Marketing Technology Your Business Should Invest In
There are more than 5000 companies trying to sell marketing technology to marketers and businesses. Interestingly, there were only 150 companies selling marketing technology back in 2011 and it crossed 5000 companies in 2017.
One thing is clear: Marketing technology is a rapidly growing industry.
However, businesses are overwhelmed. Choosing right marketing technology to invest in is challenging. Finding a company from the list of 5000 Martech companies is itself a big challenge.
If you struggling and not sure what type of marketing technologies are right for your business now and in the future, read on for insights and ideas.
Marketing cannot go without analytics. You have to measure, track, and analyze every marketing campaign as this is the only way to get better at marketing. Lack of data is the biggest hurdle to effective lead generation, according to 42% of marketers.
Investment in a decent analytics tool will help you get better at lead generation, increase revenue, and do more of what works for your business.
Google Analytics isn’t enough.
You have to invest in big data analytics as well to best use heaps of data that your business has access to. According to Statista, the global IP data traffic reached 121K petabytes per month in 2017. How you use this data to understand consumer psychology and behavior will play a pivotal role in how you reach your target audience in future.
Chatbots are the future of marketing. You should invest in chatbot technology to stay ahead of your competitors. Investment in technology by businesses don’t get better than this.
Think of chatbots as your business partner that will eventually pay in any form ranging from IPO to acquisition to merger and beyond. Technology investment never fails to disappoint businesses. Cameron Poetzscher, for instance, while working at Goldman Sachs generated several lead-managed deals all of which were technology investments such as $7.5 billion acquisition of Pixar by Disney, $11.4 billion sale of Fraser & Neave to TCC and many others. Tech investment is the best investment your business can make as long as you’re investing in the right technology.
And when it comes to tech investment today, nothing beats chatbots.
Brands like Domino’s Pizza and KLM Royal Dutch Airlines are already using chatbots for marketing, sales, and customer services.
Aliexpress is another example that uses a chatbot as a customer support agent. Before you’re connected to a human support agent, their chatbot will try to solve your issue – smartly.
So it isn’t something new. If you haven’t invested in chatbots, you’re already late. Get on the bandwagon and see how chatbots can help your marketing team.
3. Conversion optimization
Conversion optimization is the backbone of every marketing campaign and no matter what, businesses cannot stop investing in conversion optimization tools.
Because conversion optimization is directly associated with sales and revenue. CRO tools have an average ROI of up to 223%.
President Obama, for instance, raised $60 million with a simple A/B test.
Investment in CRO tool can prove to be a game-changer. It isn’t just about investing in CRO tools but you need to invest in your business’s approach to CRO and research. Your business should be in a state of continuous testing and tweaking. Of course, it needs investment and planning.
A few awesome CRO tools are must but you should promote a culture of testing and tweaking.
4. Artificial intelligence
A recent study by Salesforce revealed that high performing marketers and businesses are 2.2x more likely using artificial intelligence and marketers say that use of artificial intelligence will grow by 50% in next couple years.
According to a report by IBM, 73% of CEOs are of the view that AI will play a key role in their business’s future and 50% of CEOs said that they plan to use AI technologies in the next couple years.
Is your business prepared to use AI for marketing? Do you have the AI tools and resources to become a high performing business in your industry?
Here is a list of AI marketing tools that will give you a good idea of what to expect from your AI marketing tool.
5. Marketing automation
Artificial intelligence powered marketing tools, in most cases, help with marketing automation but not all marketing automation tools are AI-powered.
Marketing automation tools like HubSpot, Marketo, InfusionSoft, and Silverpop will help your business manage everything from a single dashboard ranging from website analytics to conversion tracking to autoresponders to email management to funnel management to CRM-marketing integration and beyond.
Investment in marketing automation technology will put your business on complete auto-pilot. Don’t miss it.
Investment in the right marketing technology at the right time will change the fate of your business. The best approach is to link your marketing objectives to marketing technology investment and see what technology your marketing department needs the most