At the heart of every business lays marketing, whether it is a product or a service based business. The one driving force that keeps the business growing is its ability to sell the products and services offered. And this is exactly what marketing does. It gives you an insight into how you can use the marketing mix to accurately segment target populations and position your offering. Bring in technology and you’ve created a formula that will work almost all the time. Searching for something has become so simple these days, all you need to do is type in the products that you are looking for and it will search by matching the strings and offer you thousands of options within seconds. You may even see your own product or service offered as one of the options in case you use marketing technology.
Marketing Technology Benefits
Marketing technology has made a lot of things simpler and efficient and we will see what exactly the benefits are:
1. Consumer Trends
Big data is the talk of the town as it provides innumerable opportunities to gain insights from it. But the amount of data is so huge that sometimes people don’t really realize what is it that they want to actually understand or how to go about it. But if big data is combined with artificial intelligence, we can get the exact trends that we are looking for. This is an example of the insightful trends obtained on mobile marketing in Australia so that the marketers know exactly what to offer and whom to offer it to.
2. Networking made easier
When social media networking first came into existence, its aim was to boost social connections. But little did we know about the business model that was hidden beneath it. It is the same business model that LinkedIn, naukri.com and many other sites are following today. Networking and then using it to grow your business connections is the subtler and much more beneficial way of marketing. After all, it connects by fulfilling the social needs of an individual as per Maslow’s hierarchy of needs theory.
3. Business relationships possible
Business relationships are improved as people come across various businesses right from their workplace without having to go and search for the business partners they are looking for. B2B marketing is easier as today, you can find multiple businesses that provide the services you need at the same level in the vertical value chain and you can drive a hard bargain with them. You can also boost sales by partnering with coupon code providers which offer multiple discounts to your customers and generate valuable traffic for the businesses.
4. Reaping the benefits of advertisements
There was a time when a huge amount of marketing budget was explicitly kept for advertisements. While there was nothing wrong with it, we did not know if the advertisements would actually reach the target population or not. But that is not the case today. With enough tracking information, websites send promotional messages based on the consumer’s search so the messages are sent to exactly the target population. This increases the probability of generating leads and making the conversion as compared to traditional methods of marketing.
5. Measuring becomes possible
They say, what gets measured gets rewarded. But how do you reward marketing efforts when there is no way of measuring it. The traditional events and campaigning like exhibitions which formed a huge part of marketing did not have any tangible metrics to measure the outcomes. But that has now changed as through social media, all the marketing campaigns that happen online are recorded and measured directly through the key metrics. This means that the promoters can now reward and promote the things which are boosting sales instead of putting money everywhere.
6. Scalability is improved
As companies grow, they intend to become great companies. For becoming a great company, the business must be sustainable and to be sustainable, it must be scalable. Scalability is needed because once a business captures enough market share in one region, it must look at other regions to grow. This has been made easier by digital marketing. Digital marketing has helped in transcending national boundaries and offering services to any and every part of the globe. Globalization has further promoted this by making trading restrictions simpler. Companies like McDonald’s can today be seen in every part of the world, literally and their business model has been appreciated far and wide.
Marketing technology, thus helps businesses become efficient and reach out to more people than is possible by traditional marketing methods. Small businesses and businesses who do not use marketing technologies have a higher scope of increasing their revenues by using it but if they choose not to, in the long run, they shall be left out and may even face dissolution.