Innovation in marketing technology

Carol Howley at Exclaimer considers how major changes in technology will affect marketers

Marketing is changing. As technology advances, new tools and innovations are becoming increasingly accessible and it’s important for marketers to understand their potential during times of uncertainty.

Amidst precarious economic conditions, companies may try to offset their losses by implementing cost-cutting measures across their operations. This can include reducing budgets for different departments, such as marketing.

However, doing more with less doesn’t have to be restrictive. To maximise return on investment (ROI), marketers can refresh their daily operations by using new technologies to avoid going over budget.

A surge in low and no code solutions

The pandemic has brought about a significant shift in the way we work, and low/no-code technology has played a pivotal role in this transformation. It empowers employees across the business to develop apps tailored to their needs, regardless of their coding expertise.

As budgets are cut as a result of the economic downturn, low-code/no code software is predicted to skyrocket in 2023. Gartner predicts that the low-code development technology market will achieve a 19% compound annual growth rate and reach $44.5 billion by 2026.

Low or no-code software offers a wide range of benefits to your marketing function. It reduces workload for already stretched IT teams and enables marketers to enhance their skills and make strategic, creative decisions more quickly and with greater flexibility.

With hyper-personalisation essential for meeting customer expectations in today’s world, marketing strategies must be adapted quickly. As a result, low-code and no-code technologies offer an ideal solution for marketers who need to work at a rapid pace.

Using AI and automation

Using AI-powered analytics tools can help marketers to identify and prioritise the most valuable leads, optimising marketing campaigns in real time and forecasting customer behaviour. Even when facing the challenge of limited resources, using AI technology can help marketers to improve efficiency.

From 2018 to 2020, the use of AI by marketers surged, increasing from 29% to an impressive 84%. However, only 17% reported having completely integrated AI technology into their marketing strategies, indicating a lack of consistent success with adoption.

Meanwhile, 71% of customers expect real-time communication from companies, leading to the emergence of AI conversational marketing solutions for engaging with customers and potential clients.

With this in mind, marketers who swiftly adopt AI can reallocate resources and budgets towards more dynamic activities. By embracing a data-driven marketing approach, marketers are more likely to find themselves with the resources to provide personalised experiences on a larger scale and diminish customer churn.

Moreover, AI can automate time-consuming manual tasks and streamline processes, freeing up the calendar and allowing marketers to concentrate on more strategic tasks, such as analysing, interpreting, and leveraging insights gathered from AI-generated data.

The demise of third-party cookies

The topic of data collection in marketing has historically sparked controversy. While this may pose challenges, the situation is further complicated by Google’s announcement that third-party cookies will be banned by 2024, leaving no room for mismanagement of data.

As a result, marketers must explore alternative strategies to achieve desired results and address the challenges posed by limitations in data tracking.

To increase conversion, marketers need to look into diversifying tactics to target customers. This could entail redirecting focus towards first-party cookies, which users generally prefer as they have the choice to submit personal information.

Influencer and affiliate marketing are also worth exploring to compensate for the loss of third-party cookies, as well as effective email and SMS campaigns, providing they don’t fall foul to spam filters.

Email signature marketing presents a viable solution to this issue as it facilitates personalised, one-to-one communication while fostering a relationship of trust between the recipient and marketer. What’s more, there’s no risk of your message being flagged as spam or filtered out.

Especially during periods of economic uncertainty, a loss in targeting and measurement capabilities can be a significant obstacle for marketers. To reach any intended audience, marketers must increasingly rely on first-party data sources, such as customer relationship management (CRM) data.

However, this poses a challenge for small and medium-sized businesses, which may lack access to sufficient amounts of first-party data.

The role of technology remains crucial in marketing. Making the most of the latest technology helps businesses to deliver tailored experiences, engage customers in real-time, and foster brand loyalty during times of economic uncertainty.

Marketers must stay on top of emerging trends and tools, re-evaluate their current investments, and embrace innovations that will help them to thrive in an ever-changing digital landscape.

Carol Howley is CMO at Exclaimer

Main image courtesy of iStockPhoto.com