Marketing Technology (MT) is an absolute necessity for any enterprise venturing into the waters of sales – which, at its most robust definition, comprises at least some focus for nearly every business venture, to one degree or another.
The variety that exists within the myriad of applications and their methods is where we find the greatest, and most dynamic, differences. Indeed, as much as any other possible metric, a company’s goals, methodology, purpose, and even philosophy can be discerned by the marketing technologies and techniques they apply.
As would be assumed, the MT domain largely falls within either one of two departments – in most organizations: marketing or (occasionally) IT. Rather than logistical interests, however, the application of our focus in this piece will be to delve into two evolving and increasingly centric aspects of MT, as it applies to the need-to-know interests of executives today.
As a soft-landing into Marketing Technologies, we’ll first focus on the why and how of MT applications (to be followed up with the “what” and “when”). As discussed in previous articles, brand relation and customer identification are central to any intelligent market-savvy executive team. As such, we must use the tools at hand to establish and grow such relationships. And the interconnectedness of our times is of great benefit to such interests. Take, for example, the mind-blowing proliferation of Smartphones, in which some have predicted that fully one-fifth of the global population will own one, and so be connected to the world at large, in this digital age.
Relationship marketing then, can be understood as the process and approach by which your company intentionally engages with your clients, customers, and partners. So, the questions to address then turn inward: is your enterprise more profited by short-term strategizing and hand-over-fist customer acquisition, or does your business-plan and organizational structure call rather for longer term investment into individual, substantive relationships with your customers. This doesn’t necessarily reflect the inherent value placed upon customer relations by your company, though bear in mind that it can certainly appear to do so.
“Customer relationship management”, or CRM, refers to technologies and practices used by companies to maintain and study data and customer interactions in order to improve the customer-business relationship, while increasing sales growth. CRM systems allow companies to acquire insight into customer patterns via an “analytical engine” through software. Business prospects can be viewed with “predictive analytics”. CRM software is mostly utilized to administer the relationship between company and customer, at the same time, helping to manage clients, contacts, sales leads, and contract successes.
Location-Based Marketing Tech
Location-Based Marketing Technology (LMT), is one relatively new term that every executive should have their eyes on right now. This brave new adaptation can best be understood as the blending of the digital and real world experience – and that’s just the focus of LMT – experience.
One name to get to know in the world of LMT, in particular, is Geo-fencing, which basically utilizes GPS, software, and radio frequencies to delineate boundaries around specific geographical locations. Users can set up alerts in the form of a push notification, email or SMS that will alert the user when a customer (and their smart device) enters the demarcated area. Additionally, many available geo-fencing applications are making use of Google Earth services, incorporating the options of distinguishing boundaries through a satellite view.
Essentially, the best time to put Marketing Technology resources to use is after you have formed a fundamental strategy of what and where you presently are, and what your specific goals are for your company.
Utilizing this particular form of Business Intelligence will help your organization acquire a new source of competitive insight that will assist you in forming more appropriate and practical decisions. Additionally, taking these facets into consideration will provide food for thought, research opportunities, and potential new development directions and strategies for your staff to take in hand.
Pursue a new direction. Not everything’s been done before, so why tread upon the path that has seen a million steps.
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