MarTech and Its Expansion in 2023

What is MarTech

MarTech (Marketing Technology) is a term used to describe the intersection of marketing and technology. It refers to the tools, platforms, and software marketers use to automate, streamline, and enhance their marketing efforts. MarTech encompasses various technologies, including customer relationship management (CRM) systems, email marketing software, social media management tools, content management systems (CMS), analytics and reporting platforms, and more.

MarTech aims to enable marketers to understand their customers better and deliver more personalized, targeted, and effective marketing campaigns. By leveraging technology, marketers can collect, analyze, and act on data in real time, which allows them to optimize their marketing efforts and achieve better results. MarTech is an ever-evolving field, with new tools and platforms being developed all the time to meet the changing needs of marketers.

Users use digital tools for everything related to communicating with a brand: from finding great deals during the pre-New Year discount period to researching a new accounting firm for a business.

Statistics confirm this. The average user spends about 5.2 hours a day online. And we understand that the time spent online and the quality of the content seen significantly affect the consumer experience and, in connection with it, the choice.

MarTech is based on a technological approach and working with data. This requires companies to be flexible in developing infrastructure and building the competencies of specialists.

How is used MarTech

Automate processes

Automation helps to test hypotheses faster, launch new products, plan ads, keep records, distribute content, and interact with the team. According to experts, by 2027, all this will be done in more non-standard channels – podcasts, ads from TikTok bloggers, in video messages in Telegram.

Use more data

Big Data allows you to collect data and build more accurate conclusions and hypotheses, so more and more companies will use this data. At the same time, a business will need a typical ecosystem or common customer data platforms (DMP, CRM) to track and collect contacts with their audience across different channels. And then use this data to implement a loyalty program and make personalized offers.

Integrate data and systems

There are a lot of MarTech tools for solving marketing problems, and marketers often use several at the same time. Integration between systems and a typical ecosystem is needed to automate processes and not transfer much information between them. Many services already have ready-made modules, but they only sometimes consider all a marketer’s needs. For example, a small selection of services or they have limited integration features. 

Use no-code tools

No-code solutions are becoming a trend and are actively taking their place in the market. More and more companies are implementing them into processes instead of developing products from scratch. The advantages of no-code tools include the following:

1. speed of solving problems: the release of an MVP or a full-fledged product can take a couple of weeks;
2. integration of services with each other, for which you do not need to write code;
3. rapid testing of marketing hypotheses;
4. creation of new solutions and schemes that have not yet been on the market;
5. savings because the cost of such tools is lower than in-house development.

Keep up with customer behavior

The MarTech market’s growth is fueled by companies’ desire to keep up with customer behavior. Changing consumer behavior and expectations make marketing technology vital to the modern marketer.

They allow:

1. get more data about the target audience and establish a closer connection with it;
2. increase the level of personalized targeting;
3. make a more accurate assessment of the effectiveness of advertising campaigns;
4. increase the level of interaction and information exchange between employees;
5. simplify the work of a marketer and save his time.

How does MarTech help the users to keep picking that practice

MarTech can help users to keep picking marketing practices by providing a range of benefits, such as:

1. Streamlined processes: MarTech tools can automate and streamline many marketing processes, such as email campaigns, social media posts, and customer segmentation. This can help users to save time and resources, allowing them to focus on other essential tasks.
2. Enhanced targeting: MarTech tools can enable users to collect and analyze data about their customers, allowing them to create more targeted and personalized marketing campaigns. This can lead to higher engagement rates and more conversions.
3. Improved analytics: MarTech tools often come with powerful analytics and reporting features, which can help users track their marketing campaign’s performance and make data-driven decisions about future strategies.
4. Increased efficiency: MarTech tools can help users work more efficiently and effectively without sacrificing quality by automating and streamlining many marketing processes.
5. Scalability: Many MarTech tools are designed to be scalable, which means they can grow and adapt alongside a user’s business needs. This can help users to stay competitive and relevant in an ever-changing marketing landscape.

MarTech can provide a range of benefits that can help users to improve their marketing practices, stay competitive, and achieve better results.

How MarTech drives sales

MarTech can drive sales in several ways, including:

1. Personalized Marketing: MarTech tools can help businesses create more personalized marketing campaigns that target individual customers based on their preferences, behavior, and past purchases. This can lead to higher engagement rates and, ultimately, more sales.
2. Automation: MarTech tools can automate many marketing tasks, such as sending emails, following up with leads, and managing social media posts. This can help businesses reach more potential customers and improve their conversion rates.
3. Lead Generation: Many MarTech tools include lead generation features, such as lead capture forms, landing pages, and chatbots. Businesses can generate more leads and ultimately increase their sales by using these features.
4. Analytics and Insights: MarTech tools often include powerful analytics and reporting features that can help businesses track their marketing campaigns’ performance and identify improvement areas. Using data-driven insights, companies can optimize their marketing strategies and increase their sales.
5. Customer Relationship Management (CRM): Many MarTech tools include CRM features allowing businesses to manage customer interactions more effectively. By providing a better customer experience, companies can build stronger relationships and increase their sales over time.

MarTech can help businesses drive sales by improving their marketing efforts, automating tasks, generating more leads, providing data-driven insights, and enhancing customer relationships.

Trends in the expansion of MarTech in 2023 and further

The MarTech industry is expected to continue growing and expanding in 2023, with new technologies and tools being developed to meet marketers’ evolving needs and help businesses improve their marketing efforts and stay competitive. Some of the trends that may shape the expansion of MarTech in 2023 and further include:

1. Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies are increasingly integrated into MarTech tools to enable more advanced automation, personalization, and predictive analytics.
2. Voice Search Optimization: With the increasing popularity of voice assistants like Amazon Alexa and Google Assistant, MarTech tools are being developed to help businesses optimize their content for voice search and capitalize on this emerging trend.
3. Integration and Consolidation: As the MarTech landscape expands, businesses seek more integrated and consolidated solutions to manage their marketing efforts. MarTech companies are responding by offering more comprehensive suites of tools that can handle multiple aspects of marketing.
4. Privacy and Security: With growing concerns around data privacy and security, MarTech companies are investing in more robust security features to protect user data and comply with regulations like GDPR and CCPA.
5. Video Marketing: Video content continues to gain popularity, and MarTech tools are being developed to help businesses create, manage, and analyze their video marketing efforts.
6. Development of tools for creating websites, chats, mobile applications, voice assistants, databases, etc., that do not require special knowledge: You will not need to know how to write code to create the necessary applications or sites. There will be special simple tools for this.
7. Platforms and marketplaces will replace supply chains and linear thinking: tools for collective work on products, collective distribution of these products, and collaborative feedback collection. You will no longer be able to close in your system; you will need to build collaborations.
8. There will be incredible growth in the number of solutions and tools: If in 2011 there were only 150 solutions in MarTech, then in 2020, there are already 8000. Each company will want a custom solution, taking into account its needs. And it will receive it. 
9. Total automation: Automation will affect everything – creating creatives and their distribution, the interaction between suppliers, and planning and placement of advertising. And not only in traditional media but also in non-standard formats – for example, in podcasts or with influencers.
10. Growth in data usage: For automation to be effective, it must be based on accurate calculations and inputs. Therefore, the volume and depth of data use will grow. Experts expect an increased demand for analytics that will help evaluate the effectiveness of each invested marketing ruble, whether it’s advertising on TV or targeted contact with a client through a loyalty program. At the same time, businesses will need unified customer data platforms to track contacts with their audience across different channels.
11. Data and systems integration: Automation ubiquitous and big data demand solutions that link all initiatives into a single ecosystem. This will allow the integration of data and systems, providing end-to-end analytics. Thanks to this integration, the business can use marketing tools with maximum impact.
12. Personalization through neural networks: 80% of consumers are likelier to buy something if the customer experience is personalized. It sounds paradoxical, but machine learning reads the emotional signals of buyers better. The neural network can see the entire customer experience and predict needs. Personalization results from training neural networks and processing vast amounts of information. This is data about problems, requests, attendance, and socio-demographic characteristics. A marketer cannot cover everything, but artificial intelligence can. That is, personalized marketing does not follow the client’s interest – it anticipates this interest.
13. Working with big data: How long will it take for a marketer to download and analyze all tables for one advertising campaign? A lot of. And if there are dozens of such companies? Data-driven marketing is just focused on solving this problem. It lets you see what a person cannot see: connections, trends, and metadata. How a customer interacts with a brand, which channels are more cost-effective, and how preferences change all help to get the most out of your marketing investment. Using Data-Driven Marketing allows you to increase customer loyalty by 48%.
14. Metaverses: It is customary to say that AR (augmented reality) and VR (virtual reality) are still at the technological stage and will be released to the masses later. However, according to insider intelligence, by 2023, 100 million people will use AR at least once a month. Metaverses are slowly but inevitably coming into our lives. People are trying on costumes in virtual stores, and brands are trying out AR in product placement and trying to sell NFTs.

Conclusion

In conclusion, MarTech refers to the tools, platforms, and software marketers use to automate, streamline, and enhance their marketing efforts. MarTech can help businesses improve marketing practices, drive sales, and stay competitive in an ever-changing market.

MarTech tools provide benefits such as automation, personalized marketing, enhanced targeting, improved analytics, increased efficiency, and scalability. With the integration of technologies like artificial intelligence, voice search optimization, and video marketing, the MarTech industry is expected to grow and evolve in the coming years.

Overall, MarTech has become essential to modern marketing, providing businesses with the tools to create compelling, data-driven marketing strategies that deliver results.