The prime objective of technical marketers is to support the marketing team as they collectively work towards reaching the right audience and offering them relevant experiences. This involves heavy-duty data handling. It requires marketers to crunch data (product, customer, and competitor), identify the target audience's pain points and expectations, and build powerful marketing strategies.
The success of marketing strategies depends on the quality of data and its insights.
According to McKinsey, B2B marketers that leverage accurate data and analytics excel in identifying and prioritizing concrete growth opportunities.
However, fetching, collecting, and analyzing vast customer data and trends is challenging for marketers.
That's where the expertise of technical marketers can help. Tech marketers are experts at managing the technical aspects of marketing. They often leverage their skills, analytical prowess, and advanced technology to help the marketing team make sense of data.
Further, they play a key role in devising and implementing tech-driven marketing strategies to gauge ever-evolving consumer behavior. This helps marketers make data-driven business decisions that directly impact revenue.
This post will share the top four reasons your business needs a tech marketing strategy.First, let's understand its significance.
Significance of Technology in B2B Marketing Strategy
According to reports, 78% of consumers look up the product information available online to make purchasing decisions. This has made it critical for businesses to monitor each aspect of customer behavior by crunching the huge volume of data available.
Small, medium, or large companies can no longer afford mediocre marketing strategies that often result in lengthy sales cycles or poor revenue. They need data-driven marketing capabilities to understand vital factors affecting purchasing decisions. This can help them attract more prospective customers.
However, without technology, crunching numbers is time and effort intensive. Plus, these decisions need to be quick. No wonder, businesses are investing in tech stack to enhance the effectiveness of marketing strategies.
According to a recent survey, this "tech-forward approach" has helped over 70% of companies boost their revenue. Besides, it enabled 76% of companies to reduce their overall costs.
In short, successful tech transformations help businesses optimize their work processes and unlock the value of data for the marketing team and customers.
Top 4 Reasons Your Business Needs a Tech Marketing Strategy
As discussed, a solid tech marketing strategy is significant for businesses to reach their revenue goals. Here, we will share four key reasons marketers should consider investing in it.
#1: To Unlock Vital Industry Trends and Insights
Getting data on one platform and analyzing it to uncover customer insights and trends is key to business success.
The valuable data can help tech marketers -
- Gain in-depth insights into consumer behavior in the past. (descriptive analytics)
- Gauge the potential of the existing marketing strategy and predict consumer behavior and future trends. (predictive analytics)
- Identify the gaps and develop an actionable marketing plan to achieve revenue goals. It also allows them to address the gaps in the current strategy. (prescriptive analytics)
It allows the marketing team to showcase a data-backed marketing strategy to the C-suite, who often question the team’s contribution to revenue. Building a solid tech marketing strategy allows marketers to establish value and acquire desired budgets to achieve revenue goals.
While the analysis may seem daunting, marketing analytics is quite a simple process, tech marketers can leverage state-of-the-art marketing analytics tools with advanced machine learning and predictive modeling algorithms. This allows them to tap into trends, predict consumer behavior, and make informed decisions.
For instance, marketing analytics can help tech marketers discover answers to crucial aspects, such as -
- How did the marketing strategy or campaign perform historically?
- How is the existing marketing strategy performing?
- What are the top-performing digital marketing channels?
- What steps can improve tech marketing strategies and boost revenue?
- What aspects of the tech marketing strategy need more investment?
The answers to these questions provide technical marketers with real-time insights into customer behavior and a roadmap to achieve revenue goals.
#2: To Track the Right Metrics and Improve Efficiency
A tech marketing strategy allows marketers to predefine the top metrics that will define success and monitor them consistently. They can prioritize metrics that have a massive impact on revenue goals to avoid wasting valuable time, budget, and effort on unnecessary aspects.
Here are a few crucial metrics all marketing teams must consider.
- Clickthrough Rate (CTR): It reveals how often prospective customers click on the ad.
- Cost per Click: The cost you pay every time someone clicks on your ad.
- Sales Cycle Time or Average Deal Cycle: It is the time taken (days or months) on average to close a deal. This metric helps with sales forecasting, measuring sales efficiency, and convincing investors.
- Lead Conversion Rate: This helps marketers understand how many leads they need to generate for one sales-qualified opportunity
- Win Rate %: This metric measures the sales team's success over a certain period. It is usually determined by dividing the number of won opportunities by the total sales-qualified opportunities.
- ARR/CAC: This profitability-oriented ratio measures the relationship between the actual annual revenue and the CAC. It allows you to benchmark the organization against past campaign performance.
Besides, they monitor critical input metrics that indirectly have a big impact on revenue. You can read about input metrics in our post -
Leverage the right marketing automation tool to track these metrics. This can help identify how well or poorly the campaigns are performing and provide a direction to improve efforts.
In addition, you can create actionable workflows for lead prioritization, behavioral targeting, personalized advertising, and more. This can boost your work efficiency without hassles.
#3: To Accelerate Conversions on the Website
Businesses that fail to convert website visitors into customers are losing considerable revenue. With a tech marketing strategy, marketers can stay in sync with your customer base and understand their pain points. This will help the team to develop relevant products and share content that addresses customer challenges, thereby increasing conversion rates.
What can you do to improve website conversion rates? Understand what's preventing prospects from taking action.
For instance, analyze whether its page loading speed, poor and inaccurate content, navigation issues, or something else.
Next, address those pain points and ensure the website meets customer expectations. Here's an example.
How Can a Marketer Improve Website Conversion Rates
- Problem: A marketer experiences poor website conversions on their website.
- Roadmap: They deploy a conversion optimization tool and determine that visitors leave the website because of broken links.
- Solution: Collaborate with developers and fix broken links. This will improve conversion rates.
- Analyze why visitors do not convert into leads.
- Figure out possible changes to improve website appeal and credibility.
- Test website changes (A/B test) to achieve the highest conversion rates.
Inbuilt with heatmaps and session recording tools, these behavior analytics tech solutions help marketers identify customer experiences on the website. They can identify the exact point at which the visitor left the website.
Besides, they can find elements (confusing design, poor visuals, CTA) responsible for poor website performance.
Leverage this information to optimize your website. Perform A/B testing to choose the best version of the website. This can help accelerate the lead generation process.
#4: To Offer Stellar Customer Experience (CX)
Nurturing relationships is key to driving customer trust and improving retention rates. A tech marketing strategy leverages data to learn about customer preferences and buying behavior. Thus, the insights derived from it allow marketers to create relevant and positive experiences, especially when customers interact with the brand.
Strong customer relationships help businesses establish credibility in the market. Besides, they can create an environment that benefits their customers and the firm.
How can you nurture customer relationships? Ensure providing a stellar customer experience.
Reports reveal that 3 in 5 customers prioritize good customer service over other aspects of CX. They affirm that customer service is crucial to becoming loyal brand advocates. Another survey states that 46% of customers are willing to invest more in trustworthy brands.
All this data points out that excellent customer experience allows brands to increase retention rates. This can significantly contribute to revenue in the long term.
Key features of these tools include:
- Customized CX solution with live chat provision
- Complete CRM functionality
- Customer insights and data
- Real-time analytics and reporting
With customer experience tools, you can thus reach potential customers and bridge the communication gap by providing end-to-end support in real-time.
Share product recommendations based on the customer's purchase history, interactions, and interests. This can provide a personalized experience to the customers.
Netflix is an excellent example - This renowned streaming service platform uses customer insights and analytics data to provide recommendations to customers.
Turbocharge Your Tech Marketing Strategy with Revlitix
Technical marketers invest countless hours into building and implementing tech marketing strategies. Whether it's stitching customer data from 20 different platforms, crunching multiple dashboards to identify marketing campaign ROI, or analyzing business KPIs to improve conversions and revenue, they have a lot on their hands.
This data-analysis process is draining and does not guarantee accurate analysis outcomes. Thus, tech marketers deserve more than a basic business intelligence or data visualization tool. They need a reliable, all-in-one advanced analytics platform to automate their revenue generation efforts.
Revlitix is a one-stop, power-packed revenue marketing platform for building effective marketing strategies.
Revlitix fetches data from multiple marketing platforms and gets them at a centralized location, thus providing improved data visibility on its clean dashboards.
Marketers can analyze thousands of crucial KPIs impacting revenue across marketing channels while saving on the costs of building dashboards.
Powered by predictive and prescriptive analytics, Revlitix offers personalized recommendations to help marketers take action. This saves valuable time and allows tech marketers to explore creative horizons.
So, add Revlitix to your marketing mix for improved business productivity and achieve desired revenue.
A powerful tech marketing strategy is pivotal for business success. It accelerates the team’s progress toward revenue goals by streamlining work processes, reducing operation costs, and boosting overall productivity. Besides, it enhances customer experience and helps marketers gain a competitive edge.
All this ultimately empowers businesses to reach revenue goals. So, implement the tactics and tool recommendations shared above to optimize customer acquisition and engagement. Add Revlitix to your tech stack for accurate and quick advanced data analytics and boost business revenue now.