We are one month into 2019. As a marketer, you must be busy with setting marketing goals, assigning roles and finalizing budgets. Another key decision on your table must be to choose which marketing technology you would be investing in. Are you wondering what the key trends and forecasts are for marketing technology in 2019?
Consumers are navigating seamlessly between devices and channels. As they do this, they leave a trail of data behind. Marketing technology has been leveraged to understand this trail and to collect, study and draw inferences from this data. Marketers are increasingly seeing value in investing in martech platforms. CMO Survey for 2018-19 conducted by Gartner reports that about 29% of CMO’s budget would be allocated to mar-tech in 2019, a considerable increase from 22% in the last year.
As mar-tech takes on a more important role in digital strategy, one of the biggest challenges marketers face is to decide how to use the limited time, budget and skill-set to ensure that their technology meets the set business objectives. We have listed a few key trends that we feel will shape the marketing technology landscape in 2019:
Data Measurement & Management
Data is the new oil of this era. Collecting big data is no longer the domain of only large corporations but companies of all sizes are seeing the benefits of analyzing and interpreting the collected data.
Consumer data is being generated like never before and the need for it to be carefully gathered and analyzed is getting stronger. The demand for affiliate marketing measurement tools allowing marketers to track, collect, measure and analyze customer data touchpoints is also increasing.
Focus on Customer experience
There is an increased focus on improving customer experience. Personalization is at the heart of customer interactions and the realization that personalization can increase the marketing ROI by up to 8 times is driving the same. However, personalizing the customer experience requires in-depth knowledge of customer journeys and preferences. Technology helps in identifying patterns in real-time providing predictive insights and the ability to derive intelligence from raw data.
Continued Growth of Attribution
Attribution has always been the holy grail for marketers. Attribution tools have come a long way and are able to provide some great insights. However, there is a need to evolve their attribution approach. Marketers are looking for real intelligence in terms of recommendations. There is an abundance of data and metrics collected, but not many understand what to do with it.
Attribution platforms like VaultPro help in connecting the dots. It helps to co-relate marketing spend to revenue outcomes, monitoring channel/partner performance and delivering highly insightful intelligence.
What started as a way to connect with friends and family online has grown into so much more than that. People are consuming content, reading news, researching products/companies, following influencers and much more on social media. Till recently, marketers used social media primarily for getting eyeballs and generating awareness for their brands. However, that is changing. Social media platforms are able to shorten the customer journey by allowing them to shop directly from the platform. This allows marketers to engage the right influencers and work with them creatively to hasten the purchase decision.
Rise of Voice tech
A few short years ago, it was unthinkable that we would be consuming content like movies on our smartphones or conversing with our cars. IoT and higher connectivity has emphasized the huge potential of voice as an advertising medium and opened up new horizons for marketers. They are able to interact with their consumers like never before and are also trying to forge an exceptional relationship with their customers. The way consumers are looking up, researching and buying products is changing and therefore, opens up a world of opportunities for marketers to use this medium creatively.
This is hardly an exhaustive list. With technology emerging and evolving at a fast pace, here are few other technology trends that we will see this year:
- AI and machine learning are transforming the ways we derive consumer insights with speed and accuracy
- Video continues to be the top form of consumed content
- Chatbots have become an integral part of companies’ marketing, sales and service initiatives
- Automation is allowing businesses to scale by streamlining repetitive, time-consuming tasks
- AR and VR are finding real-world applications
- The demand for regulations and transparency is increasing and marketers will have to focus on building relationships with their customers based on trust and privacy
- IoT, wearable tech, Artificial & Virtual reality industries will be propelled with the emergence of 5G
2019 promises to be a year full of positive improvements in the way marketers run their business. Marketers become more powerful with various marketing technology tools in their arsenal. The industry will continue to evolve and we hope to see some great improvements in marketing technology.