As time inevitably draws on and technology and life seem to evolve constantly with no end in sight, the world around us changes and reshapes itself to almost unrecognisable forms.
Okay, I know that sounds dramatic, but it’s 2023 guys. We’ve got to get serious about martech. And that means getting serious about martech stacks. And the tools that go into that perfect 2023 stack.
Previously, a business would consist of an owner, a manager, and tens and hundreds of underlings who got the work done. Today, there are more C-level roles than there are letters in the alphabet, and each one appears to do a slightly different version of the same thing.
The way a business operates has also changed exponentially, with technology taking hold of tasks and management in ways that take communication, idea formation and output to whole new levels.
Unfortunately, incorporating technology into your business isn’t as simple as clicking a button, and, with marketing at least, steps need to be taken to make sure that everything is running as smoothly and holistically as possible.
This is where martech (marketing technology), and more specifically, one’s martech, or marketing stack, comes into play. You’ll probably have heard the term ‘stack’ or ‘martech stack’ thrown around if you’re on this article, and what I’m going to do here is explain to you what that means, as well as various other queries surrounding it.
First and foremost, don’t confuse a martech stack with a tech stack, which is the series of technologies and software a company employs to deal with things such as engineering, DevOps, product, IT & security, HR, or finance tech stack solutions.
So, what is a martech stack? Well, a Martech Stack is essentially the name for a group of technologies and solutions used by a company for their marketing operations; all in a bid to conduct and improve their marketing activities.
Right, then. That's that out of the way. Now, let's look at which tools you need in 2023 to build your perfect martech stack.
Customer Data Platforms: Centralising Your Data for Marketing Success
In 2023, the importance of centralising customer data for marketing success has never been greater. With the rise of digital marketing, businesses must collect and analyse vast amounts of data in order to target their customers effectively.
Customer Data Platforms (CDPs) are a key tool in this effort, allowing businesses to collect and centralize customer data from various sources, such as social media, email, and website interactions.
CDPs are particularly valuable for B2B marketers who rely on high-quality data to enhance their marketing efforts. Tools like Oracle Marketing Cloud and Cience are popular choices that can help businesses to create accurate and up-to-date customer profiles.
As data governance legislation becomes increasingly strict and cookies become obsolete, managing first-party data has become a top priority for marketers. By investing in a CDP, businesses can ensure that their customer data is organised and easily accessible, allowing for effective targeting and personalized messaging.
Customer Relationship Management (CRM): Building Stronger Relationships with Your Customers
Customer Relationship Management (CRM) is another critical tool for businesses looking to build stronger relationships with their customers in 2023.
CRM systems like Salesforce and HubSpot enable sales and service teams to share information about customers, ensuring that everyone is up-to-date on the latest developments.
By analysing customer behaviour and preferences, CRM systems can also help identify new sales opportunities. Personalizing communications and offers based on customer data can make customers feel valued and more likely to remain loyal to a brand.
In summary, 2023 presents unique challenges and opportunities for businesses looking to leverage data to improve their marketing efforts and customer relationships.
By investing in tools like CDPs and CRMs, businesses can centralise their customer data, create accurate customer profiles, and personalise communications and offers based on customer behaviour and preferences.
This will not only lead to more effective marketing but also to stronger and more profitable customer relationships in the long term.
Low or No-Code Platforms: Saving Time and Increasing Productivity
In 2023, low or no-code platforms are expected to continue to grow in popularity among marketers.
As businesses seek to increase productivity and efficiency, the ability to create new projects without any previous programming knowledge has become increasingly attractive.
With 75% of companies now utilising low or no-code solutions, it is clear that this technology tool is set to become an essential part of the marketing industry.
No-code platforms are particularly flexible as they can easily integrate with other tools and can be quickly learned by employees. This makes them an ideal option for businesses looking to decrease costs and improve the speed of applications.
As technology continues to evolve, it is expected that low or no-code platforms will continue to offer even more advanced features, making them an even more attractive option for businesses looking to increase their productivity.
Chatbots Fuelled by AI: Enhancing User Experience and Saving Time
Chatbots fueled by AI are set to play a significant role in the marketing industry in 2023.
With the growth of online shopping, there has been an increasing demand for chatbots, which can provide immediate responses to customers and enhance the overall user experience.
As a result, chatbot companies are thriving, and businesses now have hundreds of smart service providers to choose from to automate their communication.
In 2023, it is forecasted that chatbots will take over 47% of customer support services. Adopting a smart assistant can provide significant cost savings, immediate response times, and a better user experience for customers.
With the ability to maintain genuine conversations with customers, chatbots are an efficient way to save time for businesses and offer a seamless customer experience.
Marketing Automation Platforms: Scaling Personalised Campaigns for Growth
Marketing automation platforms (MAPs) will continue to play a crucial role in the marketing industry in 2023.
With the ability to automate workflows and manual tasks such as email marketing, social media posts, and SMS campaigns, MAPs enable businesses to scale personalized campaigns.
Account-Based Marketing (ABM), in particular, has delivered impressive results in recent years, with revenue increases of up to 208% and average value increases of annual contracts by 170%.
By using a high-performance MAP such as Marketo or Adobe Experience, businesses can streamline their processes and position themselves to deliver a truly personalised customer experience.
This not only saves time but also frees up employees to focus on more important tasks, ultimately empowering the business to grow and thrive in the digital age.