Is Marketing The New Source Of Innovation In The Tech Industry?
By: Venkatesha Murthy, VP MarTech, Virtusa
With the technology sector on track to exceed $5.3 trillion by the end of 2022, competition is fierce, causing innovation cycles to occur at an increasingly rapid pace and creating a feeding frenzy among tech players to out-acquire and out-retain the market.
These disruptive market forces are prompting high-tech companies to seek new ways to differentiate and grow revenue – and marketing is leading the way. That’s why SaaS, IT, and tech marketers are looking for any edge they can get with customers and prospects.
At a time when most people don’t want to be ‘marketed’ to, tech companies are hunting for new and better ways to engage IT buyers. For many, it starts with putting customer experience (CX) and personalization at the core of their business strategies. It makes business sense when you consider that just moderate improvements in customer experience (CX) can translate to $1 billion in incremental revenue, depending on the industry.
With that type of revenue growth within reach, marketing teams are under pressure to accelerate their MarTech transformation while using the tools and technologies they have to improve every customer engagement. To do this, they need to standardize data, tap into analytics, and machine learning for deeper insights, deliver personalization in real-time and gain 360º views across all customer touchpoints.
Forrester, How Customer Experience Drives Business Growth, 2022, 6th June, 2022, Maxie Schmidt-Subramanian and Sam Karpinski
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Mastering the MarTech stack
MarTech transformation starts with unraveling the complexity built over years of acquiring new platforms and applications. With nearly 10,000 marketing solutions available today, organizations have fresh and unique features and capabilities at their fingertips, making it enticing to keep adding to the stack.
However, to meet consumer demands for personalized experiences and capitalize on revenue opportunities, organizations must focus on four key areas:
- Better Omnichannel Content (and Commerce) Experience: Delivering a consistent experience across channels is emerging as table stakes in the bid to increase customer acquisition and retention. Tech leaders need a single source of truth for a highly curated set of reusable assets, marketers can select specific content to provide consistent customer experiences across channels.
- Comprehensive Personalization: Marketers need practical ways to enact personalization across their campaigns to drive results. Ultimately, marketers need to automate the contextual personalization of offers, content, and products and auto-target visitors to deliver an optimal experience.
- A Powerful Customer Journey: By nurturing prospects with recommendations, offers, targeted ads, and relevant content throughout the customer lifecycle, organizations can unleash the power of an integrated MarTech stack.
- Data and Analytics Democratization: Only 62% of marketers are moderately confident (or worse) in their data, analytics, and insights systems. Marketing leaders must centralize and democratize data to build rich 360-degree customer views.
Better business outcomes
By leveraging the full potential of the MarTech stack, companies can optimize the customer journey from beginning to end. To do this right, it’s critical to work with MarTech transformation experts that can unravel complexity at speed and scale.
By partnering with experts, tech leaders are applying best practices and pre-built and tested solutions to quickly see the ROI, including:
- Better engagement (+22% time on site)
- Revenue growth (+12% revenue by accelerating the sales process)
- Improved targeting (+150% accuracy improvement)
- Optimized for outcomes (+13% increased conversions)
With an extensive partner ecosystem, a deep bench of MarTech engineers and experts, and a wealth of technology industry experience, Virtusa has everything you need to make your marketing transformation a reality. Get started today: https://www.virtusa.
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