Can martech maximise long-term profitability?
American businessman John Wanamaker famously said, “Half the money I spend on marketing and sales is wasted; the trouble is I don't know which half.” This dilemma still resonates today: how can businesses ensure their investments are not lost in the void?
The answer lies in advancements in marketing and sales technology (martech), which offer greater transparency and efficiency for marketing and sales managers. According to Chief Marketer’s 2019 Martech Outlook survey, 54% of marketers expected their budgets to increase in 2020, with 39% — the largest group — allocating 10% to 25% of their marketing budgets to martech.
As we move into 2024, the martech market is projected to grow significantly. Forrester predicted that global spending on marketing technology tools will reach USD 148 billion by 2024 and exceed USD 215 billion by 2027, reflecting an annual growth rate of 13.3%.
Top five ways to drive profitability with martech
To harness martech’s potential and maximise profitability, businesses can focus on key areas where these technologies are transforming marketing and sales:
Eliminating customer journey drop-offs: Customer journeys go through multiple stages and vary in pace depending on the product or service, with many customers abandoning mid-process for competitors. Martech helps streamline transitions between stages, reducing the risk of drop-offs and keeping customers engaged.Scalability and adaptability: WaaS platforms are designed to scale with the needs of the wealth management firm, accommodating growth in client base and assets under management seamlessly. The platform can quickly adapt to changes in market conditions, regulatory requirements, and technological advancements.
Converting anonymous visitors into high-value customers: Early customer interactions are often anonymous, making it difficult to identify potential buyers. The right martech tools can help businesses recognise high-potential prospects from this group, laying the foundation for effective lead nurturing.
Streamlining sales management for efficiency: Customer advisors or salespeople ultimately close the deals, but their effectiveness depends on the right tools and strategies. Sales management technologies optimise the sales process, enabling the sales staff to close more deals while boosting morale through technological support.
Leveraging AI for hyper-personalisation: Customer expectations are evolving. Standardised services, even if they are offered in different packages, are no longer attractive. With AI-driven hyper-personalisation, businesses can meet these expectations at scale, delivering tailored experiences to each individual.
Targeting key decision moments: Every customer journey features key decision points. Missing these moments — or delivering the wrong message — can mean losing the sale. Martech empowers businesses to engage customers with the right message, at the right time, driving higher conversion rates.
By leveraging the right martech tools, businesses can drive greater efficiency, personalisation, and profitability, gaining a competitive edge in the market.
To explore how martech can transform your business, reach out to our expert, André Höhn, Associate Partner at Synpulse, at andre.hoehn@synpulse.com.
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