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Future Martech to Increase Value through Personalization
The future of martech is to use data to provide customers with high value to build long-term relationships.
FREMONT, CA: Martech is a catalyst for growth; it accelerates innovation in retail and numerous other industries. Rethinking marketing technology and its accompanying mentality can lead to differentiated customer engagement, generating revenue growth and customer loyalty.
This is the future of martech—utilizing data to provide customers with high value to establish long-lasting relationships.
How can marketing executives maximize this opportunity?
The value exchange: mutual advantages
Consumers are becoming more informed about data privacy and how brands utilize their data. Obtain a head start and invest in the "value exchange" now.
Marketers offer consumers tangible benefits in exchange for their personal information, as martech is moving in this direction. According to IDC FutureScape, worldwide future of customer and consumer 2021 predictions project that by 2024, 60 percent of consumers in developed nations will accept loyalty perks in exchange for their data.
The creation of a value exchange benefits both parties. In addition to loyalty benefits, consumers enjoy a more customized retail experience. And brands can leverage this data and improve engagement to create more profitable, loyal, and long-lasting customer relationships.
Personalization relies on a comprehensive customer view
The future of martech is dependent on data that fuels a complete, 360-degree customer view. This broad view enables retailers to integrate timely omnichannel engagements, allowing them to meet revenue goals beginning in the first quarter of 2022.
Martech stacks are bloated in many retailers, which obscures their work. Rather, marketing leaders within these retail organizations must manage complexity for optimal performance and enhance martech's overall efficacy to deliver personalized engagements at scale.
Individualization has replaced mass marketing. Smartphones make it easier to send personalized messages to each consumer target. The rise in personal technology has coincided with the increase in customer expectations. Retailers are in an excellent position to deliver if they can effectively leverage the marketing technologies available.
Improving customer data management
Brands must ensure their martech stacks are in sync with the real-time data that enables consumers to connect with a brand.
For instance, nearly one-fourth of respondents to Gartner's survey identified the absence of a solid customer data foundation as one of the top three obstacles to martech adoption. The only way for brands to overcome these martech challenges is to employ marketer-friendly solutions that improve operational efficiency, provide more sophisticated customer engagement, and scale personalization across multiple marketing and commerce channels.