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April 26, 2016

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Digital and Data Science Platforms in Marketing

by Ravi Kalakota

“The best minds of my generation are thinking about how to make people click ads…that sucks” –  Jeff Hammerbacher

When you talk about Digital and Data Science combo, you normally think of the front-office MarTech (marketing technology) – advertising, marketing, sales, commerce, service.  This is where most companies are investing as they race to deal with new customer experiences, better  engagement, promotion effectiveness and more efficient commerce transactions.

MarTech is about digital and data science platforms that help deepen relationships with customers, simplify and improve customer experience. They aim to increase digital engagement by delivering differentiated experiences.

MarTech is growing partly because the proliferation of “screens” goes well beyond phones, tablets and desktops. There are exciting new developments as “screens” extend to the TV, wrist, in-home automation or car.  The pulse of digital experience is speeding up as new technology like 5G, virtual and augmented reality become more feasible and viable.

MarTech is also evolving with data science, analytics, machine learning and AI. By applying intelligence to interactions, promotions and advertising,  market leaders are completely changing the “art of the possible”.

Augmented Reality and Virtual Reality, Speech driven interfaces (e.g., Siri, Cortona, Echo/Alexa) all represent catalysts to the next wave of digital marketing innovation.

As a result, the MarTech (marketing technology) landscape grew even bigger . According to Scott Brinker there are as many as 5000 marketing technology solutions  — almost twice as many as 2015.  We will definitely see an M&A boom as vendor consolidation becomes inevitable.

The top 5 largest categories, by number of solutions included, are:

  1. Sales Automation, Enablement & Intelligence (220)
  2. Social Media Marketing & Monitoring (186)
  3. Display & Programmatic Advertising (180)
  4. Marketing Automation & Campaign/Lead Management (161)
  5. Content Marketing (160)

The amazing evolution of the MarTech Landscape is shown below.

marketing_technology_landscape_2016

Additional References

Mobile Marketing Automation: Insight Driven Consumer Engagement

Digital Marketing Architecture: CMO Martech Playbook

Digitizing Customer Journeys

 

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