Why a Business Should Invest in Marketing Technology

meeting of marketers

Wondering what marketing technology is all about and why you should invest in it? You’re in the right place. This article will give you the basics of marketing technology and show you why your business needs to invest in it.

From the very beginning, it has been an essential component of business growth. And because it is largely dependent on available technology, marketing technology trends have evolved alongside technological advancements.

New marketing technology tools emerge daily to meet the evolving needs of modern marketing.

These marketing technology tools are collectively known as MarTech. But before we look at the importance of marketing technology to your business, let’s talk about what marketing technology entails.

What is Marketing Technology?

It is a term used to describe a range of tech tools and software that assist marketing teams in achieving their marketing goals.

The suite of tools used by a particular company for its marketing processes is called a marketing technology stack.

It forms the bedrock of digital marketing. It can also be used to optimize other marketing channels.

Marketing technology tools are used to streamline marketing processes. They also help in the collection and analysis of relevant data for improved customer engagement.

Developing a good marketing strategy for your organization automates many processes and frees up more time for creative work.

4 Reasons Your Business Should Invest in Marketing Technology

If your business will remain relevant in the coming years, investing in marketing technology is not optional.

This is because the digital market space has become very competitive and because digital channels are becoming more and more vital for attracting and retaining customers.

Digital marketing is an investment that will yield a high ROI for your business if properly utilized.

Still not clear why it is important for your business, especially considering the cost? Here are 4 compelling reasons why your business should invest in this technology.

1. Your Customers Are Online

Statistics show that over 50% of the world’s population is below age 30. This implies that the larger percentage of the world’s population is digital natives.

Even those over age 50 are increasingly becoming digitally-minded, and you can easily infer what it spells for modern business.

To run a sustainable and profitable business, your products/services have to reach and be appealing to your potential customers.

Businesses now have to reach out to customers instead of waiting for customers to come to them as it was obtainable in the past.

Reaching your customers means going to meet them where they are, and where they are is online. Take a cue from free spins operators and get online before it’s too late.

2. Improved Customer Engagement and Retention

It’s no news that customers are the lifeblood of every successful business. Converting new customers is not enough; engaging and retaining them is where the success lies.

Content marketing and CRMs help you keep your customers engaged and improve customer retention rates.

Not only that, marketing technology tools automatically collect and analyze customer data. The results of the analysis help you identify customer behaviors, sales trends, and customer needs. This enables you to improve/modify your products to meet customer needs.

Data derived from marketing technology tools can also be used to create customer-specific campaigns.

This essentially means your campaigns are customized to reach and engage your specific target audience.

But that’s not all. Reports show that most persons access digital content through their mobile devices 70% of the time, about 61% even sleep with their phones next to their beds.

This means for your campaigns to be more effective, they have to be mobile-friendly.

Investing in marketing technology will help you streamline your campaigns, offerings, and customer engagement activities to meet your customers on their mobile devices.

3. Integrated Marketing Technology

Organizations often tend to adopt a piecemeal approach, hiring an IT manager for digital and a separate marketing team for other marketing channels.

While this can work most of the time, it is not the most effective. It isolates the different aspects of marketing and sometimes reduces the harmony needed for effective branding.

Digital marketing campaigns work best when integrated with other traditional channels.

Integrated marketing technology tools can be used to integrate all channels for a more effective strategy. It keeps all the aspects of a campaign working seamlessly to achieve goals and objectives.

4. It keeps you Ahead of the Competition

marketing technology

You will not truly know your market share if you’re not digital. And if you feel you do not have sufficient knowledge of digital technologies, it is time to upskill.

This is very important if you’re going to stay in the competition, and compulsory if you want to stay ahead of the competition.

Because of this, many large corporations are creating a new role of Chief Marketing Technologist (CMT) to oversee the use of technology to accomplish business goals.

Knowledge of emerging technologies will keep you abreast of marketing technology trends.

It gives you prior knowledge of every new technology, and with this information, you can promptly optimize your campaigns to stay ahead of the competition.

In a Nutshell

It has become an essential component for every business to thrive in the 2020s. Customers’ interaction with businesses is becoming increasingly virtual, and businesses have to adopt relevant marketing technology to maximize the interactions in the virtual space.

If your business is yet to invest in technology, now is the best time to do so.

If you found this article helpful, please let us know in the comment section. And if you have further insights on technology, feel free to share them with us.

Author’s Bio: Edward is enthusiastic about assisting businesses, especially local firms, in developing a more personal online relationship with their consumers and prospects.

While trading and market research is his strong USP, his expertise in finance works like an added charm to his credentials! He is a finance genius!

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