Despite many challenges, the MarTech industry is thriving
A broad range of digital technologies that help companies achieve their marketing objectives are referred to as marketing tech, or Mar Tech. It’s also a sector to keep an eye on for future expansion.
Nearly 1 in 5 new Mar Tech solutions are on the market, even after consolidations and acquisitions. This paints a vivid picture of a burgeoning sector to me.
Mar Tech will continue to play an important part in our society as we become more tech-centric. However, there are a few challenges that must be addressed. Why privacy issues are important, how social media can support sustainable growth, why investors are so interested in supporting Mar Tech company, and where I believe the sector is headed are all discussed below.
The difficulty of ethical data collection is enormous since the Mar Tech market has grown to $121 billion. When combined data simplifies life by delivering individualized user experiences, efficient workplaces, and higher profits, no one bats an eyelash. When the public finds out that we’re collecting and analyzing personal data, there’s a general sense of unease among the people.
Regulating bodies are increasing consumer protections in response to these unresolved emotions. This is great for security, but terrible for marketers. Do you recall the EU’s GDPR legislation? Adapting the entire internet cost more than $9 billion, and it took everyone working together.
According to statistics, demand for data protection has increased dramatically, with companies like Apple already implementing privacy enhancements. We must be proactive in order to ensure that these measures continue.
Let’s change the narrative
Do you think it’s a coincidence that 67% of Internet users don’t know what their country’s data protection and privacy regulations are? Additionally, 79% of internet users believe they have no say over their data. As a result, it is up to us to instruct and emancipate the people.
Let’s try a new approach to the privacy debate. I chose a proactive strategy for my startup. Mar Tech and AdTech startups will be able to move ahead faster and address other issues if they can build transparency into their brand strategies sooner.
Social media markets are the last frontier
For companies seeking additional sources of active user growth, social media is the ultimate frontier. Reddit, Twitter, Pinterest, and Snapchat all grew by 20%, while Facebook grew by 7.3% last year.
Consumers want to discover your items, contact you, and share your content. Knowing when and how to give them what they want is the trick. My company, for example, will launch in 2020 and we’ve already booked 100,000 clients across the globe thanks to our strong social media presence. We are committed to making our solutions accessible across all major platforms, and we make connecting with prospective clients a key part of our business plan.
Where do marketers go from here?
According to a recent survey, 69% of marketers believe that from now on, with fewer resources, they will be expected to achieve better results. As a result, only companies with affordable, successful products will survive. Client education is another option to explore.
Even skeptics will come into Mar Tech if marketers can demonstrate how it boosts their marketing approach, according to study. Ultimately, successful digital transformation will require interconnectivity. You’ll be left behind if you’re still trying to compartmentalize.
Right now, Mar Tech is being considered by a variety of companies, and marketers just have to show that it is worth their time and money. There are now 8,000 businesses in the sector. Global reach is becoming a make-or-break element of marketing initiatives, and build-on acquisitions are on the rise.
Despite the difficulties of addressing privacy issues and discovering new sources of development, Mar Tech still has so much exciting, unexplored territory to explore.