Connected customer experience is the marketing focus for every business, but to achieve this, a company must have the right set of tools. Marketing technology (martech) now includes 5,400 products to connect businesses with their customers
The MarTech conference brought together many sponsors and individuals to share the latest innovations and best methods to utilize marketing technology. We attended the conference as a sponsor and as individuals. By sending our CEO, CFO, Director of Marketing, and Director of Sales and Marketing Solutions, we immersed ourselves in the information and actively engaged with other business professionals. We learned about the current trends and direction of this exploding technology landscape that will not only help us, but our clients as well.
The conference sessions helped executives understand what the wining businesses are doing to effectively organize, motivate, and train their staff to integrate martech and digital marketing into their marketing plans and programs. In addition, several sessions highlighted the use of customer data platforms (CDP) and analytic tools to support marketing’s need for personalization and connected customer experiences. Here are three key takeaways we’d like to share…
No one solution fits all
It was clear Marketing departments today have too many options. Each company has a different focus and therefore, no one solution fits all. In 2011, about 150 marketing technology products existed, leaving companies with few options. Today, over 5000 martech solutions exist making it difficult to choose the right tool, understand how to connect multiple platforms, and how to utilize them to get results.
Where do you start? The sessions that highlighted success stories all had a common theme – success came from tying the businesses’ goals to marketing plans, and ultimately to the use of a technology solution to support that specific plan. Don’t try to boil the ocean. Pick a specific customer scenario to implement and learn what works and doesn’t. Then take on your next specific marketing objective and build upon your new found experience.
Martech focuses on KPI
Living in the age of the consumer, means everyone is focused on the customer’s journey and how to make the experience effective for the buyer and the company. We need and want to have analytics that document the customer’s buying journey - the steps and activities the customer takes in order to research, evaluate, chose, and buy our products. The majority of successful case studies were using martech to provide better analytics that measure key performance indicators (KPI’s) that show a resulting action like; registration, cost per acquisition, new visitor percentage, active users, marketing qualified leads, marketing contributed pipeline, and marketing contributed revenue.
Better analytics expands our knowledge of our customers, offers clear ways to improve customer experience, and assists in the development of more effective marketing strategies. If we want to get to the next step, we need the right information.
Passion - People are passionate about martech!
One thing we consistently experienced at the conference was the passion everyone has for this emerging technology. This conference brought together a wide range of people who truly believe customers expect to have personal relationships with businesses and that is possible with the power of marketing technology. Martech is in its adolescent years and has significant room to grow, consolidate, and evolve, as it changes the way businesses market.
We look forward to future MarTech conferences, participating in presentations, and hearing how people continue to utilize this technology to get results and make their customers happy.
As for RDA, we will be looking to add new partners that continue expanding our clients’ capabilities giving them a competitive edge. We believe in solving marketing problems with technology solutions by understanding your business, asking the right questions, and planning not only for today but also for the future.
We would love to hear if you agree or if you have others to add on!