The new decade has changed the modern way of life. It has brought new problems to face and creative strategies to overcome them. We have adapted to many drastic changes, but those in business and marketing struggle to fill the sudden gap in clientele. Marketing technology strategies and software, otherwise known as martech, are more critical now than ever in filling that void.
Competent use of martech is crucial in our technologically advanced world. Businesses need to know what to say to draw in customers and how and where to say it. Not only that, but businesses also need to consider the desired ages of their clientele and how that changes the culture and placement of your ads. Platforms that may have been popular years ago, like newspaper or radio ads, won’t be the most desirable place to attract young new clients but can be ideal for an older generation.
But before you can master the nuances of martech, you must understand what it is and the various categories and software that encompass it.
What Is Martech
Before going into the various kinds of martech available, it’s essential to state the difference between martech and adtech. Adtech, or Ad Technology, defines the promotional material you see on TV or social media. Martech is the process of creating ads, finding where to promote them, and who to promote them to. Adtech requires different strategies and software to master it, so though it works hand in hand with Martech, it’s considered a separate entity.
The core components of martech include media planning, marketing attribution, and ai marketing. We will discuss all details and best tools for them in length below, but in a nutshell, these core components can be described as follows. Media planning is the research behind the product, figuring out where, how, when, and who to advertise to in the best way possible. Marketing attribution is the collecting and processing of data, most prominently for online campaigns. AI-based marketing is the quality of life improvements AI Softwares can make to your marketing team in making real-time adjustments to your campaign for you.
Each core component of Martech serves to create a better marketing experience for businesses and users alike. Without it, shopping and advertising are an impersonal mess and often a waste of money. With time, research, and a thorough understanding of the components of martech, you can revolutionize your company’s brand in both its online and offline presence.
Media planning is akin to the scientific process, where you observe, research, react, and respond to your product. Instead of forming a hypothesis and writing research papers on your data, you’ll be focused on finding the best ways to get your business or product seen by your target audience.
In its simplest form, media planning can be boiled down to answering the where, how, when, and who of your business or product. Once you have something to sell, you need to decide where to sell it and what platform to sell it on. Additionally, you must find out where your audience will see your product, whether on social media or a billboard. Then how you will do it, if it’s a simple social media post or a video, and whether you need to pay for a space to advertise or not. Next, you must find the right time to do it, and make sure your ads are frequently updating to stay on top of current trends. Finally, focus on who your clientele is, where you find them, and what language and culture references are best used for them.
Media planning is a process of understanding your product, your audience, and your marketing sphere. It requires immense research on modern trends and the social atmosphere of your clientele and needs to be monitored to stay up to date. It may sound like a daunting task, but a little bit of research can go a long way, and there are plenty of resources online to help you on your journey!
Never Say ‘No’ to Templates
If there’s a will, there’s a way, and if there’s a process, there will be a template for it. Premade templates found on Google Docs, Microsoft word, or other software come with tons of options to help focus your media planning. Consider calendar templates for a visual aid when your adverts will run or social media samples to get used to the platforms you want to work on. Templates are a great guiding force and focuser, acting as outlines to bring you toward the final product.
Media Planning vs. Media Buying
It’s important to denote the difference between media planning and media buying, another common phrase in this field of work. Media planning is the process of research that goes into your marketing campaign, while media buying is purchasing ad space or commercial time to produce your advert. Media planning can be done without media buying, as free means of promotion exist (through social media). But media buying cannot be done without media planning and often comes as the last step in your media planning process.
Advanced Marketing Attribution
Advanced marketing attribution is the research and study of how your product operates. It uses marketing touchpoints to track the behavior of customer’s online habits. The tracking of touchpoints comes in various models, which will be discussed below, each benefiting your marketing research differently.
Marketing attribution is crucial to martech, giving creators detailed inside data on what does and doesn’t work with your product and marketing campaign. Marketing attribution data can show why consumers are less likely to click a product or ad link while also tracking consumer behavior to see what they click.
Like most science work, marketing attribution results can often be skewed and altered due to human error and biases. Below are the crucial biases to avoid when collecting your data.
To err is human, and there are plenty of human errors to avoid when processing your marketing attribution data.
- Correlation Bias
Correlation bias is the process of assuming a correlation creating causation or instead mistaking a coincidence for hard data. These are the common mistakes and items ignored when processing attribution data.
- In-Market Bias
In-Market bias assumes an ad is effective when in reality, the customer had intended to buy the product all along.
- Cheap Inventory Bias
This bias happens when cheaper ads are presumed to be more effective than expensive ads due to the lessened cost and natural conversion rate of customer behavior.
- Digital Signal Bias
This bias occurs when companies fail to measure both online and offline data. Focusing only on online habits will create an incomplete reflection on a product’s success.
- Brand and Behaviour
Brand and behavior are when a model fails to understand the connection between a brand and the consumer, or the model fails to process all aspects of current trends and a brand’s perception.
- Missing Message Signal
The missing message signal is when you assume an ad doesn’t work because it flopped on a broad scale. In reality, the ad could be better suited for a smaller, more targeted audience.
Avoiding these common mistakes will create more accurate attribution models to assist your marketing campaign in a better way.
There are two core attribution model categories and six model styles in total. The two model classes are single and multitouch attribution. Single-touch focuses on either the first or the last link clicked after seeing an ad or making a sale. Multitouch attribution assigns different points of value to the consumer’s entire behavior before a sale and breaks into four sub-models.
Multitouch sub-models include linear, U-shaped, time-decay, and W-shaped touchpoint analysis. A linear model shows the consumer’s entire journey on a site and weighs all clicked links equally. The U-shaped model shows the whole process with particular attention to the first and last link clicked before the sale. Time-decay weighs each touchpoint but puts greater emphasis on those touched immediately before purchasing. W-shape is like U-shape but adds stress on the consumer’s journey, called the opportunity stage, on the middle touchpoint of the consumer’s journey.
Businesses often use several models at once to understand marketing attribution. To choose a suitable model, consider your advertisements’ online and offline habits and the total length of your ad campaign. Advanced marketing attribution is most beneficial to online ads and products but can be used for offline conversions by major retailers.
Technology is advancing fast, and with it comes many new benefits and challenges. AI technology is one of the most trending topics in scientific advancement. Though AI has extended across many fields, its presence in business in marketing is now more vital than ever.
Sites like Google, Amazon, Youtube, and Netflix have been using AI interfaces for years. It helps with simple tasks like generating movie titles that match your search interests to recommending complimentary items in your cart. In the world of Martech, it goes even further.
AI-based marketing allows companies to make instant changes to ad campaigns without human intervention. It can edit, buy, and even recommend tips in real-time. When used right, AI marketing can benefit any business, but there are challenges to this method.
An AI requires two essential traits to grow: time and data. The more data fed into the program, and the longer it has to process it, the better the program. But the amount of time and data required to build a competent AI is extensive.
Not only is the process of building your brand AI a long one, but it’s filled with troubleshooting. Workers will constantly need to adjust for bugs and flaws in the program. Even when completed, the program is far from flawless. One automated mistake can cost your company if you aren’t careful. You’ll need to hire more data scientists to your team to care for your new AI, which is one more expense to account for.
The final big issue relies on ethics. The AI will process all information available to it, but companies are in charge of ensuring that data is acquired ethically and responsibly. If an AI is found violating ethical standards, like taking unauthorized personal information, the program will need to be purged, and the company will have to take the expensive responsibility.
Yet, this doesn’t mean having an AI is a bad idea. If used right, it can be pretty beneficial for your marketing program.
When working correctly, an AI will excel in efficiency, timeliness, and decision-making. The AI can optimize your martech by analyzing large chunks of data and generating ideas on improving sales and customer retention. Though this job can also be done by hand, an AI can do it much faster and cheaper.
AI is excellent for real-time decisions. They can edit and adjust campaigns, even auto-generating comments to customers when needed. Its most significant advantage remains in media buying, where it invests and purchases ad slots without needing direction or interference. It leaves you more time to focus on other aspects of the business while the AI works in the background.
AI-based marketing has the potential to grow to incredible heights in the coming decades. Though in its infancy now, AI technology is sure to revolutionize the business world. It’s an excellent investment for both your company and the future.
Martech seeks to make the complicated simple for consumers everywhere. Advanced martech skills bring about cleaner and more personalized marketing campaigns. It saves consumers time in finding what they desire and saves businesses money from wasted ad campaigns. Martech also strengthens the consumer-business relationship, allowing companies to make adjustments to products and campaigns and adapt to customer feedback faster than ever.
Competent martech use is essential for businesses, both new and old. It’s never too late to learn and easy to master once you know what to do. So invest in martech today to revolutionize your business tomorrow.