to be engaged and entertained. The best martech brands are moving away from boring B2B marketing and embracing more personality and a more consumer mindset.”
A good example of the trend for martech showing some personality comes from Bango (see main image) and its Worst Ad campaign. More martech brands will start to do the same in the months and year ahead. It will also mean marketers have a clearer idea of what they are buying.