With remote work becoming an essential aspect of the modern workforce, many marketing teams are turning to technology to facilitate collaboration on campaigns and manage their workload. A recent survey found that 60% of marketing leaders plan to increase their MarTech spending over the next 12 months. This underscores the growing importance of marketing technology in enabling remote teams to work together effectively and efficiently, as well as the recognition among businesses of the need to invest in these tools to stay competitive in the market.
What is MarTech?
MarTech, short for marketing technology, encompasses software and platforms that assist individuals or organizations in achieving their marketing objectives. This broad term encompasses a wide range of tools, from email templates to data analytics. As the MarTech industry continues to expand, it is addressing various gaps and needs in the marketing landscape to cater to the unique requirements of different individuals, agencies, and companies. With this rapidly-evolving field, there are numerous possibilities for MarTech solutions to facilitate effective and efficient marketing campaigns.
It is highly probable that your competitors are already utilizing MarTech to enhance the success of their marketing campaigns. Failing to embrace MarTech may leave you at a disadvantage. As a result, it is essential that you start considering utilizing MarTech in your marketing strategy if you have not already done so.
Importance Of Keeping Up With Marketing Technology Trends
Staying up-to-date with technology trends and being able to recognize them is crucial for brands that want to remain relevant in their respective sectors. Doing so provides valuable insights into what is currently popular and emerging in the market, allowing businesses to adapt their strategies accordingly. This way, brands can better understand where to focus their efforts and tailor their content to meet the evolving preferences and requirements of their target audience. This enables them to provide more compelling and engaging content, thereby strengthening their brand positioning and staying ahead of the competition. In fact, 91% of marketers agree that capturing the market needs new marketing tech solutions. To better understand this,
Let’s take a look at 3 important reasons why your brand needs to stay up-to-date with technology trends:
1. You Can Stay Ahead Of Competition
Identifying technology trends allows your brand to be one step ahead of the rest because your marketing efforts will always be equipped with new technologies and novel marketing strategies. You can use this to differentiate yourself by offering unique products or services that cater to the changing needs of your target audience. Being at the forefront of technology trends also helps brands maintain their position as industry leaders and attract new customers who value innovative solutions.
2. Your Content Will Always Remain Relevant
Analyzing current technology trends is essential for brands to create content that aligns with their target audience. Brands can tailor their content strategy to reflect the latest trends and align with the interests and preferences of their audience, which can increase engagement and encourage social media shares. In today's hyper-connected world, consumers are constantly bombarded with information, and they have become increasingly selective about the quality of content they consume. Brands that do not stay up-to-date with the latest technology trends risk falling behind and losing relevance, which can have negative consequences for audience engagement and brand perception.
Knowing the latest tech trends will enable you to generate content around those hot themes, which will undoubtedly have higher impressions on social media and are more likely to be picked up by consumers. This will ensure that your audience remains interested.
3. More Market Opportunities
Staying up-to-date with technology trends can help your brand discover new opportunities to advertise your business and reach a wider audience. When your brand tracks the latest trends, you can identify potential gaps in your marketing strategy and ensure that your messaging is effective in attracting your target audience. Additionally, it can provide your brand with a new perspective on your current marketing campaigns. By doing so, your brand can find new ways to be creative and innovative in your approach to marketing. This can differentiate your brand from competitors and foster stronger connections with your audience. Ultimately leading to newer marketing opportunities.
Top 10 Marketing Technology Trends in 2023
As we look ahead to 2023, it's important for businesses to stay on top of the latest marketing trends in order to stay competitive and attract new customers. With new technology constantly emerging, it's essential to adapt in order to gain an edge and generate more leads.
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In the upcoming year, we can expect to see a continued increase in digital marketing spending, which is projected to reach $146 billion. However, the focus will shift from traditional approaches, such as paid ads, to new search trends that are transforming the marketing landscape.
To help you stay ahead of the curve, here are the top MarTech trends that will impact your marketing strategy in 2023 –
1. Artificial Intelligence Advertising
AI has become increasingly advanced and popular, and marketers need to stay on top of its progress to stay ahead of the curve. With interactive advertising and the help of AI, marketers are poised to enter the average consumer's home in exciting new ways. AI technology is complex, but by keeping up with its latest developments, marketers can capitalize on new opportunities and take their advertising efforts to the next level in 2023. AI has revolutionized marketing by allowing for more intelligent connections between consumers and products. In fact, according to the Drift leadership report, 79% of respondents said AI is one of the technologies that will impact marketing in the future.
2. Data Analytics
Marketers now have access to powerful data analytics tools that provide valuable insights into customer preferences and behaviors, such as shopping habits, time spent on various platforms, and how they discover new products or services. With the continued development of MarTech tools, marketers will have even greater visibility into the entire customer journey, from initial interest to final purchase. These insights are captured through various methods, including cookies and click-through rates, which enable marketers to adjust their strategies to better meet consumer needs and preferences as they continue to evolve over time.
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3. Emphasizing Cyber Resiliency
As our reliance on digital tools and technologies grows, the consequences of cybersecurity breaches and attacks have become increasingly severe. When cybersecurity fails, our data, identities, and even our safety can be compromised. As a result, there is a growing push not only to prevent attacks but also to be prepared to withstand them and recover quickly if they occur. In 2023, the focus will shift from cybersecurity to cyber resiliency, with greater emphasis on risk assessments, detection and response, data recovery, and compliance.
4. The Rise Of Chatbots And Conversational AI
In the coming years, chatbots and conversational AI are expected to become even more accessible for small businesses. These tools can handle basic customer queries 24/7, freeing up business owners to focus on other important tasks. In fact, the rise of AI-driven marketing is already evident with tools like ChatGPT. To talk in numbers, within five days of its launch, ChatGPT attracted one million users, and by January 2023, it already gained more than 100 million users, setting the record for the fastest-growing platform.
Nonetheless, we can anticipate that more small businesses will leverage these accessible technologies to generate marketing content and engage with customers around the clock.
5. Voice Search
According to a demandsage study, 27 percent of people use voice assistants on mobile as of 2023. Consumers prefer voice search over simple text searches, as more than 50% of adults reported using voice search daily. The implementation of Amazon's Alexa largely boosted the popularity of voice search. Businesses have now recognized the importance of voice search as a way to stand out among competitors in the media market. The most commonly used voice search platforms are Siri, Alexa, Cortana, and Google Assistant.
6. Virtual Reality with The Metaverse
As technology advances, the synchronization of the real world and our digital worlds will continue to evolve in innovative ways. The metaverse, in particular, aims to bridge the physical and digital worlds to offer a seamless user experience. The need for this seamless physical-digital experience is growing, and NFTs have brought exciting possibilities to blend these experiences. The metaverse phygital (combination of physical and digital goods) is one of the most promising applications of these blended experiences. Brands are now creating NFTs and virtual storefronts in the metaverse to extend their products to a larger audience. As the metaverse phygital slowly infiltrates every industry in the upcoming years, we'll see new purchasing behaviors, buying patterns, and physical brand and digital creator collaborations. Recent examples include digital and physical clothing, phygital retail stores, and collectible craft cocktails.
7. App push notifications
The growth of push notifications in the realm of MarTech is fueled by two main factors. Firstly, the email campaign landscape is becoming more saturated, making it more challenging to engage with your target audience via this medium. Secondly, more and more people are relying on mobile devices for all their online activities, including searching for brands and making purchases. This makes it logical for businesses to turn to push notifications as an effective way to grab customers' attention. In addition, running highly targeted push notification campaigns sees a click rate as high as 30%!
8. Campaign Automation Tools
The use of marketing automation tools can simplify every aspect of your marketing campaign, reducing time, errors, and unnecessary costs. The market for marketing automation is projected to grow by 8.55% annually, with 51% of companies already utilizing these tools. Consider how marketing automation tools can streamline your processes and campaign creation when evaluating your company's needs.
Marketing analytics tools offer a variety of benefits, including:
- More effective spend
- Concrete measures of Success
9. Low or no-code platforms
Low-code and no-code platforms are becoming increasingly popular among small and traditional businesses as they provide user-friendly tools for marketing automation. These platforms offer decentralized self-service capabilities and built-in intelligence to optimize repetitive tasks. The main benefits of using low-code/no-code platforms are savings on time and increased productivity, as no programming skills are required. They can be easily integrated with other tools and mastered quickly, providing employees with flexibility and improving the speed of applications.
10. Influencer Marketing platforms
In recent years, influencer marketing has become a popular approach for businesses to reach their target audience through trusted social media personalities. However, managing an influencer marketing campaign can be a daunting and time-consuming task, especially for small businesses with limited resources.
Fortunately, the rise of influencer marketing platforms has made the process much more accessible and efficient. These platforms offer a range of tools and services to streamline the influencer marketing process, making it easier for businesses of all sizes – medium, small, or large, to connect with relevant influencers and manage campaigns effectively. In the future, we can expect many new and innovative influencer marketing platforms to be introduced.
As the marketing landscape continues to evolve, it's important to keep up with the latest trends and adopt new tools and technologies to stay ahead of the competition. The 10 MarTech trends discussed in this article are not just fleeting fads but rather long-term changes that are here to stay.
To ensure your organization can thrive in this dynamic environment, be sure you’re taking advantage of tools to outmaneuver your competitors. With marketing technology accounting for 30 percent of North American marketers' business budgets, you would be well-advised to use marketing automation tools and platforms to elevate your campaigns to the next level.