Successful Martech Solutions Will Be About Humans Defining Consumer Context Which Machines Can Execute

Sachin Kumar Feb 11, 2023

Marketing technology, or martech, has the potential to revolutionise the way marketers reach and engage with their target audience. With the ability to instantly measure the impact of ads, automate processes, and create dashboards to summarise findings, martech has become a vital tool for many companies. Companies across sectors have been using martech solutions for improving overall processes and obtaining relevant customer insights for delivering improved consumer experience.

FMCG companies like P&G, Unilever and Nestle have used a range of martech solutions including marketing automation, CRM and data analytics to improve customer engagement and personalisation across all of their brands. To provide real-time product information they also use technologies like VPR (Visual product recognition), a computer vision technology that allows them to identify products and display relevant information. This technology can be used in mobile apps, physical stores, and even billboards.

Similarly pharma companies like Novartis, Pfizer have improved their customer engagement by providing relevant health-related personalised information using martech solutions.

However, with the growing number of available technologies and increasing complexity of the martech landscape, it can be difficult to determine which platform is the best fit for a company's needs. The martech market is currently valued at over USD 340 billion, and the average company spends 23 per cent of its marketing budget on martech (source: WARC).

In the past, martech and adtech evolved as the natural extensions of traditional consumer targeting and ad serving. As the number of marketing channels increased, marketers needed better tools to reach and communicate with their audience. This led to a sudden influx of new players and technologies, creating a complex and ever-changing landscape. Even the most tech-savvy marketer can be overwhelmed by the number of options available.

To navigate this landscape, it's important to start with clear targets rather than relying solely on tools. Artificial intelligence and machine learning can be incredibly useful, but they can't replace the human eye and brain in evaluating outcomes and making decisions. Instead, brands should focus on setting the right KPIs for sustainable growth, understanding their customers and their journey, and selecting a mix of suitable tools to set themselves up for good, data-driven decisions.

1) One way to approach this is by breaking down the martech landscape into smaller, more manageable pieces.

For example, instead of trying to evaluate every single solution available, a company could focus on solutions that measure and optimise marketing effectiveness. By narrowing the focus in this way, it becomes easier to find the right tools for a company's specific needs and goals.

2) Another key aspect to consider is the data. Data is the backbone of any marketing strategy and the right data can make all the difference in making informed decisions. Marketers must be able to access, process and analyse large amounts of data to make accurate predictions and optimise their marketing campaigns.

For example - Brands are leveraging data not just to upsell and cross-sell but also to build the psychographic cohorts leveraging the understanding of online surveys / mapping consumers’ (male/female) digital footprints and recognising first-time buyers, repeat buyers, high-value buyers / telephonic interviews etc.

3) Ultimately, the key to success in the martech landscape is to set clear targets, understand customers and their journey, and select the right tools and data to achieve those targets. By taking a strategic and targeted approach, companies can ensure they are getting real value for their money and achieving their desired results.

Ex – High-value consumer electronics brands are using martech to truly build a network of seamless purchase processes between retail and online purchases. Consumers are the biggest beneficiary here as they can buy from any Brand franchisee sitting at home and delivery of the product can be fulfilled by the dealer.

Marketing plays an essential role in shaping customer and employee experience, as well as operations and production. By recognising the interconnectedness of these areas and utilising them in a strategic manner, companies can build better stickiness with consumers and gain a competitive edge in the market.