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What Is Marketing Technology (MarTech) Exactly?
Connected technology penetrates every aspect of daily life, and the business world is no different. Prospects spend more time online than ever before, and digital tools to reach them are critical.
What is MarTech? To Define MarTech quickly, it’s the software and tech tools that help organizations meet their marketing goals.
Marketing departments already spend more revenue on technology than IT departments. This statistic would have been unthinkable as recently as 2017, but the pandemic created a new digital world, and accessing it is key.
Why Do You Need MarTech in the First Place?
As the marketing technology landscape grows, the benefits of using these tools become more apparent. Business leaders realize that they can accelerate all business functions along multiple channels as new technology becomes more sophisticated.
The Benefits of Using Marketing Technology
So exactly what does Martech do for you?
MarTech automates campaigns. Algorithms measure customers’ engagement with email campaigns and adjust their demographic categories accordingly in minutes instead of dozens of labor hours. This time saving allows marketers to focus on the high-concept aspects of their jobs.
Project status and term goals, updated from a single location and spread to all team members, keep everyone apprised of progress.
MarTech optimizes your efforts. An irrelevant advertising campaign drives away existing customers, but you can keep pace with customer needs when you directly know which campaigns work and which don’t. MarTech platforms and tools utilize campaign history and performance to estimate how specific changes in bidding, targeting and placement can improve your campaign and bring you more qualified leads. Different tools have different ways of doing this, but as the industry evolves using any type of MarTech becomes a necessity rather than a competitive advantage.
Finally, MarTech improves your relationship with your customers. Instead of separating records from disparate departments, members of each team access a customer’s entire history. With every note ready at first glance, you can anticipate your customer’s needs before they even ask.
Types of Marketing Technology Tools and Platforms
But what is MarTech? What services fall under its umbrella?
MarTech tools fall into seven main categories:
1. Content Management
Content serves to attract attention to your digital platforms. Common tools include content management systems (CMS), search engine optimization (SEO) tools, content curation tools, and digital asset management (DAM).
2. Rich Media Tools
Media improves your design, video, and audio elements. Common tools enable video creation, podcasting, and interactive content.
3. Social Media
Social media exists to organically engage customers on familiar platforms. Tools include social media management tools, monitoring tools, and influencer marketing platforms.
4. Marketing Automation/Customer Relationship Management (CRM)
CRM tools allow you to categorize and contact customers with ease. Examples are marketing automation software, email marketing tools, and databases that provide CRM solutions.
5. Advertising Tools
With advertising tools, you can reach out actively to prospects. The most common examples are search engine marketing (SEM) tools like Google Adwords and Bing Ads.
6. Sales Enablement
These tools empower your sales teams from within. Sales automation platforms, customer support tools, and certain CRMs fall into this category.
These tools give the gathered information real meaning. Common examples are data management platforms, Google Analytics, and tag management tools.
In short, you can define MarTech as any tool that organizes your marketing data.
MarTech Should Support Your Overall Marketing Strategy
How do you give MarTech meaning to your teammates? As tools optimize workflow, marketing teams face pressure to justify expenses and maximize return on investment.
Marketing is expensive, and budgets shrink even as demand grows. Fortunately, automation reduces labor expenses so you can meet management and shareholder expectations.
To compete, you need technology that serves your purposes. Many MarTech providers create massive programs for diverse industries, but tool bloat overwhelms implementation.
Implementation Challenges and Solutions
It’s important not to be taken in by the newest program on the market.
Employees must be willing to use new software solutions — poor morale is the enemy of implementation. Useless options mean employees stick with old systems which do the same job as the new MarTech.
Another common hurdle when dealing with any new software, including a marketing technology platform, is integration with existing systems in place. We are all aware of the expanding eco-system of SaaS tools companies use nowadays and how important it is that different technologies are able to “speak” to each other. Choosing MarTech that offers flexible integrations with industry-leading platforms can go a long way in establishing processes faster and easier.
The Future Seems Bright: New Marketing Technology
The constant release of new products is actually a blessing. The same competition that drives you to purchase MarTech drives solution producers to innovate.
As budgets tighten and focus shifts to specific targets and credible results, the need to maintain customers grow (since existing customers buy more). MarTech’s data optimization helps you follow this trend and improve your profits.
As a software solution designed by marketers, for marketers, you can rest assured that Marcom has the right priorities. With proven high-value clients like Cox Business, Chevron Corporation, and Subway, you can be confident you’ve made the right choice.
Book a demo with Marcom today to see if this straightforward MarTech solution is right for you.