5 Data-Driven MarTech Trends For 2021
In this article you will learn:
What trends have shaped data-driven marketing in 2020 and what can we expect going into 2021:
#1 MarTech spending will focus on technologies driving personalization
The fast-paced transition to digital customer experiences is driving companies to explore new ways in which they can approach their customers. Therefore, we have started to see and can expect MarTech spending to continue increasing and shifting to platforms that support:
- Content marketing
- Remote work
- Customer experiences
Companies will focus on MarTech items that increase their team’s ability to produce and manage content and accelerate campaign execution. This suggests an increase in investment in content marketing platforms (CMPs), a type of software tool used to manage and streamline marketing processes. CMPs are crucial to next-gen content management processes from ideation, and writing to approvals rounds and post-publication tasks.
#2 The importance of campaign attribution tools will increase significantly
Measuring campaign attribution helps marketers identify how a given campaign has influenced prospects as well as desired outcomes. It is part of the metrics used to determine the success of a campaign.
However critical, it can be tricky to measure as you need to attribute a value at every step of the customer journey, so that you can know which one is the most valuable for your company. Since there is no one-size-fits-all approach to attribute values to the different stages of marketing, marketers usually work with attribution models.
Choosing the right technology is key to effectively measuring the success of the content produced and campaigns run. Going into 2021 marketers will continue to focus on maximizing impact while minimizing costs. It is for this reason that we can expect an increase in investment of measuring tools over the coming year.
#3 A shift from big data to big ops
Most data begins its journey as ‘raw’ and ‘unstructured.’ Only when processing it can you extract valuable information that you can use. The problem is how to process large amounts of data.
The quantity of data generated daily keeps growing as more activities are performed digitally. While marketers measure and track their target data, the amount is so vast that most companies only capture half of the data going through the organization’s network.
Here is where big data ops comes into play. Big data operations refer to the methods and tools marketers use to turn Big Data into results. That’s one of the reasons for the proliferation of MarTech tools. As marketers realize the potential of a data-driven strategy, there is a shift towards the processing and management of that data.
Going into 2021, as they undertake this digital transformation, in an attempt to adapt or die, marketers will give preference to low-code and no-code tools that are easy to use and extract the most actionable information in the least amount of time.
#4 First-party data will gain traction
Compliance regulations and identity framework restrictions made marketers pay more attention to how they source their data. Even more so with the expected changes Google Chrome changes in the coming year including but not limited to the phasing out of third-party cookies. Companies that don’t have registration-based data need new strategies to meet permission requirements and build first-party data assets. Going into 2021 we can expect to see brands investing in identity frameworks that make use of their first-party data as well as a privacy-first approach to data collection.
#5 Privacy and security
Companies are collecting more customer data than ever. This increases the need for data protection policies as the risk of personal information leaks grows exponentially.
On one hand, data-driven marketers are responsible for collecting data in a way that may intrude on users’ privacy. On the other hand, customers prefer companies that respect their privacy, and may face severe long-term consequences for data collected unethically. The tools of the present and future will manage your data collection while ensuring data security and data ethics is in the driver’s seat.
Summing it up
Data-driven marketing is the next step in the highly personalized marketing evolution. Data, through MarTech tools, enables marketers to focus on prospective customer behavior, needs, and consumer trends. As companies enter 2021 with a clear focus on customer retention and acquisition, marketing technology will continue to gain traction and relevance.
Companies are more eager than ever to understand customer preferences and digital behavior which is why collecting accurate, real-time data is becoming such an integral part of what is and will drive marketing technology going forward.