For many organisations marketing technology now represents the largest portion of their marketing spend and this is a trend that is likely to further increase as where and how customers work and live will change the adoption of ‘digital’.
The hub of prospecting through to client servicing is the MarTech atom in any organisation – closely followed by the data born from these technologies.
Having a truly integrated MarTech stack will result in tangible prospects and customer data to help leverage better messaging, product development and ultimately market position – leading to further growth in many dimensions. MarTech can deliver highly personalised experiences and at the right time in a customer’s life stage. It can also power more meaningful day-to-day experiences that can help to build brand loyalty and trust in the service or product.
The right MarTech stack facilitates better digital experiences
Intel feeds to engagement – for example, services that let customers know when they are behind on their bills or when they have excess funds to invest, or those that offer financial help in the form of loans or low-interest overdrafts in times of need. These all require marketing technology to deliver that message in a timely and relevant manner. It isn’t just a means of selling more, it’s a way of building loyalty. It’s a way financial organisations deliver better digital experiences.
It can also support regulatory compliance, particularly when it comes to the management and the use of customer data. Bringing highly sensitive customer data into the MarTech ecosystem needs to be managed in the right platforms to ensure that brands minimise the risk of GDPR infringement.
Where businesses have truly integrated MarTech stacks they have potential with vast amounts of customer data held by financial institutions to turn that into intelligence and inform future engagements in the CX lifecycle. Drilling into that data for insight is key to success in the future but being able to execute on it is just as important and having the capacity and capability is vital. The right investment in MarTech should be a core pillar of any financial services organisation’s strategy.
3 Pivot points in successful MarTech ecosystems
1. The winners in CX focus on MarTech
Customer experience continues to dominate the marketing agenda. With brands that have a real focus on CX often gaining a distinct advantage over their competition. It can be pivotal in implementing great experiences, but an overload of poorly integrated tech can be detrimental to this goal. The true key to great experiences is the linking of customer data across channels – which relies on linking data across tech platforms. This should be a focus for brands over the next year.
2. A MarTech stack that is truly connected
A good CX often relies on connected platforms, so customers can be tracked throughout their journey. Vendors that provide linked technologies, or tools that can be seamlessly integrated into stacks, are more likely to garner the most competitive advantage in an environment of CX focus. API connectivity and integration is key.
In-house teams need to focus on the importance of integrating the technologies to optimise the experience and output across all touchpoints. In-house teams have an important role to play in consulting with the wider business. Mainly to make the right choices and ensure any new technologies that they manage can directly integrate into the rest of the businesses wider stack
We can offer your organisation free evaluation of your MarTech stack and where we think strategic improvements could be made. Contact us for further information for a virtual half day workshop.Learn more