Since the beginning of marketing, the main goal of marketers has been to find out exactly what consumers want or need and provide them with a means to achieving it. The first aspect of this, the discovery stage, is one of the most important stages because without it, marketers would have no idea what consumers want or need.
Alongside discovering insights, another crucial element to marketing is advertising the product to consumers. For the longest time these steps were kept pretty separate – one was the job of marketers while the other was the responsibility of advertisers. However, marketing continues to evolve and the best marketers can now integrate both marketing and advertising into a successful union.
When technology is used in this combination, it leads to the most effective form of marketing. We call it MadTech, and it is the marketing phenomenon that is changing the game.
What is MadTech?
Basically, MadTech is using technology to merge advertising and marketing to create the most effective channel for marketers. MadTech uses programs and algorithms to target audiences with way more precision than traditional marketing and advertising means. Marketers are better able to understand exactly what consumers want and need by using technology to gain valuable insights.
Why is this symbiotic relationship between advertising, marketing, and technology just now taking off? Mostly because technology has advanced to a state that makes this all possible. Most people now have three or more “smart” devices (phones, tablet, computer, laptop, etc.) that they use every day. Each of these devices capture valuable information about the users every time they are used for social media and other activities.
Because of how far technology has come, MadTech can used by anyone with a decent budget. Since everyone has access, the differentiating factor of what companies are successful with their MadTech practices is which ones can use the information for the company’s best benefit. MadTech means that decision makers carry the responsibility of being able to interpret the information and determining the best course of action.
MadTech in Marketing
One of the best aspects of MadTech is that it lets marketers deep inside the minds of consumers. Instead of just throwing product ideas at the wall hoping one will resonate with consumers, marketers can learn what consumers are looking for and provide them with exactly what they need.
MadTech allows companies to be like a fly on the wall during conversations about the needs and desires of consumers. Technology allows for deeper understanding and provides the highest-level analytics that marketers need to make the best decisions and provide the best resonating message to consumers.
MadTech in Advertising
One of the biggest benefits for MadTech can be seen in the advertising domain. In the past, marketers had to choose between either high-reach or high-engagement strategies. This means that they had to choose to either go broad (television, print, billboards, etc.) or personal (personalized online ads, direct messages to users, etc.). While broad means of advertising allowed ads to be seen by many more people, personal ads saw much higher engagement among users.
Now, however, marketers have the best of both worlds. Because of the increased insights, marketers can now perform personalization at massive scales. Because MadTech offers a deeper understanding of niche markets, they can now send messages to broad audience that are personalized to the markets’ need and demands. Marketers no longer have to choose between high-reach and high-relevance, they can have both with MadTech.