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See how these Data Analytics Trends Changing the Facets of Martech
Martech, a portmanteau of Marketing Technology, entails analyzing these trends and assisting brands in adapting to them or risk losing their target customers. Martech strategists depend on data analytics to monetize consumer expectations, plan promotions and sales campaigns, and do various other things.
Fremont, CA: Marketers can now gain insights into customer behavior and preferences and understand market trends, thanks to big data analytics technologies. As customer behavior in the digital age changes rapidly, such as how they shop, compare prices, spend time, consume content, discover new products, and so on, brands must be proactive to make the most of such data.
Brands will also use data analytics tools to increase profitability while providing personalized, customized services in the coming year. Among the data-driven trends in MarTech are:
Data Unification: As many data sources grow, there will be a greater need for data consolidation and unification into a single view. This can assist marketers in understanding the big picture and making sense of data insights.
Moving on to Big Ops: Big Ops is concerned with managing the ever-increasing volume and variety of apps, automation, processes, and workflows that operate in brands and agencies on top of that universe of data. Marketers must become Big Ops literate because it will be enforcing good data ethics policies and implementing balances and checks to guard against data discrimination.
Data Process Mining is Going Mainstream: Using data process mining tools will not only improve the success of a marketing strategy, revenue, and sales but will also reduce sales cycle time, increase conversion rates, on-time deliveries, and detect high-value customers.
Measuring campaign attribution will be key: As marketers use data analytics to optimize campaign planning and execution, it is helpful to assess the campaign's outcomes and impact.
Location-Based Personalization: While the COVID-19 pandemic sparked a surge in customer interest in shopping locally, marketers may need to map their consumer base's needs based on their location, season, and other local factors. Assume a person goes to a nearby library near a famous ice cream parlor. In that case, the ice cream company can use artificial intelligence, data analytics, and GPS to offer discounts to entice the person to visit the parlor and possibly convert him into a customer.
Dependence on Data Visualization Tools: Tools such as Tableau and Power BI will attract new users by assisting in discovering insights within an organization's data. They can connect disparate data sets, transform and clean the data into a data model, and create graphs or charts to visualize the data.
The Rise of No-Code Tools: According to a Deloitte survey, 75 percent of organizations still have a long way to go in digital maturity. One of the primary reasons for this is a scarcity of technical experts with advanced coding skills. No-code (and low Martech) tools, as the name implies, enable non-technical marketers to generate interactive content, develop apps, and analyze data sets from multiple cloud sources independently. And the need for no-code tools will grow in the coming months. With data tracking tools in analytics software, marketers can now track customers from initial interest to final purchase, access insights driven by website cookies and click-through rate (CTR), and more.