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.
Marketing technology (MarTech) is the assortment of software and tools that help organizations achieve their marketing goals or objectives.
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.
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.
There are seven main types of marketing technology tools that marketers can adopt to reap the benefits listed above:
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:
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.