MadTech Solutions is advancing at a rapid rate, one size fits all marketing strategies are no longer an accepted business behavior. It’s high time for businesses to target their customers and prospects through a mix of channels through the convergence of marketing and advertising. In this progressive world, businesses should now rely on technologies rather than human skills to attain their goals. MarTech and AdTech are two such technical revolutions that make marketing accessible easily. The blend of both these technologies makes MadTech, where you have to use an application to attain both the demands.
MadTech is also a technology defined by several organizations where organization harnesses technology to augment the quality of creating marketing strategies; MarTech and AdTech are two revolutionizing technology that is changing the dynamics of marketing approach.
In the modern world, marketing and advertising are popularly referred to as MarTech and AdTech, respectively. Now, it’s time to combine them for expected results. Like many others, you may also have doubts about the two technologies. Let’s decipher what they are and how their convergence is the need of the hour.
The Traditional Era
In the past, marketing and advertising were two separate things with multiple goals of increasing sales, establishing brand value, among others. Therefore, businesses had two individual teams for undertaking the operations.
In essence, the marketing process targets the known market, and the advertisement process is for the unknown targets or demographies.
The marketing process identifies the customer needs and works on methodology to serve in the best possible way. In contrast, through paid marketing, the advertising process promotes the company, its products, services, etc. So, we can call advertising a part of marketing, but the opposite is not true.
There’s been a tectonic shift in the business model in the last ten years, forced by the large penetration of mobile devices and widespread access to the internet. The time has come when MarTech tools like email, push notifications, social media, etc., are serving the purpose of advertising and vice versa.
MarTech and AdTech both rely on technology to serve the business, but its methodology is the only difference. MarTech is focused on creating, communicating, and delivering marketing to the target customers, while AdTech is used for influencing buyer behavior.
Overview Of AdTech?
Let’s decode it. AdTech is made of two words- Advertising and Technology. Businesses use software and tools to target unknown markets through paid marketing campaigns.
Some examples of AdTech are Digital Banners, Tag Management Systems, Data Management Platforms, Demand Side Platforms (DSPs), Supply Side Platforms (SSPs), etc.
The main motive of AdTech is to bridge the gap between the demand and supply of advertisers and publishers.
It aims to reach the audience via blogs, offers, emails, push notifications, mobile marketing, content marketing, search engine marketing, and more. You might be thinking, these all are also part of MarTech. You’re right- that is why convergence has become a must.
Overview Of MarTech?
MarTech or Marketing technology comprises a range of software and tools helpful for marketing goals or objectives. It does not just help in digital marketing campaigns; its major contribution is also towards making the marketing efforts more effective, especially in the various marketing channels.
It essentially consists of several aspects such as email marketing, marketing attribution software, CMS, CRM, and more. Since its inception, MarTech has been evolving, and now it has come closer to the convergence with AdTech.
While MarTech stands for marketing technology, AdTech stands for advertising technology. At first glance, it might sound similar, but there is a difference between them, just like marketing and advertising. So, the question is why there is a need for the convergence of AdTech and MarTech?
The purpose of MadTech Solutions is identical, which is why both concepts are better when used together. Television, television, radio, and newspapers were the primary marketing and advertising modes in the past. Now, digital space is good enough for both.
Since both have the same purpose and the target audience, coupling them offers a better user experience.
The last two years have been game-changers for organizations to accelerate their digital transformation process. Covid-19 and subsequent restrictions on people’s movement brought the change and need for a seamless customer journey in the online sphere.
Digital consumption has increased many folds as high as over 4 billion people are online sending messages, watching videos, spending, learning, and doing more every day.
New and more empowered advertising channels have emerged, such as podcasts, audiobooks, etc. These modes were not that powerful just five years back, but now they are witnessing approximately 15% growth year on year.
Now, the MadTech Solutions working in a silo manner have become complex. As a result, it has become detrimental for the business to avoid their convergence.
Benefits of MadTech Solutions
The two technologies, when blended together, offer several merits to businesses. Some of them are given below:
- Optimized advertising investments
- Better user experience
- Unified data and business process
- Simplified process of marketing, sales, logistic, billing, service, etc.
- Seamless customer journey tracking
- Way to make better use of automation and AI
- Helpful in real-time decision making
Emergence of MadTech
As it’s been clear that convergence is inevitable, so there should be a name for the new normal. MadTech Solutions comprises marketing, advertising, and technology as an integrated approach with strategies for finding a place in the market.
Small to big brands are equipping themselves with geographical information, order history, product research, purchase intent, and more for marketing and advertising with the help of technology.
Various MadTech Solutions
Data has become the blood and soul of business, and those using it optimally, get the chance to stand apart or ahead of others. Through web analytics, marketers optimize their page and campaign along with business research, market search, and other insights.
Social Media Management Platforms
It includes the wide array of platforms that are mentioned above and focuses on bringing synergy and automation through operation streamlining and efficiency improvement in the business process.
These tools help deliver better user experiences through information fetching from a large chunk of data. So, for example, you search for running shoes on your favorite e-commerce website, and within some seconds, you can see their advertisements while browsing social media. Here Artificial Intelligence, Machine Learning, and other advanced technology are also being used.
With a plethora of options, human attention span has decreased in the same proportion. To stand apart from this information overdose, hyper-personalization, and hyper-localization are the key.
Achieving such an objective requires the convergence of MarTech and AdTech. It’s the future of marketing for relevant, consistent, and quality customer experience.