2023 Latest Trends in Martech
Marketing technology (martech) has seen a 7,258% growth over the past 12 years.¹ According to Scott Brinker from chiefmartec, 2023 has seen an 11% increase from 2022.¹
(If you haven’t seen the MarTechMap from chiefmartec and MartechTribe, btw, I highly recommend it. It’s overwhelming, but a great way to look at major areas and major players in the industry. You can dive super deep if you sign up for the interactive version.)
The year has seen some recovery from 2022, which was pretty volatile all around and saw a lot of companies leaving the martech space. In analyzing trends for this year, Brinker calls out the change that “AI-generated ‘software’” is likely to bring. He’s not wrong. Let’s dive in to a few major martech trends that on the tip of marketers’ tongues this year.
AI and Machine Learning Strategies
I’ll start with the one Brinker mentioned and most industries are raising an eyebrow at. Artificial intelligence (AI) and machine learning (ML). Even if you wanted to, you can’t get away from this conversation. ChatGPT, self-driving cars, smart home devices… heck, even Roomba. There are examples of AI in our daily lives in both big and small ways.
This isn’t the first year marketing is using AI (not by a longshot), but it’s been a big year for it.
Programmatic ad buying and audience segmentation, predictive lead scoring in CRMs, more capabilities within email automation, and algorithmic product recommendations are just a few of the AI-oriented tools that are as popular as ever. But what I’ve noticed this year is more conversation around AI marketing strategies. It’s not enough now to use some of the tools here and there, organizations want their core strategic initiatives to be oriented around AI capabilities.
Chatbots
In one way or another, all the items on this list touch on AI and ML. But none have been more centrally tied to AI than chatbots. With the launch of ChatGPT at the very end of November 2022, chatbots got a fresh start (although that freshness started to wane almost as soon as it began).
Chatbots have been used in marketing related activities for years. I don’t even remember the first time I closed that little box that popped up on a website asking, “How can I help you today?” Historically, they’ve been limited, intrusive, and crude. Now, we’re seeing significantly more sophisticated conversational AI that can answer more questions, adjust more readily, and expand customer support.
In addition, marketers have been using conversational AI chatbots for more than customer support. It can and has been used for content creation, audience research, and SEO optimization. But the luster has already started to dim. AI chatbots have big limitations and weaknesses. It’s been shown to share sensitive data, spit out factually incorrect nonsense, get basic math wrong, and stomp all over copyrighted information. And that’s to say nothing for the fear of turning all content into mass-produced uniformity. With all that said, it’s still an important tool for marketing that can be integrated thoughtfully into most organizations’ toolbelts.
Personalization
This is my favorite for 2023—both on the list and in the marketing projects that I’ve been working on. We have so many more exceptional tools to personalize marketing campaigns and content. If a brand can really demonstrate offers and recommendations that are relevant to their audience, their lead generation and user experience rates will sky rocket.
Martech tools are getting more sophisticated centralizing data and applying that data to campaigns and content for truly personalized experiences. Some of my favorite tactics for personalization? Sophisticated one-to-one ABM campaigns, personalized content and userflows on websites, and cross-channel alignment to connect personalization from website to social media and email.
The tricky part here is balancing personalization and privacy. Users want data privacy while simultaneously demanding personalized experiences. It’s possible, but your organization really needs to have a strategic and laid out approach to how you’re collecting and using data. Proper consent and data management are absolutely necessary.
Video Content
Last, but not least, video content has seen some big changes. So much activity online already revolves around video content. Consumers watch video reviews, watch how-to videos to understand how something works, and are more likely to click on video ads versus static ads. Videos are accessible, highly sharable, and the technology to make it is spectacular now.
Videos are now a must-have not a nice-to-have even for smaller businesses. Some people have called it a “video-first” mentality, prioritizing video over other media. Companies are using videos for ads, product demos, bite size product features, customer testimonials, sharing company culture and company mission, and more.
But videos frequently come with high bounce rates, are skipped through, or watched at 2x the speed. Enter shorter, more personalized videos. The current trend is to produce (or cut) videos that are under 15 seconds long and create more of them that are personalized to audience segments (which you can do more cost effectively because they’re shorter).
Need Help with Martech?
Are you integrating new martech into your marketing workflow? Or thinking through strategic ways to make the most of your martech stack? Cimarron Winter can help. We’re martech experts that help enterprises with strategy, technology integrations, and campaigns using martech tools. Some areas we’re closest to? Enterprise CMS, asset management, display and programmatic tools, and SEO platforms. Let’s talk about how we can help your organization move faster and more efficiently.
References
1. https://chiefmartec.com/2023/05/2023-marketing-technology-landscape-supergraphic-11038-solutions-searchable-on-martechmap-com/