What Is Marketing Technology (MarTech) and Why Do You Need It?What Is Marketing Technology (MarTech) and Why Do You Need It? https://marcom.com/wp-content/uploads/2020/09/glenn-carstens-peters-npxXWgQ33ZQ-unsplash_780x460-2.jpg 780 460 MarcomCentral MarcomCentral https://secure.gravatar.com/avatar/3d314d33e0f38c107ce720049055970d?s=96&d=mm&r=g
Marketing and technology go hand in hand. In fact, Gartner predicted back in 2017 that Chief Marketing Officers (CMOs) would spend more on technology than Chief Information Officers (CIOs). What was initially thought to be a polarizing statistic ended up almost right on target, with CMOs allocating 3.24% of revenue to technology spending compared to the 3.4% of revenue earmarked for IT by CIOs. This finding was the first suggestion that marketing technology – once a relatively narrow and specialized addition to enterprise IT – is now garnering equal investment to the core systems that run a business.
What Is Marketing Technology (MarTech)?
Marketing technology (MarTech) is the assortment of software and tools that help organizations achieve their marketing goals. As the marketing technology landscape grows more vast every day, the benefits of using these tools is becoming more apparent. Business leaders are realizing that they can accelerate and optimize all types of business functions – such as automating email marketing efforts and managing a brand’s social media – across multiple channels as new technology becomes more sophisticated.
The Benefits of Using Marketing Technology
There are four main benefits of using marketing technology. The first is that it increases organizational efficiency. By adopting a variety of MarTech tools to meet business needs, marketers can begin to automate marketing activities. This will help free up team members to focus on more strategic marketing efforts.
The second benefit of MarTech is enhancing internal communications. MarTech tools provide a way to communicate openly about things like project status and team goals to improve tracking and give all team members full visibility into progress.
Third, marketing technology can help marketing teams create smarter content. By using the data pulled from MarTech tools to understand content performance and optimize it for the customer journey, a brand can start to generate content that truly resonates with its audience – and keeps them coming back for more.
Finally, marketing technology can help organizations build better customer relationships. MarTech tools allow marketers to access past conversations, interactions, and subscription information with clients – providing teams with a wealth of knowledge on what customers truly want and need.
Types of MarTech Tools
There are seven main types of marketing technology tools that marketers can adopt to reap the benefits listed above:
- Content management tools – These consist of a wide variety of software that caters to different facets of content marketing. Some examples include:
- Content management systems (CMS)
- SEO tools
- Content curation tools
- Digital asset management (DAM)
- Rich media tools – These tools primarily deal with the design, video, and audio elements of content. Some examples are:
- Video creation
- Graphic design
- Podcasting apps
- Interactive content
- Social media tools – Social media platforms are a major distribution channel and a great way to connect with audiences. These tools include:
- Social media management tools
- Social media monitoring tools
- Influencer marketing platforms
- Marketing automation/CRM – Marketing automation greatly reduces manual efforts by automating iterative marketing actions like emails, social media posts, and other online activities. Some examples include:
- Marketing automation software
- Email marketing tools
- CRM systems
- Advertising tools – These tools are responsible for streamlining paid ad efforts that include search engine marketing, social media advertising, native advertising, and programmatic advertising. Advertising tools include:
- SEM (Google AdWords, Bing Ads, SEMRush)
- Sales enablement tools – Sales enablement software provides sales teams with the information, content, and resources they need to sell more effectively. These tools include:
- Sales automation platforms
- Customer support tools
- Analytics tools – Analytics tools can provide marketing teams with the data they need to make insights on various business trends and practices. Some examples include:
- Data management platforms
- Google Analytics
- Tag management
What Is a MarTech Stack and Why Do You Need One?
By utilizing MarTech tools, marketing teams can leave the more monotonous tasks to the technology and focus on building better brands and strategies. To reap the benefits of using multiple marketing technology tools, marketers should build MarTech stacks. A MarTech stack is composed of different technologies from a number of different companies that are meant to attract and retain customers in the most efficient way possible. MarTech stacks are used to:
- Collect customer data
- Create customer personas
- Communicate with customers
- Distribute and schedule content across multiple platforms
- Identify and nurture leads
- Monitor customer service and feedback
- Track campaign success and predict key segments to focus on
To get the most out of marketing technology, marketers should employ the help of a MarTech stack that is customized to fit their brand’s needs. To set up a MarTech stack in a way that best supports overall business strategies and helps teams stay engaged with marketing technology, check out these seven steps for implementing new marketing technology.
For more information on how to make marketing technology work for you, stay tuned to The MarcomCentral Blog.
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