The COVID-19 pandemic triggered the Third Digital Wave we call Digital HyperExpansion™, which has compelled enterprises to prioritize cradle-to-grave digital lifecycle management across a specific set of technology areas, including Marketing Technology or MarTech.
In the hyper-expanded digital world, customer engagement and experiences have shifted from monolithic experiences to hyper-personalized, contextual experiences that are delivered in real time. Herein lies the significance of MarTech, which is the intersection of marketing and technology. MarTech provides the critical information and analyses that enable businesses to bring customer-centricity to the core of their marketing efforts.
Companies can use a well-tuned MarTech stack to gather customer data, create distinct profiles, communicate with customers, identify and nurture leads, monitor customer service and feedback, and track campaign success. The MarTech landscape has witnessed tremendous growth and disruption over the years. There has been a 5,233% increase in the number of MarTech tools since the year 2011, bringing the total to 8,000 solutions in 2020. Enterprises must select the right MarTech solution mix as per their specific business needs and goals.
The infographic below presents an overview of MarTech and explains why it is a critical competency for marketers in a business landscape, where enterprises are urgently moving beyond digital transformation and adapting to Digital HyperExpansion. It reveals how Photon’s Impact Model helps build or optimize a marketing tech stack to ensure competitiveness, drive better ROI, and deliver engaging customer experiences.