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Recent years have witnessed steady growth in the demand for Marketing Campaign Management Software MCM(CMS) and the main reason indicated is different
strategy adopted mainly by the SMB’s who are growing and expanding . As per
Marketing Research report the market for Campaign Management Software (CMS)
has witnessed growth from USD million to USD million from 2017 to 2022. With
the CAGR of, this market is estimated to reach USD million in 2029.
This indicates how big the market is in terms of geography and changing pattern of
consumer behaviour in term of technological innovation. The CMS will have further
advancement and optimize the performance of the product, making it more widely
used in downstream applications.
According to recent report from IDC 9International Data corporation) which
forecasted the worldwide revenue for small and midmarket business sized
(SMB), the marketing campaign management (MCM) software is expected to
grow from $8.5 billion in 2021 to $14.9 billion in 2026 with a five-year
compound annual growth rate (CAGR) of 11.9%.
Analysing key reasons for growth in CMS
Marketing Campaign management (MCM) solution extends the power
of marketing and customer solutions by getting the right insight and
thereby enhancing power of CRM(customer relationship management).
Present time the business scenario has vastly changed with introduction
of digitalization. Customer centric solutions are getting more focus as they
have the power to contribute to the growth and revenue of any business
and business are also showing tremendous interest in implementing such
solutions. This also enhances SAP business and give in more strength to
build in strong customer relationship
So what all MCM allows a business to do for its growth?
MCM manages all marketing activities such as email, call, or print campaigns
while tracking results.
It allows users to perform complete Lead Management functions from initial
contact all the way through to invoicing and beyond.
Managing leads, assigning activities, notes and more, are really simple and easy
to use with MCM.
Campaigns also benefit from the power of MCM. They are much easier to
manage and execute.
In a campaign there are various phases; CMS allows making active draft in the
campaign in organized manner and easier to work with.
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In a gist we can say a tool that provides with a 360 degree view on
customer relationship management activities and also your marketing
activities.
MCM in general provides with a wide window to view and leverage the importance
of customer centric management and leverage the marketing campaign. Everyone
in the organization be it sales, after sales service or any other department can
benefit from MCM solution.
It is utterly important for companies to respond faster to customer enquiries
and MCM provide that single window from all perspective in regards to CRM
and marketing functions from end to end in one place.
Creating campaigns which is easy and fulfils customers requirement is one of
the reason the software revenue market is growing.
Top Vendors in the space for MCM solutions
To develop a forecast that is tailored to the needs of SMBs, IDC looked at vendors
that offer MCM functionality (campaign planning, execution, and management;
customer data management; social marketing; mobile marketing; and marketing
analytics) for customers with fewer than 1,000 employees.
As per IDC big giants like Salesforce and Microsoft have a strong presence
across all segments. The SMB-focused vendors like HubSpot, Mailchimp
(Intuit), and Constant endors are now growing dynamic in their offerings,
providing functionality historically reserved for enterprise customers.
This include new age technology specifically digital based AI-infused task
automations, collaboration and project management capabilities, complex
data integrations, content or digital asset management tools, and more
are becoming commonplace as SMB users demand increasingly more robust
platforms.
Today, SMB organizations have complex and mature marketing needs. To
be successful, providers must deliver powerful, enterprise-grade platforms
in formats that are easy to deploy, integrate, and optimize, said Roger Beharry
Lall, research director, IDC Marketing Applications for Growth Companies.
To remain competitive in the SMB market, MCM vendors will need to
demonstrate new and meaningful value differentiation to their users.
Analyzing Key areas of concern for SMBs using MCM
Suppliers are now more required to provide value for their offerings which is
affordable for customers in terms of cost and also bring in profitability for
vendor. Vendors supporting SMB organizations need to develop tools that
meaningfully advance the use of customer data through universal governance
policies, low-code dashboards, simplified automations and recommendations
engines.
Vendors that enable brands to set higher standards and exceed customer
expectations should have cyber security policies in place in regards to data
privacy and data practices.
Vendors need to be more creative in providing personalization services and
increase capabilities that represent more meaningful end-customer value
while being mindful of transparency in data collection practices.
Evolving nature of SMB business demand more in today’s world
SMBS are also under constant pressure to perform unlike other
organization so suppliers need to utilize new age digital technologies
like AI, ML and low-code /no-code solutions to help SMB clients
automate simple tasks and improve tool performance by leveraging
data.
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MCM suppliers who focus on SMBs need to expand their offerings in
tech stack beyond normal requirements in regards to traditional
marketing. Increase their offering on a large multifunctional overall
marketing technology stack.
To meet the niche requirements of SMB marketers, suppliers in MCM sector
need to create integrations across multiple tools that can support governance,
predefined workflow etc. As organizations evolve manifold in SMB’s it becomes
a tedious responsibility on part of marketing efforts continue over time, which
is enabled by MCM to determine what your prospects and clients react effectively
in regards to market etc.
Big organizations can manage with effective leads as they have resources,
budget and manpower. But when it comes to managing leads in SMB ‘s which
is so critical part of marketing in today’s world its essential to have ability
within the one interface to track leads, assign activities to others, follow up
as per requirement and ease.