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Martech-Report-22-23

The Martech Report 22/23

Martech is more important than ever, and despite a more challenging economic situation in 2022, martech budgets are continuing to grow. The global market for Martech and Salestech is estimated to be worth $508.9bn.

As our latest State of Martech report finds organisations face a number of challenges around marketing technology. The biggest one is finding the skills and talent needed to drive martech initiatives.

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4 Ways to Put Innovation Into Action

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As consumer demands perpetually evolve, the marketer’s job specification becomes ever more difficult - it’s what makes it equal parts exciting and frustrating.

The Cheetah Digital Customer Engagement Suite aims to solve these problems , delivering a set of unified, user-friendly, data-driven solutions underpinned by an engagement data platform ready to scale to meet consumers’ changing demand. And akin to consumer demands, it’s ever-evolving. Here we look at four key tenets to delivering just that.

The Value Exchange Economy

Acquiring new customers, and gathering the personal and preference data required to deliver better offers, content and experiences is significantly more effective when you’re able to articulate the value you're offering in return - this is the value exchange economy.

This can be something immediate and tangible in the form of a prize, discount or personalized recommendation, or slightly more long-term, where you ask specific questions in order to deliver tailored news, bespoke advice or exclusive access.

Marketers can deliver this through interactive experiences that ask relevant questions and incorporate reward mechanics that give consumers a genuine reason to engage and submit their first- and zero-party data. Capturing consumer motivations, intentions, interests and preferences at scale allows for a truly personalized customer experience.

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Real-Time Engagement

There’s no time like the present. That’s true in life, and certainly in marketing where every second counts. Real-time engagement is the expectation of digitally-savvy consumers who have long demanded same-day purchase fulfilment, live-tracking of their lunch and dates at the swipe of a finger.

Through machine learning, real-time engagement keeps your brand on the pulse of your customers' wants and needs - delivering email marketing through static lists merely leads to customer fatigue and an inevitable spike in opt-outs.

Consumers interact with a brand on multiple channels, oftentimes unpredictably - the way to engage with these consumers is through real-time, hyper-personalized experiences. To cut the buzzwords that's providing the right offer, on the right channel, at the right time - according to Gartner, a strategy rooted in this approach is 10x more effective than traditional outbound campaigns.

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Unified Loyalty

A loyalty program should not be a standalone, isolated tactic that sits siloed from the rest of your marketing strategy. Putting loyalty at the heart of everything you do empowers you to not only talk to customers and prospects differently, but gives you the tools to stand out from competitors, grow profitably and create long-lasting, more meaningful relationships.

An effective loyalty program must be connected to an omni-channel engagement system. To the customer this should appear seamless, but to be done effectively, SMS, mobile wallet, website, email, POS and social media are all talking to one-another and delivering a consistent experience.

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Truly Knowing Your Customer

The ability to deliver all we have discussed above, requires these strategies to be powered by up-to-date data, housed in a sound ecosystem. However 27% of marketers believe data is the key obstacle to personalization.

The changes in the buying journey from linear to multichannel have sparked a need for marketers to better understand their customers’ behaviours, past histories and what action they will take in the future. Without this understanding, marketers routinely fall short of providing highly relevant, personalized, and contextually aware offers and messages.

Adding AI and ML to give a jolt to personalization efforts, and natively understand and anticipate customer behaviour really takes your programs to the next level.

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There’s still several weeks left of Signals21- the award-winning virtual content series for marketers. Whether you're seeking that utopian single source of truth of the customer, how to use mobile across the entire customer lifecycle, or just want to be entertained and motivated by world-leading brands, we have a session for you.