The size of the global marketing industry is quite impressive. According to the latest figures provided by Statista, it is estimated to be around $345 billion. It is also a niche of intense competition, with almost 10,000 martech solutions taking part in this race. We at Andersen, however, working in the martech development domain, would like to highlight not quantitative, but qualitative martech trends. With our deep knowledge of the best martech examples, we believe we have something to say about those trends.
Martech trends prioritized by Andersen
- AI and ML. The latest martech trends we describe here are not listed in order of importance. Depending on a particular project, any of them can be the most crucial one. But this one obviously represents the greatest hype cycle. With the release of ChatGPT everyone seems to be discussing this ongoing trend, either as the main hope, or the chief threat.
Artificial intelligence and machine learning are revolutionizing the martech domain indeed. On the basis of our experience, we would zoom in on the following aspects:
- Data Analysis in general and predictive analytics in particular. In essence, all martech solutions are about aggregating, assessing, and leveraging data for the sake of eventual success. From this point of view, AI-fueled algorithms are in the right position to consume and analyze previously unseen amounts of data quickly. More than that, they can not only identify patterns and trends, but also propose projections and various future scenarios;
- Hyper-targeting. The art of a marketing manager, to a significant extent, is to find and describe the most promising segment, shape a value proposition perfectly matching it, and send a well-balanced message via an appropriate channel. AI’s sharp eye can assume responsibility for singling out the most lucrative mini-segments on the basis of relevant properties and, owing to the advanced marketing automation tools, transmit needed signals via the best channels;
- Conversational marketing relying on smart chatbots. With chatbots getting more intelligent and adaptable, it becomes easier to interact with end-clients, engage them, learn more about target audiences, and guide them through your sales funnel with enhanced efficiency;
- Content creation. Such game changers as ChatGPT or, say, Jasper may fail to observe particular Tone of Voice standards in their entirety. However, they are already in high demand when it comes to generating written content, e.g. brief product descriptions, overviews, and blog posts, based on specific inputs and previously defined templates. More than that, AI algorithms are able to curate content by analyzing user preferences and putting forward ideas for potentially relevant articles, videos, or products.
- Marketing automation tools, as a martech phenomenon, that take care of simple and repetitive tasks. Client nurturing is much easier when it is possible to schedule posts on social media and automate responses when needed, manage email blasts, plan cold calls, etc. However, in 2023 they can do more than just eliminate the need for time-consuming and mundane stuff. These are, in Andersen’s opinion, the key tools right now:
- Multi-channel efforts, understood as managing and coordinating several campaigns across multiple channels (encompassing email, social media, SMS, phone calls, notifications, etc.), are much more feasible, synchronized, and timely in 2023 than before;
- Automated behavioral tracking and segmentation. On the one hand, marketing automation platforms can collect and structure dynamic data in real-time, absorbing interactions, reactions to CTRs, conversions, and other applicable elements. On the other hand, they are already sufficiently intelligent to build segments, on the basis of the previously described info, and offer optimal courses of action for these segments;
- Boosted personalization potential. In this martech context, one can highlight the opportunity to quickly deliver highly personalized experiences to segmented groups -- and associated individuals -- with minimal efforts. By leveraging client info, automation tools can, literally “on the go”, dynamically adapt content, offers, and messages according to the personal preferences revealed through past interactions and reactions.
- AR and VR solutions certainly belong to the circle of the latest martech trends and are used by marketers to offer immersive and interactive experiences. Some of the second-tier trends in the martech domain include:
- Product visualization. AR and VR serve as leverage enabling end-clients to get familiarized and even interact with an item, with no need to visit a physical point of sale. This trend is of particular prominence if one thinks of its eCommerce potential;
- Virtual showrooms and events. A person's physical presence might also soon become much less relevant, be it a trade fair, show, or event of any other kind;
- Finally, one should also consider the growing popularity of the Metaverse concept, which strongly relies not only on the notion of decentralization, but also on connectedness, remote interactions, and AR- and VR-enabled immersive experiences.
- Customer data platforms aka CDPs also represent one of the most promising marketing technology trends. Functioning as centralized hubs for gathering, cleaning, integrating, storing, and managing client info acquired from multiple sources, they reveal the prospect of a unified and comprehensive view and AI-fueled analysis of client records.
By consolidating client data from various heterogeneous sources, e.g. transactional banking data, CRM system-related records, website and mobile app stats, social media, and third-party platforms, they offer a holistic view of each customer's interactions, preferences, and behaviors. What is even more important is that the level of generalization might differ, depending on the marketer's needs. Thus, it becomes feasible to zoom in on a single client or zoom out to identify entire segments, with varying levels of detail.
- Voice search. This facet is strongly related to intelligent ever-learning chatbots and conversational marketing in general, but not limited to them. The adoption rates of voice-enabled devices and virtual assistants keep on growing. There even exists the concept of “zero UI”, when a device is managed mainly by voice, for instance, instead of the customary controls. In this respect, the Andersen team would like to single out the following second-level trends of martech:
- Natural Language Processing. Voice search and interactions are based on NLP to interpret and respond to spoken queries. Such algorithms assess structures, contexts, undertones, and intents behind voice requests to provide relevant and accurate outcomes;
- Voice Search Optimization aka VSO. The latter supposes adjusting content of pages and websites as a whole to get them aligned with voice search queries and user preferences.
- Live streaming and video streaming in general. Speaking of this martech trend, one should point out this key factor: delivery of content in real-time and on-demand over the Net. Let’s discuss some chief aspects in greater detail:
- Live Video Streaming enables companies to show real-time video content to their audiences. This can encompass live events, product launches and presentations, webinars, interviews, or even behind-the-scenes glimpses. By creating a sense of immediacy, interactivity, authenticity, and even intimacy end-clients can be engaged to an unprecedented degree;
- OTT video services and content libraries. On top of live streaming options, companies are able to leverage on-demand experiences for content consumption and provide entire libraries of readily available offerings. This allows viewers to access content at their convenience, extending the lifespan and reach of marketing initiatives and keeping viewers constantly in the system;
- Feedback mechanisms. Be it a live streaming session or a piece of pre-recorded and published content, most modern platforms allow viewers to express themselves. This includes reactions, comments, upvotes and downvotes of various sorts. With these capabilities at their disposal, content providers are free to scrutinize the preferences of demographic groups and individuals, which is great for marketing efforts.
- Finally, as a totally compliant vendor following the best industry practices, Andersen cannot omit such a crucial issue as ever-evolving and ever-stricter data privacy and compliance norms. In tech, not legal terms, this trend is reflected in such must-haves as:
- Consent management features added to martech solutions to enable businesses to obtain and manage user consent for data gathering and processing;
- Privacy by design. Martech solutions are actively embracing the concept of privacy by design, which involves incorporating privacy and data safety considerations into the process of developing products and services. This approach ensures that privacy controls, data minimization, and other privacy principles are firmly embedded into your IT architecture;
- Customer data ownership capabilities for users empowering them to access and export their info from martech solutions;
- Data retention and deletion functionalities enabling teams to specify data retention periods and automatically delete customer data after they expire.
Martech trends 2023 and Andersen
Andersen, with our experience in the media and entertainment, cybersecurity, retail, and martech domains in general, has presented the martech trends 2023. As you can see, they all are focused on a limited, yet breakthrough, range of dimensions. All these martech trends are technologically complex but still within your reach with reliable vendors, e.g. Andersen. Whether you need automation, neural networks, or multi-channel experiences, Andersen is ever-ready to assist our customers as a martech development partner.
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