MarTech investments are a priority for CMOs. The rising marketing tech trends will help organizations utilize the latest technologies to reconsider their marketing in 2023.
Marketing in 2023 is necessary and will be a core part of businesses to optimize brand value constantly, focus on customer value, and advance marketing operations. However, getting the right stack to power marketing operations is vital to drive growth toward revenue goals.
Critical Considerations Before Investing in MarTech in 2023
Does it address team obstacles?
The implementation of MarTech tools should find a solution for existing problems and provide essential mitigation strategies. Once businesses compile the challenges they face, they need to deploy tools that simplify complexities and determine how to align the tools with business operations so that teams do not face future obstacles.
Aligning Tools with the overall marketing strategy
Marketing automation tools available have different objectives. For instance, marketing automation tools for industry leaders and executives are different, whereas tools for demand generation teams may require different configurations and capabilities. That makes business leaders consider employing MarTech tools that sync with overall strategies. The teams need different tools to solve different marketing objectives.
Also Read: The Evolving Role of Outbound Marketing in the Omni channel Landscape
Does it integrate with the business’s current marketing stack?
Business leaders must verify that the marketing technology tools are compatible with the existing marketing tech stack. If tools do not integrate, it can adversely impact the new work management solution. Business leaders adopting new marketing stacks must check compatibility, flexibility, and scalability factors to help integrate the existing marketing stacks.
Before businesses focus on the current MarTech drifts to see for 2023, the criteria above are essential to remember.
It’s critical to evaluate the potential impacts of MarTech evolution on the various strategies of an organization to pursue marketing goals, such as accelerating digital adoption, maximizing the value of data, boosting revenue, or enhancing brand image.
Marketing technology trends can help businesses create a marketing roadmap to drive impact on strategic ambitions.
Top MarTech Trends to Master in 2023
The adoption of artificial intelligence continues to rise as the technology generates returns. The findings from McKinsey’s Survey in Global AI Survey: AI proves its worth, but few scale impact shows that AI usage has increased by 25% in standard business processes. Most executives who adopted AI report a rise in revenue, and 44 percent say AI has reduced business costs. The survey also mentions that AI affected significant revenue generation from marketing and sales. 58% of businesses reported a 5% increase in revenue, followed by 6% to 10% (28.6%), and 12% said their revenue increased by over 10%.
The rising value of AI use cases in marketing includes measuring return on investment through campaigns, data insights of top-performing content and campaigns, targeting content to users on their recommendations, optimizing website content for search engines, and data-driven content generation.
In PwC’s survey, PwC 2022 US Metaverse Survey mentions that over 50% of US consumers believe the Metaverse is exciting. 66% of executives report that their companies are experimenting with Metaverse applications. These companies are testing use cases and generating revenue from metaverse-driven technologies.
Most marketers plan to invest in metaverse-like technologies or build a foundation to become metaverse-ready with their MarTech stack in the next three years. According to Sitcore’s report, a New study reveals that the Metaverse appeals to consumers and marketers alike, mentioning that 88% of brands expect to trade or advertise on the Metaverse in the next two years.
Also, 31% of the marketers already have a metaverse-ready strategy in their current MarTech campaigns. Capabilities such as augmented or virtual reality (AR / VR) are evolving technologies with constantly evolving applications. An early investment into mixed reality technologies can become a game-changer.
Metaverse can also impact content marketing to the next level by delivering interactive content. Metaverse is still in the experimental stage. Yet marketers are putting efforts into building robust platforms supporting metaverse-based technologies for advertising, campaigns, and other marketing efforts.
SSP and DSP Will Come Together
In 2023, programmatic platforms will help businesses to diversify their revenue models and build an ecosystem that connects vendors, customers, and data platforms. Business leaders must consider SSPs deployment with buy-side capabilities through bespoke DSP development. This MarTech stack trend in 2023 is promising for ad tech companies and promises to allow competing advertisers to compete for digital ad space as self-service DSP (Demand Side Platform).
Holographic technology is currently a reality in the MarTech space and will remain an exceptional vision for converting marketing efforts into reality. Holograms are the perfect marketing tools for the future for businesses looking to promote their brand and raise consumer awareness by giving them an exceptional experience that includes personalization. This advertising strategy allows users to display interactive, animated, and 3D images.
Mordor Intelligence market report Holographic Display Market Forecasts (2023 – 2028) studies that the holographic display market expects to rise at a CAGR of 28.2%.
Video-first content is increasingly emphasized in marketing today, especially social media marketing. Creating and publishing video content has widely replaced commonly written posts since it keeps viewers’ attention longer than stagnant postings. Marketers expect video content to boost technologically, which may impact customer engagement and brand exposure at scale.
Utilizing AI for personalized content generation, software usage for data segmentation, and automation for video publishing will be crucial aspects of new MarTech stacks for marketers in 2023 and beyond. Marketers may leverage bite-sized films as social media platforms such as Instagram have also altered their algorithms to promote reels and live publishing of videos to help companies and brands gain more attention from users, customers and target potential audiences.
Also Read: Agile Marketing: Why Marketers Should Care for their Digital Transformational Journey
Live streaming appears to be a futuristic marketing strategy. Live streaming of videos allows potential customers to speak with brands and experts about a product or service to gain information. The potential of the video-first concept in MarTech stack strategies can be advantageous for businesses in the future.
Marketers Will Need to Invest and Innovate with MarTech in 2023
Here are recommendations for marketers to consider maximizing the MarTech investments and innovation.
- Emphasize marketing technology adoption to boost team performance objectives to minimize wasted investments.
- Manage the risk of expensive integrated software investments. Establish substitutes to leverage and persistently validate the MarTech capabilities.
- Approach towards supporting customer journey to ensure that MarTech and IT collaborate through capability-focused functionalities.
- Pursue long-term in-house capability development of MarTech stacks around existing tools.
- Adopt an agile approach.