MarTech is the key to your competitive advantage in the market

What is Marketing Technology? Mar Tech for short. Is a broad term used to encompass many tools and technologies to better help marketing managers to leverage, plan, execute and measure their marketing campaigns. They are becoming more essential than ever for marketers to streamline their marketing efforts and enable them to constantly evolve, analyse and understand how to best connect with their target audience and customers. The suite of tools they leverage is also referred to as the MarTech Stack. 

There are a number of different MarTech tools and many versions of these technologies, which can be overwhelming for marketers to choose from. The many types can fall into these main categories: 

  • Data Management Platforms ( find out more about our DMP)
  • Business Intelligence 
  • Personalisation 
  • Market Automation 
  • Analytics 
  • Measurement ( Find out more about our Customer Journey Tool

From experience we know why implementing these tools are so valuable as they generally show positive Return On Investment within 12 months of using them. The biggest challenge for marketers is knowing which options to choose and how to integrate those tools smoothly with their current martech stack and campaigns. 

There is a definite growth with investments in Mar Tech. MarTech Conference Chair, Scott Brinker has discussed with MarTechToday 

“As the number of martech solutions continues to grow — martech roles have become more systematic in the ways they are connected.” 

Scott Brinker

Which goes to show that job roles and needs are stepping inline with the tech investment decisions Marketing Managers are making. “26% of enterprise marketing budgets are being allocated toward martech.”

Marketers want to know in more detail who their audience actually is ( their changing behaviours) and understanding what the Customer Experience looks like. Taking into account how the advertising campaigns have on that journey even if indirectly. Which is why as a Marketing Agency specialising in Digital Marketing we have included in our MarTech Stack offering the Data Management Platform and our proprietary Customer Journey Platform. If you were interested in learning more about what each of these do and how they could make a significant impact in growing your marketing strategy, check them out below. 

The MarTech landscape is exciting and has the best potential to grow. However, there is a big IF here. If managed and implemented quickly and smoothly Customer Centric Marketing Technology could really take your Return on Investment to the Next Level. However, there have been a lot of dreams about a single-customer-view and its ever-elusive ‘personalisation at scale’. Most of the reasons these goals fall short, as Matt Popkes has put it in Ad News is the “potential lack of understanding or planning for the ongoing resources and expertise that will be required.”

The underutilisation of MarTech in internal marketing teams is further hurt when the implementation time as well as delayed results dulls the luster. On top of that, if the information is siloed it really limits how effective the insights and optimizations can be across the whole business.  

How we approach it differently

CMOs and Marketing Managers can find much more appeal in strategic and technologically savvy agencies like Next Level, who offer close client relationships and in-depth understanding of your business. We are best placed to provide relevant and regular martech integration that aligns with the entire marketing calendar and conversion funnel. The reason why our clients find our MarTech Stack so appealing is because we simplify and speed up the implementation as well as are able to see insights and turn them into results much quicker than the industry standard 12 months timeline. 

Award winning agency that implements martech in weeks not months.  How much does waiting cost you? 

In a post pandemic world, when results and accountability are key we provide you with in-depth data and flexibility to capitalise on market trends. In short we make the complex simple, without the cost. Big agency thinking boutique agency agility. Get in touch.

References: 

What is MarTech? – Merlin One

How the promises of MarTech fall flat – Ad News

What tools should be in my MarTech stack – Marketing Inside Group

What you need to know

The Australian Digital Advertising Practices have been designed and created by a cross-industry team of advertisers, agencies, digital publishers, ad tech vendors and subject matter experts. They have been created to ensure that Australian advertising is a trustworthy source of consumer information. As marketers and advertisers, it is important to regularly keep up to date with these practices to ensure the advertisements we offer our consumers are in line with the Australian system.

These guidelines aim to:

Educate: to provide a common understanding of the digital advertising ecosystem and therefore dispel common misunderstandings.

Encourage shared responsibility: to ensure advertisers, agencies, publishers, and digital platforms have shared insights and responsibilities for digital spends and outcomes.

Enable trust and confidence: to build confidence and trust in advertising.

So what are the Australian Digital Advertising Practices?

The Australian Digital Advertising Practices are defined as “a starting point for advertisers, agencies, ad tech vendors and digital publishers to resolve how they will operate together”. They were created in 2018 and will continue to be built upon as the industry changes.

The following principles helped guide the approach taken to the create the Australian Digital Advertising Practices:

It is important to understand that the Australian Advertising Practices are designed to inform and educate participants to ask the right questions and make informed decisions. They also aim to put the accountability for a solution into the hands of the participants. They are practical and for everyday use. As well as being flexible to fit the needs of an individual advertiser or a partner and they are available to all. Most importantly they have been designed for Australia and the way we work. 

The 5 Models

There are five topics covered in the guidelines. Each of these represents an important part of Australian advertising.

1.       DIGITAL VALUE CHAIN

2.       VIEWABILITY

3.       AD FRAUD AND BRAND SAFETY

4.       DATA GOVERNANCE

5.       CONSUMER PRIVACY

The Digital Value Chain: represents a complex ecosystem of interconnected technologies and services. This value chain allows us marketers and advertisers to market through multi-channel funnels. An example of this chain is:

Viewability: is defined as “the opportunity for digital advertising to be seen by a human within a recognised time frame.” It is important to define your measurement standards, the MRC standard is 50% of the ad unit in view for one second for display. For video, the standard is 50% of the ad unit in view for two continuous seconds. However, a bespoke standard may be a better fit for your campaign.

Ad Fraud and Brand Safety: Ad fraud is the practice of fraudulently representing online impressions, clicks, conversions or data to generate revenue. Brand safety refers to exposure to an environment and/or context that will be damaging or harmful to the brand. It is an advertiser’s responsibility to define what it views as acceptable levels of risk regarding brand safety, where risk is defined as strategic, operational, financial, or regulatory.

Data Governance: There are three types of data;

First Party Data: your own data gathered from your website. Includes data in your CRM, your subscriptions, and your social media.

Second Party Data: Is another company’s first party data, that has been shared for the purpose of creating audience segments or insights for the brand’s use.

Third Party Data: data that has been sourced and aggregated by a company that was not the original collector of the data and then made available for sale to a brand or platform.

Consumer Privacy:  it is important to maintain best practices of privacy and security controls to comply with the law reduces the chance of reputational damage from a data or cyber breach.

The 6 steps of ensuring best practice for consumer privacy are:

1.       Manage consumer consent and control: champion the user experience

2.       Proactively manage privacy protections: be forward thinking

3.       Practice data minimisation

4.       Ensure compliance with data breach laws

5.       Manage data protections in your advertising tech stack

6.       Ethically and transparently sourced data

Our Advice:

At NLOM we value honesty and transparency, we are always striving to stay up to date with best practice guidelines across marketing and advertising bodies in Australia. We recommend always staying up to date with best practice guidelines and always seeking to understand how Australian advertising is progressing.

If you want to learn more about best practices go here: https://iabaustralia.com.au/adaps-2020/

Created with thanks to:

Association of National Advertisers (AANA)

Interactive Advertising Bureau (IAB Australia)

Media Federation of Australia (MFA)

If you have any questions, please feel free to contact the NLOM team for some more insights.

How To Approach Your Marketing Strategy Holistically

Multichannel marketing is about executing a single strategy across multiple marketing channels or advertising media. Many marketers and advertisers implement a multi channel strategy to reach their customers across the many touch points and media they consume.

For example you are in the education industry and your business goal is to attract more enquiries for enrolment. LinkedIn ads are a great way to drive leads but you shouldn’t bank on them alone. Those potential students may be looking on LinkedIn but they are also browsing on certain websites, reading Native ads and seeing Display banners. They are also on Facebook and listening to Spotify. As marketers it is important to understand the best way to appeal to your audience on many digital platforms, influencing them at all stages of media consumption. This is where you can truly take your marketing strategy to the next level. It is important to constantly evaluate the effectiveness of your strategy and continuously optimise it to ensure the best results.

So what’s the goal of a multi channel strategy?

The goal is to give consumers a choice, and to allow them to buy media when and where they want. When planning out your multi-channel marketing strategy the key things all Marketing Managers need to consider are;

  • What are your Business Long Term, Mid Term and Short Term Goals / KPIs / Revenue targets? 
  • Who is your ideal customer? What segments do they break down into? 
  • What does the Customer need and expect from your business and how can you better serve their experience? 
  • What market level trends impact your strategy and how customers perceive you?
  • What touch points do your customers use and how would they expect to be approached? 

It is important to consider the full customer experience. To do that, you need to take a step back and set in place tracking tools that will help you understand your customers’ journey in real time. Then you can evaluate and adapt your approach to provide a better service to your customer, plus reach your Marketing KPIs and targets. Below are some of the top actions Mckinsey Company recommend in managing the customer experience.

  • Anticipate the customer’s needs, expectations, and desires during each part of the journey.
  • Build an understanding of what is working and what is not.
  • Set priorities for the most important gaps and opportunities to improve the journey.
  • Come to grips with fixing root-cause issues and pivoting to redesign the journeys for a better end-to-end experience.

Despite the complexity, the customer journey can be broken down into moments that reveal the how, why and where people are making purchase decisions. Google’s research revealed that the average range of touchpoints for products and services was 2.8, with laptops and TV sets having a much wider range.

Next Level’s Advice:

As marketers we know that the more opportunities you have to interact with prospective customers has a much better chance of performing well. A holistic strategy implemented across different media channels is a great start. However, the more steps you add to your strategy the more complex it becomes. It is recommended to employ the insight of a specialist who understands the different ways your audience expects to interact with you and offers an in-depth strategy to reach your customer on each step of their digital journey.

At Next Level Online Marketing we believe in evidence based and data-led strategies to help guide business growth. We are a data driven, attribution and technology agency dedicated to helping businesses scale up with their online marketing and media buying.

On top of the highly customised platforms we also use our in depth knowledge in digital marketing and advertising to buy media and serve ads.

See some of the options we offer below:

To learn more about how to integrate with digital medium and integrate a holistic offline and online strategy, Next Level Online Marketing can help to serve one part of that piece. We can help you market across the entire digital media landscape. We are more than just a Google and Facebook Premium Partner. We have integrated our own customer data tools to gain a deeper insight into who your audience segments are and how they are interacting with our advertising as well as your site. Learn more about our Customer Journey Tools or Data Management Platform.

Resources: 

McKinsey Business Functions 

Think With Google