Future-proofing Marketing Strategies: Why Martech Is Becoming Essential For Indian Enterprises

As we remain poised midway between the ongoing decade; and consider the propositions regarding the future, there is one aspect that no one can deny, and that is the imperative role that technology is playing across sectors. From fintech and healthtech to proptech and edtech, every segment under the sun is being enabled by technology and the fast-evolving landscape of marketing is no different. A quick glance at companies, both legacy and startups, indicates this rapidly advancing trend – while established heavyweight Tata Motors leverages Hootsuite to manage its social media presence and major lender HDFC Bank uses chatbots to offer customers personalised support, startups like Zomato have optimised their website and content for voice search. Each of these initiatives has one thing in common – using martech to enhance how businesses interact with their customers. 

Growing Stature Of MarTech 

According to reports, the Indian martech or marketing technology sector is expected to grow at a CAGR of 25%, to reach a market size of USD 100 billion, as early as next year. Highlighting the prevalence of martech in the domestic ecosystem, a 2024 global study by Statista evaluated the landscape and identified over 14,100 solutions currently available to industry professionals. The ongoing surge in martech startups in India is being fuelled by a growing demand for advanced marketing solutions in today’s digital-first era, with over 50% of brands citing that a balanced mix of technology and creativity drive their marketing strategy, according to the Mirum India and VML’s 'India MarTech and CommerceTech Report 2024. 

Targeting Consumers The Martech Way 

The growing digital footprint of consumers enables a copious exchange of information, between customers and the brands they frequent, and this willingness to share data leads consumers to expect a superior quality of treatment from their chosen enterprises. In today’s phygital world, where experiences are tremendously valued, consumers have become particular about what they want and when and martech, with its data and customer journey-driven insights, acts as an essential ingredient in propagating seamless relationships between brands and their customers. Indeed, the dynamic nature of today’s market demands a level of responsiveness that traditional marketing approaches can no longer satisfy, paving the way for a martech-led future.  

Here AI, which is the cornerstone of martech initiatives, stands out as a critical enabler, providing marketing teams with the real-time insights necessary to stay ahead – as an integral part of the marketing toolkit, it offers capabilities far beyond what was possible in the past. The martech tools at hand today can sift through vast amounts of data at an unprecedented speed, analysing market trends, parsing consumer feedback, and evaluating the performance of ongoing campaigns, all in real-time, thereby empowering their users to meet their consumers’ demand, even before these demands come to the fore. 

Challenges To Overcome 

As marketing teams increasingly adopt AI-driven martech strategies, several critical issues in digital communications demand attention to ensure the ethical and effective use of technology. Data security concerns are paramount, as the collection and processing of vast amounts of personal information necessitate robust safeguards to protect against breaches and misuse. Bridging skill gaps is another pressing challenge; as AI technologies evolve rapidly, marketers must continuously upskill to effectively integrate AI tools, ensuring that their teams remain competent and competitive. Lastly, maintaining human empathy in AI communications is key to avoiding the depersonalisation of customer interactions. While AI can streamline processes and enhance efficiency, it is essential that marketing teams preserve the human touch to foster genuine connections, making customer interactions feel personalised, respectful, and emotionally aware. Addressing these issues will be vital for marketing teams aiming to leverage AI responsibly and effectively in the digital landscape. 

Delving deeper into the martech phenomenon, it becomes evident that the new frontier is not just a trend – it is a paradigm shift that is future-proofing Indian enterprises and propelling businesses towards unprecedented levels of competitiveness and success in the global arena.  

Amit Sanyal

Guest Author EVP, and COO- MarTech Solutions, Comviva