Decoding the future of Martech

In the foreseeable future, marketing will continue to be driven by technology. Here are some important trends that I envisage in Martech:

First Party Data and CDP (Customer Data Platform)

We are moving into a cookie-less world. Hence brands can no longer depend on third party data and will need to start collecting and mining first party data; and building bridges to securely exchange their first party data with other first party data miners, keeping data privacy and legal requirements in mind. This will also give rise for the need for brands to invest in CDP solutions, which will enable generation of a single-view of the customer across all customer engagements channels, as well thread the customer journey from impressions to engagement to purchase.

Storefronts Everywhere

Covid has accelerated adoption of ecommerce both by brands and consumers. Every customer engagement channel, be it a social network or a messenger platform or a OTT channel, will start embedding a shopping cart. And at the touch of a fingerprint on our device, our banking or credit card information will get activated to make the purchase a very seamless experience, across all these channels

Intelligent Machines

IoT chips will get embedded into all the devices that we use. And then devices can call our any repairing requirements or replenishments of consumables (like coffee beans in a coffee machine, etc). Some of these devices will also offer opportunities for brand communication in form of display panels or voice communication. Thus, marketeers will need to embed these devices in the customer engagement journey.

Experiential Marketing

The face of marketing will change completely. Motionless advertising (images / text) will go away completely. Moving visuals, ARVR and gamification, that enable you to engage with a brand, in your personal space in real time, will be the future of advertising. Experiences, not messages, is the future of Martech.

Subscription Economy

Consumers will move to subscription models for routine products (razor blades, undergarments, socks, groceries). Stuff that you need regularly but are low-consideration category, once you get used to a specific brand. Hence these brands must aggressively build subscription models. Some brands that don’t exactly fall in low-consideration category are coming with the idea of surprise-boxes to leverage the subscription economy.

Digital marketing has already bought a paradigm shift in how brands engage with customers. Leveraging technology and data, marketing will become even more sharper and targeted. And marketeers will need to be agile to respond to these changing trends.

About the author:

Hareesh Tibrewala, Joint CEO, Mirum India