The world has sought digital solutions for a few years now and there is no stopping it especially in a time where people are confined to their homes to avoid contracting coronavirus. As businesses adapt and move online to provide their offerings to customers, service providers from every industry are looking to capitalize digital. Moreover, new avenues for equitable money-making have opened up, with cost-effective marketing solutions brought to the fore.
In the advent of multiple tech revolutions, it is hard for the marketing and advertising industry to remain untouched by the changes brought in through the willing participation of the users. Moreover, the explosion of internet and smartphone penetration in India indicates the extent to which the digital economy has disrupted daily life. Understandably, brands and advertisers realize the potential of pursuing MarTech induced channels to continue their growth is product sales.
The role of MarTech in diversifying strategy
The perfect marketing strategy is when the plan explores all the possible channels through a diversified approach. The foundational aspects remaining same, the digital tools put together form the crux of a martech solution. It begins with defining the needs of the client and listing all the plausible streams that match that industry’s requirements. It is this list through which a martech stack is designed, wherein targeted campaigns across channels are run, instead of flooding the space with excessive tools and information.
The idea is to calibrate each requirement and use the requisite tools efficiently. The stack could comprise key components such as email marketing, social media softwares that optimize engagement, mobile-based tools and apps, CRM softwares, SEO tools, and data analytics tools among others. These aspects help in assessing and recording engagement levels of the users, as well as providing insights into consumer choices.
In a time where analyzing data has become a perquisite for planning successive phases of campaigns, it is prudent to remember that technology can play the role of an enabler and not a decision-maker. At the end of the day, the onus lies with the client and the marketing agency as to how the data must be utilized, which tools need investments, and how uniquely a marketing campaign can be targeted at the audience. Each firm might require different set of tools or martech stack, and it varies based on the service being provided and the sector.
Areas witnessing exponential growth in digital
The COVID-19 pandemic has affected the sales and logistics of every single industry. Let us take the example of Beauty and Wellness. It is a niche segment which until the coronavirus outbreak enjoyed large footfalls from enthusiasts. With the dependence on e-commerce skyrocketing due to successive lockdowns, companies are forced to expand door-to-delivery and online servicing. This demands a different martech solution as the industry caters largely to a young demographic, which is urban, belonging to a particular strata of society, and brand conscious. Companies will have to utilize digital marketing avenues such as affiliate marketplace/networks, influencer platforms, social media messengers, e-commerce websites’ advertising to reach its consumer base.
Similarly, the financial services sector caters to young and aspiring professionals, as well as small and medium businesses, new to credit consumers etc. This kind of a demographic is usually spread over a large geographical area, as access to internet is bringing more people into the financial sector. Once again, marketers are confronted with a major issue when creating martech solutions for BFSI sector, as the reach is vast.
The whole ecosystem is indicative of the dynamic nature of the evolving digital economy, and businesses will do well to remember to focus on specific agendas of the sector and the firm before applying the thousands of martech tools available at everyone’s disposal. It is important to determine whether the focus should be on broader aspect of generating leads, or on personalization, especially if it is a niche brand. By effectively leveraging the tools, businesses will experience the difference made.
Authored article by Prabhakar Tiwari, CMO, Angel Broking.