1.Which are the best Martech tools that you can suggest for a business?
At present, there are more than 5000 different marketing technologies that can be used to automate different stages of marketing:
- Customer Relation – Microsoft Dynamics, SalesForce, Hubspot, Lead Squared, ZOHO
- Social Media/Social Listening Tools – Hootsuite, SproutSocial, Buffer and if you have a substantial social footprint and a big team go for Radian6
- Media Optimisation/Programmatic Tools – Adobe Media Optimiser, Google Marketing Platform, Zedo, AppNexus, HCL Unica
- Marketing Automation Tools – Hubspot (my favourite), Mailchimp, Adobe Campaign, Oracle Responsys
- Persona Creation/Targeting/Custom Experience – Adobe Experience Manager, Hubspot, Sitecore, Kentico, IBM Content Management
- Web/Business Analytics – Google Analytics (Free), Adobe Analytics (Omniture), SAP Analytics, Mixpanel, Kissmetrics and Salesforce analytics
2.What are the metrics/KPI’s that you consider as most important?
There are a lot of sector-specific customised Martech platforms because each sector is unique and so are the KPIs. However, at a global level, the following are the Metrics/KPIs are must-haves:
- Website/Mobile Traffic, Leads and Conversion
- Social Media Traffic – leads generated, brand awareness, conversion
- Organic Traffic – sources, keywords
- Audience Persona – who is your buyer, their interest, demographics, behaviour
- Lead to Customer Ratio
- Inbound Marketing ROI
- Customer Lifetime Value
- Cost Per Lead – Qualified, Junk etc.
- Digital Sales Revenue – Offline assisted revenue
- Outbound Marketing ROI
Personally, I have come across so many different metrics across different sectors I have worked for including FMCG, Real Estate, Ecommerce, Retail, Media & Entertainment, Health & Wellness. And the opportunity to dive deeper is endless.
3.What Marketing channels play a major role in a marketing strategy?
First, define your marketing strategy and then put the right marketing channels in place to execute the plan. An integrated marketing strategy works better than a fragmented one.
There are many marketing channels to help you achieve your objective, across Digital and Offline. Digital includes your website, landing page, mobile app, social media, search, paid media, display marketing, email and others, whereas you have TV, Radio, Print in ATL marketing and Events, Activation, Point of Sales marketing in BTL. Opportunities are endless, Strategies are distinctive.
4.Why Customer data is Important for personalisation in marketing?
The customer carries implicit and explicit impressions. Explicit is what he says about himself to you i.e. his name, mobile number, his email ID, his query, location, etc. More important are his implicit expressions, his actions when he interacts with your business, your people, your digital assets and marketing communication. Each brain is unique, so unique are our needs and desires. Therefore, marketers need to create cohorts or do individual targeting to get closest to their customers and win their trust.
5.How marketing automation works in adding value to your business?
Marketing Automation has eased the life of a marketer. It has given him more time to focus on Innovation, Insight and Action which was earlier spent on doing manual work of recording leads, sending a response, following up and other essential tasks.
- The STP (Segmentation, Targeting, Positioning) to a great extent is automated
- Improved customer experience and has made communication more relevant
- Increase lead qualification as the system can use AI to identify better quality leads
- Being persistence and more relevance is helping driving more leads, pushing the cost per lead down
- It is bringing customer delight, building trust and driving sales
- Automation brings alignment between different stake-holders because all are aligned to a common goal and using the same technology
- All this is soaring conversion rates
6.Which Marketing technologies works best in customer acquisition and engagement
As illustrated above (in my 1st question) there are different tools for each marketing activity.Customer acquisition spans across different stages, as a marketer, you need to define the customer journey exclusive to your business or common to your kind of business. For lead generation/branding, you have media optimisation tools, programmatic tools, ad-buying platforms that make your media buying more efficient. A caution here, the automated media tools if not monitored efficiently, can burn your budgets at a sky-rocket speed. Social media listening tools are beneficial in understanding your advocates and detractors and tweak your marketing communication in accord with your campaign and business objective.
There are numerous low-cost and handy tools available in the market for customer engagement for both pre and post-purchase. It is always a good idea to test these tools (most have try-n-buy or demo option) before you commit to its paid version.
7.What type of Martech Strategies will you suggest for a business?
Globally, companies waste $250 per system/laptop on unused or rarely used software. And, on average, an employee loses 28 min a day dealing with a technology-related problem.
Consider these three questions before you invest in a new solution:
- What do we want to accomplish?
- What’s our plan to use the data this new technology will capture?
- Do we need it?
I always believe that embracing marketing technology is a cultural change first then becoming efficient. Secondly, start small and not try to bundle everything together and have too many variables at the same time. Even if you are enterprise and have a large team, it is always to pick a function within marketing, automate it, run it, review, correct before moving to the next one.
8.What are the major benefits in adopting martech into businesses?
Embracing martech can be a step towards Digital Transformation. It impacts, people, process, physical evidence besides your product and service. Martech can be the starting point to relook at the way you have been doing business and the way you want to take it forward. With such dynamic times, one thing is for sure, what brought you here, will not take you there.
About the Author :
Ram Jalan has over fifteen years of experience as an entrepreneur, marketer, consultant, teacher and internet evangelist. He is a recognized growth hacker and an incessant learner. He successfully implemented two Digital Transformation projects at Businessworld, Wave Group and Omaxe. As a Martech leader, he has been advising different solution providers in this space on product enhancement, user behaviour and data & analytics. He also advises corporates on martech implementation and optimization.
He is currently pursuing experiments in the field of Neuromarketing across FMCG, Real Estate, and Retail and Wellness domains. Ram has also invested and launched a deal & couponing platform and coffee booking app in Australia which he recently exited