The shift in consumer behavior due to the global pandemic has accelerated Martech’s growth in India. To keep pace with changes in consumer expectations and behaviors, marketers are also deploying new tools, and developing new strategies. While the majority of industries use martech, consumer durables and automobiles are the top two industries using such tools, according to the 2021 Mirum India MarTech Report. Other top sectors using martech tools are BFSI, retail, media and technology.
Over 250 CEOs and CEOs in industry sectors such as BFSI, Retail, FMCG, Automotive, Media and Technology were surveyed to extract the report’s final insights. 64% of organizations use technology tools extensively and 30% use tools occasionally.
“In this digital-first world, as customers cling to their digital habits spurred by the pandemic, the nature of customer engagement continues to evolve, making marketers highly experienced technologists. By leveraging technology, marketers have effectively been able to hyper-personalize engagement, improve data quality, and automating the process of building trusted relationships,” said Arundhati Bhattacharya, President and CEO, Salesforce India.
The report identified two groups of organizations – “MarTech Heroes” and “MarTech Stagnants”. According to the report, MarTech Heroes, the vast users of your brand, are set to significantly increase their spending in the next three years. On the other hand, the other group will increase expenditure to some extent. 53% of organizations appeared as Martech champions in the survey and 17% as MarTech Stagnants.
For 50% of MarTech champions, creativity is the driving force of their marketing strategy. However, only 22% of MarTech Stagnants agree with this view. 76% of MarTech champions would rather choose a marketing technology that is part of an ‘integrated package’ rather than a ‘points solution’. They also focus on real-time personalization for several goals including increasing visitor engagement, customer experience, conversion rates, and customer acquisition, among others.
“Our clients are increasingly looking to us to help shape their MarTech strategies. Our comprehensive capabilities spanning strategy, media, technology, creativity and data put us in a unique position to deliver on this demand. We have brought together the best of WPP led by Mirum along with Kantar and our collaboration with Salesforce to create this rich source of insights,” said CVL Srinivas, Country Manager at WPP.
Overall, 88% of respondents said their organizations get ROI on technology investments. 73% MarTech Heroes and 41% MarTech Stagnants agree that investing in martech leads to an expected return on investment.
According to Hareesh Tibrewala, Co-CEO of Mirum India, marketers are optimistic about using marketing technology for their brands keeping in mind the changing marketing dynamics of a data-driven era. Tibriwala said that with the adoption and acceleration of digitization, marketing and technology, MarTech has become an absolutely preferred tool across media.
“We expect MarTech investments to see a rise in marketing analytics, performance, attribution, CDP, and e-commerce. Approximately 82% and 68% of respondents from the FMCG industry believe that sales and CRM are, respectively, the most important business objectives they would like to achieve with MarTech in their The next three years. With MarTech being a business priority for marketers, we are sure it will be the next big thing,” added Tibrewala.
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