MarTech is a powerful tool that helps increase the chances of success for marketing strategies as desired.
Many people may be unfamiliar with the term MarTech and may not think they've used it before. But if you were asked if you had... Google Ads, Facebook Ads or TikTok Ads Whether you think it's marketing or technology, many people are already familiar with them. That's right, because these tools are also considered MarTech. Therefore, marketers and people working in the digital world use MarTech almost every day. MarTech is a portmanteau of the words Marketing and Technology, referring to innovative tools or a group of tools (MarTech Stacks) that enable businesses to better understand their customers, provide them with what they need, and work more efficiently.
Therefore, MarTech is something that is now indispensable. Surveys show that currently, 10-20% of the total marketing budget is allocated to MarTech. However, this budget is projected to increase to 75% specifically in 2023, making the growth of MarTech in Thailand highly noteworthy.
In the world of online marketing or digital marketing, MarTech tools are indispensable. They play a crucial role in various marketing activities, including data collection, data analysis, data tracking, and even closing sales.
How is MarTech important to the marketing industry?
Every year, the growth of MarTech in the market increases. Forbes' Marketing Technology Trends from last year highlighted many key technology trends, such as VR/AR, Big Data Platforms, and Artificial Intelligence (AI). These trends remain popular and widely discussed in the marketing community, becoming key strategies that help businesses gain a significant lead over their competitors.
And with MarTech advancing so much today, marketers are increasingly adopting it. Here are four reasons why you should start using MarTech.
1. It helps in coping with changes in consumer behavior.
Because consumer behavior has changed during the COVID-19 pandemic over the past three years, related businesses and industries need to adapt and find new strategies to reach consumers. According to the ADA's MarTech Report 2022, leveraging MarTech in various areas will help businesses better cope with changing consumer behavior.
2. Helps manage vast amounts of data in the digital age.
In this era of massive data, MarTech is a crucial marketing tool that helps analyze data from various platforms to better understand consumer needs and market demands. This leads to the development of more effective communication and service strategies.
3. Help develop a strategy OmniChannel
Reaching consumers through multiple channels is crucial for brands to get closer to their customers and increase sales. However, connecting all these platforms can be challenging. MarTech is a powerful tool that helps collect accurate data, narrow consumer segments, and perform targeted personalization.
4. It helps marketers work more efficiently.
Because MarTech helps address marketing challenges by reducing traditional processes and enabling faster and more efficient analysis of complex tasks, resulting in less effort but greater impact.
However, MarTech alone may not be enough for successful marketing. Brands need a strong marketing strategy to be able to market as effectively as possible.
Discover the 6 categories of MarTech, tools to help your business go further.
According to the Chiefmartec website, the numerous MarTech categories have been categorized into six main categories as follows:
- Category 1: Advertising & Promotion
It is MarTech that helps digital advertising reach target audiences more effectively, such as social media ads, search ads, or programmatic advertising.
- Category 2: Content & Experience
MarTech is a technology that helps manage websites more effectively or assists in designing them to provide a better digital experience for consumers. Examples include content marketing, where MarTech tools are used for building websites, creating media, finding content ideas, or checking spelling; and email marketing, where MarTech is specifically designed for managing and handling emails.
- Category 3: Social & Relationships
It's a MarTech tool that helps manage social media, allowing content to be posted to multiple platforms simultaneously, and can also be used for building relationships with individuals, whether customers or employees.
- Category 4: Commerce & Sales
Evoleads is a MarTech tool that helps with selling through social media or for use in retail and e-commerce, such as affiliate marketing and management.
- Category 5: Data
It is a MarTech tool that helps organize data systematically and is used for data analysis. It presents the data as a set of information that provides a more comprehensive overview.
- Category 6: Collaboration & Management
It is a MarTech tool that helps manage projects and communicate work-related matters efficiently, improving work efficiency.
Let's explore insights into the use of MarTech in Thailand.
Although MarTech is not yet widely used in Thailand, statistics show that most organizations aim to utilize MarTech for data analysis (21%), data collection (17%), improving marketing efficiency (14%), and increasing sales (14%).
The most commonly used MarTech tools are in the Advertising & Promotion (69%), Data (65%), and Content & Experience (61%) categories. Overall, all MarTech categories are becoming increasingly important, especially the Data category, which continues to grow in significance (94%). If brands can effectively integrate MarTech into their daily operations, they will gain a competitive advantage in data analysis and various work processes.
Top 3 MarTech Tools that most brands plan to use in 2023.
- Category 1: Advertising & Promotion
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- Mata Ads Manager 80%
- Google Ads 79%
- Line Ads 64%
- Category 2: Content & Experience
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- WordPress 55%
- Canva 43%
- MailChimp 21%
- Category 3: Social & Relationships
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- Zoom 28%
- Hootsuite 17%
- Tellscore 16%
- Category 4: Commerce & Sales
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- Line Shopping 31%
- WooCommerce 25%
- 2C2P 23%
- Category 5: Data
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- Google Analytics 81%
- Looker Studio 46%
- Optimize Google 33%
- Category 6: Collaboration & Management
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- Microsoft Teams 37%
- Trello 35%
- Google Workspace 35%
This will help brands be aware of MarTech growth trends ahead of time and easily select the most suitable tools for their specific needs.
The survey found that factors influencing brands to choose MarTech include the use of well-known and trusted tools, especially globally recognized tools with reliable data security standards and continuous development.
8 Key MarTech Trends in Thailand in 2023
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- The increasing importance of enterprise customer databases and platforms (Rise of First Party Data and CDP) This stems from two main factors: limited access to information and the Personal Data Protection Act, leading to an increased need for organizations to systematically manage customer data.
- The increasing demand for organizations to conduct business using their own digital channels (Brand.com). In today's world, where sales channels are increasingly shifting online, brands face numerous challenges, particularly heightened competitive pressure and the popularity of social commerce. This forces brands to seek new avenues to enhance their marketing opportunities.
- The era of building applications without writing code (No-Code / Low-Code Era) Because MarTech products have been developed to be more user-friendly, this category of MarTech has become more popular.
- The collaboration between humans and machines (Synergizing Human and Machine) Although various technologies are increasingly used to assist in modern work, humans still play a crucial role in the management process. This includes providing information, planning, designing rule-based specifications, and implementing them in practice. Therefore, effective use of MarTech requires excellent collaboration between humans and technology to gain a competitive advantage and achieve efficiency.
- Having a lot of data but little understanding of consumers (Data Rich, but Insight Poor). The use of MarTech helps organizations obtain data to measure performance and learn about the current business situation. However, applying this data to create the desired market change or impact requires a deep understanding of customer needs (consumer insight) so that organizations can design targeted business strategies.
- Smarter Artificial Intelligence (Smarter AI) Currently, artificial intelligence systems are becoming smarter and better able to respond to market demands. This trend is expected to continue in order to meet the rapidly changing market demands.
- The systematic connection and collaboration of MarTech (MarTech Stack Integration). MarTech has been widely adopted across marketing and various departments within organizations, but the chosen systems may not be efficiently interconnected and integrated. Sometimes, separate systems are necessary, creating difficulties in terms of time and personnel when connecting data. In the future, the need for integrated and concurrent MarTech will increase to improve system efficiency and achieve defined goals. This will impact the selection of MarTech, which will depend not only on the type of business and required capabilities but also on the ability to connect and integrate into a single MarTech stack, ultimately leading to better overall organizational results.
- Advanced Data Analytics Current information systems are not yet comprehensive, but in the future, with the help of MarTech, organizations' information systems will become more advanced and complete through improvements in five areas: speed of real-time data acquisition, predictive capabilities, contextualization of information, a holistic view of customer data, and the ability to manage data individually or provide personalized customer marketing.
These eight trends are interesting MarTech trends that can be applied to each brand's operations, strengthening organizations and ultimately enabling them to stay ahead of major competitors.
As is well known, Marketing Technology, or MarTech, refers to a new approach to marketing that integrates technology as a key component. This includes data collection, data analysis, tracking customer and competitor information, and even facilitating the sale of technology. Therefore, Marketing Technology Tools are software or technological tools that assist marketers in achieving their specific needs, providing results and data for future marketing activities.
As technology plays an increasingly important role in marketing, MarTech is crucial in helping improve the way we communicate and collaborate with partners and customers, as well as enhancing long-term B2B and B2C relationships.
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