The humongous potential of Martech
18 Jul 2022
Dear Reader,
Marketing technology (also known as martech) is a stack of software solutions used by marketing leaders to support mission-critical business objectives and drive innovation within their organizations. Martech solutions focus on content and customer experience, advertising, direct marketing, marketing management and data analytics.
Martech Stack can customize an experience for people based on their behaviours, preferences, segmentation, purchase activity, and more. The brand will be more trusted by customers if they feel like every marketing message is tailored just for them. Marketing automation enables many modern marketing practices, including lead generation, segmentation, lead nurturing and scoring, relationship marketing, cross-sell and upsell, retention, return on investment (ROI) measurement, and account-based marketing.
With India as the sample space per say, there is a huge potential to develop martech systems to leverage the business potential of organizations considering the humongous data set and the diverse customer base which has different sentiments based on the demography culture etc. In the age of personalized ads and customized services, it becomes necessary for organizations to adapt to the changing behavior of customers as well.
Martech can simply transform Customer Experience with omnichannel deep AI based text analytics, intent tracking and prioritization of customers based on their needs and routing to the right team in real time and scale. Few of the key areas of martech are customer touchpoints (Email, chat, SMS, WhatsApp, social, etc), Helpdesk and CRM, Competitor Analysis, Keywords based search engine, Analytics with actionable insights, Intelligence and rule-based workflows, Apps, e-com & location reviews, WhatsApp strategy, Chatbots with automation tools, Survey management, Telephony and other integration.
Using martech, you can get a 360-degree customer profile, curate service, products, and offerings, identify potential customers for cross-selling and upselling, and design marketing campaigns at quick speed which can quantified and measured for further market study. In order to bridge the gaps, connect silos, and remove the roadblocks to achieving customer centricity, a modern customer experience Martech stack, powered by a smart hub customer data platform (CDP), where everything you do through technology is aligned and orchestrated around the customer would be the preferred approach of CX across industries .
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With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
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