MarTech: Exploring Marketing Technology

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MarTech is the short name of Marketing Technology.  Martech is a necessity for the company today. However, implementing martech is a delicate process that requires continuous oversight and evaluation. 

In today’s digital world, technology has become fundamental to marketing. All bands utilize marketing technology, whether or not they refer to their tools and technologies as “martech.” All marketing in a digital environment – social media marketing, content marketing, email marketing and search engine marketing – relies on some form of the marketing technology stack, be it for automation, scheduling, targeting or collecting and analyzing data.

What is Mar Tech?

Marketing Tools icons

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Martech (marketing technology) initially comprised marketing software such as marketing automation platforms, social media management and monitoring tools, website and SEO analytics tools, etc. But as the tools marketing teams used began to increasingly overlap with tools leveraged by other parts of their organizations, the martech landscape has grown to encompass sales and service tools as well.

MarTech is software that facilitates and executes marketing activities. Marketers use it to work more efficiently, communicate more effectively, and measure their efforts. The collection of the tools used by a team or department is called a martech stack. The tools in one’s martech stack are often integrated or used to enhance and optimize the content and creative workflow.

The Basics

Marketing technology has traditionally come in the form of software whose principal aim is to assist you in planning and carrying out marketing campaigns, gathering and analyzing the results, and applying insight to future campaigns.

At the most basic level, marketing technology can be broken down into six groups that marketing technology “godfather” Scott Brinker defined as:

  • # Advertising and Promotion
  • # Content and Experience
  • # Social Media Management and Relationships
  • # Commerce and Sales
  • # Data and Analytics
  • # Management and Collaboration

Why Is It Important?

 

Martech is essential because it increases the collaboration between the marketing team and assorted company departments. When this happens, everything runs smoother. Workflows are streamlined, and teams galvanize, creating better projects and making way for new opportunities.

Marketing technology also increases the efficiency of a company. It gives teams the tools to analyze data, further automation, increase workflows and scale marketing endeavours. Martech provides companies with a chance to implement new strategies and alter any potential weak links in the current system.

Benefits of MarTech

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Image Source: https://www.martechadvisor.com/

# Do more, faster: Save time and streamline workflows using automated tools to do repetitive and time-consuming tasks like pulling data, converting file formats, and finding assets. 

# Enhance internal communication: Provide a way to communicate openly about things like project status and team goals to improve tracking and give all team members full visibility to progress. 

# Create smarter content: Make your audience feel like you really get them using insights and data to understand performance, optimize experiences, and deliver targeted content. 

# Build better relationships: Strengthen customer and buyer relationships by always knowing the right thing to say with easy access to past conversations, interactions, subscription information, and more. 

# Be more vital together: The value of each tool is amplified when they all come together to reduce friction in workflows, allowing you to work faster and smarter. 

What Mar-Tech Does for Marketers 

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The best mar-tech tools will offer a combination of the following benefits:

# Automation of workflows: Most mar-tech solutions automate tasks that are too time-consuming and/or complex to complete manually, like pulling, organizing, and analyzing data.

# Support streamlined communication: Most mar-tech solutions will enable better communication within and between work teams through tools that help teams track the star projects’ and increase collaboration.

# Generate insight: Mar-tech solutions should do more than pull data – they should be able to draw actionable conclusions that support better decision-making, optimize campaigns, and reveal opportunities and gaps.

MarTech Stack

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A 360-degree view of a customer’s journey is an aspiration for most businesses. Often data available in different analysis systems present different values, leading to no single point of truth. To integrate technology, data, and insights, organizations have started developing a MarTech Stack.

What is a Martech Stack?

MarTech stack combines different software services and tools to integrate marketing operations like customer acquisition, conversion, retention, team communications and delivering a single view of customers’ journey. 

Building Mar-Tech Stack

Mar-tech stack optimization is how you build your mar-tech stack to optimize your marketing efforts. What technology do you need?; What are your objectives?; How do all of your technologies work together?; Do they work together?; What investment should you plan for? And more.

The rapid growth of marketing technology is represented in the Infographic published by chiefmartec.com. 

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Image Source: Image source: https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/

With another growth of 13.6%, up to a total of 8,000 martech solutions. The infographic is now called Supergraphic. (By all means a well-deserved title)

With so many marketing technologies available, it is easy for companies and marketers to have a mar-tech stack that is complex and highly inefficient. Too often, multiple Marketing Technologies (or the MarTch Stack) become a junkyard of underutilized and disparate tools. The purpose of optimizing this set of tools is to make complicated marketing processes more accessible and efficient.

Key Components of Every Martech Stack

Some basic building blocks should go into every martech stack:

  1. Email marketing platform to manage email marketing campaigns
  2. Automation software like a social media scheduling tool to optimize time spent on social media efforts
  3. Content management system to host your website and blog
  4. SEO tools to guide on reaching your audience
  5. Advertising technology to help get customers and reach new segments
  6. Analytics tools to analyze and organize all types of data to inform marketing decisions
  7. Mobile marketing tools and apps
  8. CRM software to collaborate with sales on efforts to personalize the

Choosing Mar-tech

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Before building a marketing technology stack, businesses and marketers first need to develop their marketing strategy and determine a plan for its implementation. An essential question t “what technology tools are missing those needed to execute the strategy effectively?”

Here are six focus points that can help marketers and businesses in figuring out the right Martech stack:

Point #1 Keep the stack small:

As tempting as it may appear to get multiple technologies, managing too many relationships and integrations can be very time consuming and can take a toll on resources. 

That is why most markets are now trying to use fewer vendors and suppliers. 64% of marketers in the EU and the US reported that reducing the number of martech vendors is a high or critical priority. 

Thus, a smart move is to: Question every purchase, and only choose the applications marketers need to help them achieve their marketing goals.

Point #2 Focus on Integration that functionality:

Most martech companies assure integration will be easy. But in reality, it can be a completely different story. Small problems can soon take up a lot of time and can influence efficiency. Before making a final decision on any new technology, it is best advised to check with other marketers and business owners and see their experiences using the technology. 

Moreover, a lot of software today provides a “free trial period, definitely worth using this free feature before making the final purchase. 

Point #3 Make it easy to use

The technology must be easy to use. After a good integration, how easy is the software to use will ensures its success in a big way?

Easy to use technology saves time and money: first on training, then every time it is used. The more functions people utilize, more frequently, the more benefits they get out of it. This ensures a better return on investment, that too faster. 

Point #4 Manage expectations:

Any new technology brings excitement. And martech companies often make bold claims on their websites and sales information. But this means even when the results are promising, people can be disappointed. This is because they expected more.

Before marketers go ahead with a martech project, the excellent idea is to talk to senior executives about the likely results. Making sure a realistic timeline for ROI is discussed and agreed upon.

Point #5 Hire a marketing operations specialist: 

Marketing operations is a specialized marketing role. These are the marketers who make technology work.

Their skills include data science and analytics, software integration, and automating processes. And those skills are increasingly sought after in marketing teams.

By adding a marketing operations specialist to their team, businesses and marketing departments will always have someone making sure the technology works smoothly.

Point# 6 Segment data carefully

Increasingly, customers expect personalized marketing messages. Marketing technology can help achieve this, but one needs good segmentation to make sure they are saying the right things to the right people.

The more detailed the segmentation is, the more ways one can use technology to make their marketing more relevant. This is important where messages need to stand out, like in a crowded email inbox.

The more segmentation cuts marketers and businesses have, the more personalization possibilities there are. And that means their marketing message is more likely to cut through.

Martech is complicated. Keep decision simple

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The martech market is exceptionally complex—marketers and businesses have thousands of options. But with the right integrations, they can have a technology stack that meets all their needs perfectly.

To do that, they need to keep things simple. Be clear about what they really need and be realistic about what can be achieved. Then look for the easiest way to make it happen.

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