As we are all aware, the pandemic has been felt intensely across the economic spectrum.
But in terms of business, COVID-19 has bought years worth of digital transformation within several months.
The coronavirus affected business and consumer behavior on a global scale. We all knew the benefits of turning digital, but no one wanted to go through the excruciating process of turning all things digital. One year down the line, we can say that businesses had no choice but to transform.
With physical movement restricted in different parts of the world, consumers had to stay home. They had no choice but to interact with brands online.
Even as the pandemic slows down, these behaviors are unlikely to reverse. So the temporary digital transformation could actually be permanent.
So organizations need to find alternative ways to accommodate this behavior and engage with customers.
This can only be possible with the state-of-the-art MarTech ecosystem.
Mobile-First Experience will be Given Priority
Mobile apps are the first thing that bridge the gap between online and offline behavior.
Retailers are building strong ecommerce brands to support the growing demand for online purchase. Advertisers are rethinking their customer acquisition strategy.
The global pandemic has introduced a lot of new customers to the ecommerce world. The Genx and baby Boomers alike spent 30% additional on ecommerce.
It would be interesting to see how marketers nurture the new category added into their audience segment.
Advertisers Will Turn their Heads to Measurable Digital Channels
In the face of uncertainty, advertisers need platforms that could be tracked and optimized. Vanity metrics such as likes and views will take a back seat, resulting in rapid acceleration of performance-based marketing.
Advertisers are looking at lead generation less as an immediate monetizing opportunity and more as an acquisition and retention strategy.
The performance-based metrics when paired with effective Marstack will help advertisers collect and utilize deep consumer insights to facilitate an acquisition solution that is rooted in driving meaningful actions and lifetime value.
Organizations need to ramp up their technological stack to keep up with the growing demand. The collaboration of marketing and technology will allow superior customer engagement, guaranteed acquisition, and retention frameworks.
Here are 4 Steps for Improved MarTech Utilization
Since leveraging MarTech to succeed is super important, here are 4 steps you could implement for improved MarTech utilization:
1) Regular Audit of the MarTech Stack: Assess the current utilisation of the MarTech stack by your marketing team. This will help you eliminate fringe tools and adopt relevant solutions. This step is useful for those facing financial scarcity.
2) Determine your vendors: Marketing leaders must strive to maintain a balance between easy-to-use MarTech stack and sophisticated integration that provides business value. A detailed vendor evaluation must be done to know the features balancing both.
3) Collaborate to Overcome Integration Challenges: Overcome the current technological challenges by utilizing your IT team. Hire external teams to ramp up the new technology.
4) Adopt Agile Methods: MarTech is about speed and efficiency. Quickly ramp up your technologies and discard the ones that don’t serve any purpose
Leaders must focus on improving the utility of MarTech within their organizations. The current stack utilization is still underutilized. With covid-19, the focus is heavily on metrics that perform well. Under-utilized assets may face budget cuts. But MarTech is something that would improve your marketing efficiency in coming times. So you better devise a tactical plan for its better utilization.