Cloud technology has revolutionized the field of marketing, sparking what is known as the ‘MarTech 2.0′ revolution. This transformation is made possible the seamless access and control over customer data, analytics, and AI tools. These technological advancements are reshaping the approach to enhancing customer experiences and effective marketing strategies.
Rajesh Jain, the Founder & Managing Director of Netcore Cloud, recently discussed these insights with Tim Barnes, the General Manager of Advertising & Marketing Technology Vertical at AWS. This conversation was featured in the web series called SaaS Scions, a collaboration between Business Insider India and AWS India.
Netcore Cloud is one of the few SaaS companies in India that existed before cloud technology became mainstream. Jain explained that in the current digital landscape, they provide a multi-channel approach consolidating customer engagement data into a customer data platform. This simplifies marketers’ tasks and ultimately enhances the customer experience.
Jain emphasized the importance of delivering an omnichannel and personalized customer experience. With the significant growth in the digital landscape post-pandemic, real-time customer engagement has become crucial. It is now paramount to present the right product to the right customer at the right time. Jain also highlighted the shift in focus from acquiring new customers to building deeper relationships with existing ones, as the cost of acquiring new customers has risen rapidly.
Regarding solutions for marketers, Jain mentioned an AI-based catalog developed Netcore Cloud. This catalog helps create personalized experiences for customers combining enriched catalog data with customer data. Jain believes that solving the challenge of consolidating data from different sources will transform e-commerce and digital businesses in the future.
When asked about data privacy and consent management, Jain assured that they only work with the data provided their customers. He also urged marketers to transition from relying on third-party data to utilizing first-party and zero-party data. Providing incentives to marketers for sharing their data, what Jain calls “atomic rewards,” can enhance the authenticity and accuracy of data while addressing privacy concerns.
Jain discussed a recent trend in the martech industry, suggesting that now is a favorable time for companies to consider buying and merging with other companies. This approach simplifies solutions for marketers, saving them time and effort. In the future, Jain predicts that more companies will combine to overcome the challenges and expenses associated with managing separate solutions.
The discussion between Barnes and Jain highlighted India’s position as the leading SaaS factory globally. Jain emphasized the need for businesses to find the optimal way to establish a profits monopoly, considering that every industry has a finite pool of profits.
The conversation between Barnes and Jain sheds light on the ongoing sea-change in the marketing world. Cloud technology, strategic acquisitions, and a customer-centric approach are driving transformative growth in the industry. Consolidation and seamless integration will play a pivotal role in shaping the future of martech. The collaboration between industry leaders serves as a guide for the path forward in the marketing sector.
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