Data has been the key driver in the convergence of marketing and advertising technologies, or martech and ad tech, leading to the creation of a new buzzword in digital marketing: “MadTech.” At Digital BrainFest 2016, one session took a deep look at the benefits of technology consolidation, and explored whether or not vendors can truly deliver on these next-generation digital marketing promises.
A key question that the MadTech: Can the Convergence of MarTech and AdTech Deliver on the Promise? panelists discussed was “Why MadTech?” As the panel of experts from MediaMath, Neustar, and Marketo (and our own Mike Lempner) covered, there are four important benefits that consolidated, data-driven technology can deliver for marketers:
- Increased revenue
- Reduced waste in ad spend
- Improved customer satisfaction
- More efficient media execution
Those are some of the reasons that earlier this year, we picked the emergence of MadTech as one of the top trends to watch in 2016. The integration of data-driven marketing and advertising enables companies to “unify marketing and advertising data to deliver personalized content across channels.”
Put simply, that means going from today’s often irrelevant, poorly timed ads to a future of precision marketing: getting the right message to the right customer at the right time, and on the right channel.
Precise, Personalized Marketing: Why Data Is the Foundation and How (the Right) Technology Helps
So how do martech and ad tech fit into this future? As the panelists discussed, start with data as the foundation of your precision marketing “house.” Then you can build on various marketing and advertising technologies, as well as robust customer intelligence – those are the three key factors for developing precision marketing.
Of course, in a marketplace that is saturated with different types of technology – the landscape currently boasts almost 4,000 different vendors – it can be hard to see the clear path forward. The first step to selecting a vendor or vendors is defining what problem you are trying to solve.
To get the most out of your marketing and other technology assets, it’s also important to consider how your different systems and solutions will work together, as our panelists explained. The limiting factor in delivering on MadTech is time, not cost. Ultimately, you will need to evaluate which vendors can execute the fastest.
The Benefits of Marketing and Advertising Technology Convergence
As the name of the session implies, a key question for our panelists was whether convergence can actually deliver for marketers. The panelists agreed that convergence into platforms is, in fact, good for companies.
— Taylor (@TMaltz) May 6, 2016
Not only does tech consolidation reduce complexity, it also offers the opportunity to increase targeting to specific customers. Inevitably, the current landscape will continue to evolve through continuing vendor consolidation, increasing personalization, the emergence of marketing clouds and the rising use of second-party data.
Getting MadTech Right: 4 Steps
So how exactly do you go about getting your business to embrace MadTech? To position yourself to take full advantage of all the data for a more improved marketing journey, our Digital BrainFest panelists offered the following four steps:
1. Define clear goals.
As mentioned before, knowing your objective is the first step in vendor selection.
2. Get identity right.
Identify your customers so you can improve targeting.
3. “Onboard” your data.
This is a critical part of the process for targeting your most important customers.
4. Understand your tech stack.
You will need to know exactly how all of the pieces integrate and work together to avoid redundancy and ensure efficient, effective functioning.
Continue to check out the Digital BrainFest 2016 Highlights page for additional recaps, videos and takeaways from this year’s event.