Technique 3 minutes, 15 second read Mark Johnson, Editor, Just.Marketing
There is no doubt about it: martech is booming. Recent research from Moore Kingston Smith in collaboration with the MarTech Alliance valued the sector at US$344.8bn worldwide with growth only accelerating since the pandemic.
So we spoke to Alex Warren, Account Director at tech PR agency Wildfire, a specialist in martech, to look at the key trends in martech that marketers need to know about. Using his in-depth knowledge of the sector here is the second part of our review of martech trends to watch. Click here to read the first.
1. Martech for improved accessibility
During covid lockdowns, everyone shopped online. So the customer experience while using websites and apps became a huge focus for brands.
In fact, one martech company that specialises in digital experiences, Contentsquare, found that 70% of all websites are inaccessible to the vision-impaired and has launched its own foundation to address the issue.
Improving digital access for users with disabilities, such as visual impairment, has naturally fallen under the scope of user journey and customer experience martech specialists. Brands across most sectors are now looking to improve digital access for everyone with martech providing the solutions.
2. The rise of subscription shopping
Since covid, the subscription economy has boomed.
Services like Birchbox, which offers beauty products, and Beer 52 that offers a selection of craft beers, have flourished. In fact, 1 in 5 UK consumers have signed up to a subscription box service, with most signing up in lockdown, according to research from Emarsys.
But 98 percent cancel their services within the first twelve months, with the average UK consumer cancelling in just 5.3 months.
To address this, marketers are investing in customer engagement platforms that can help manage direct mail, mobile subscriptions, customer loyalty and personalization campaigns to ensure that this new way of shopping has a far lower rate of attrition, which is costly and a huge lost opportunity.
3. The need to focus on business outcomes
Marketing is now a profit centre. So a huge amount of pressure is being placed on marketers to drive business results.
“The best martech brands are focusing on achieving this goal, they’re not selling themselves on the nitty gritty, such as analytics or email, they’re selling themselves as a shortcut to business growth,” says Alex.
The mantra being recognised by the best martech firms is that marketing must deliver profits and drive business growth. Their tools, and to a certain extent the way they market them, are increasingly being designed with that purpose in mind.
4. Tools that give time back to marketers
Marketing budgets are shrinking since covid-19, even though digital marketing budgets soared at the height of the crisis. A lot of work that would have been conducted by agencies is now being brought in house.
This coincidence is creating far greater need for sophisticated, in-house martech tools.
Martech firms are responding by developing tools that give time back to marketers, save brands money, and are capable of using data as a powerful proof point to demonstrate business value and justify budgets.
5. Martech for improved campaign attribution
Talking of justifying budget and resources, one of the key challenges for marketers in this board level discussion is measuring the impact and outcome of campaigns.
Martech tools are available that can attribute an outcome to a specific element of a campaign and given that the vast majority of business leaders want marketing’s business impact to be more measurable while the majority of marketers feel they do not do this well, there is likely to be greater uptake of such tools.
Martech vendors are also responding by creating ever more sophisticated tools that can measure the impact of content campaigns created across entire marketing teams – something increasingly important as remote working continues.