MarTech is a not simply the latest buzzword, but an evolving trend in marketing
While the term MarTech may seem like a newcomer to the growing list of marketing buzzwords, the truth is MarTech is an evolving trend in the marketing industry.
MarTech is short for marketing technology. It’s an inclusive term for the applications and software that power the marketing industry, and improve its ability to evaluate, analyze, and enhance daily marketing tasks and goals.
CMOs increasingly understand the significance of marketing technology, as evidenced in the newly published Revenue Marketing Index™ 2019 Report. In the report, from The Pedowitz Group, 89 percent of CMOs cited it was very important to build the right technical infrastructure to enable Revenue Marketing success.
As a technology, MarTech is capable of building, managing, delivering, and enhancing marketing campaigns, especially digital campaigns. In most companies, a MarTech stack refers to the string of marketing technologies used to attract and retain customers.
MarTech stacks contain multiple technologies and works to get marketers from prospect to sale, and then on to customer retention. Each of the “stacks” surrounds a core – like Marketo – and subdivides into areas like data acquisition, data management, SEO, content creation, and social.
Core Marketing Technologies – A Mini-Tutorial of MarTech
Considering the depth of MarTech applications, businesses often partner with marketing technology firms who offer SaaS (software as a service) models. Other MarTech company examples include Oracle, HubSpot, and SalesForce.
Account Based Marketing (ABM) platforms help companies develop wide targets for their marketing efforts as well as track the rate of engagement of leads. ABM delivers analytics, allowing companies to make real time changes to marketing campaigns, in order to personalize and concentrate sales and marketing efforts.
Content Management Systems (CMS) host websites, and provide software solutions, which can author, organize, and store content from documents to forms to spreadsheets to multimedia files, and everything in between.
Customer Relationship Management (CRM) systems manage day-to-day operations, including streamlining company processes, connecting a company with its current and potential customers, and enhancing productivity and profitability.
Data Management Platforms (DMP) are, simply stated, Data Warehouses, and as such are used by nearly all businesses. These powerhouses gather, sort, and store information, processing it and returning it in the form of cookie IDs, audience segments, and other useful formats for marketers, publishers, and other business functions.
Finding the Value in MarTech
The value of MarTech is evident as it allows organizations to achieve greater productivity and marketing efficiency. Good marketing technology can help organizations in a number of ways, beginning with the gathering, analysis, and dissemination of information.
Next, MarTech automates processes to make marketers more resourceful and effectual. MarTech streamlines processes thus improving the accuracy of analysis and in turn, improving response time.
Marketing technology brings previously unimagined capabilities to the forefront, such as the unique treatment of every individual prospect or customer, thus delivering a distinct experience when they interact with digital content.
The result – companies gain valuable insights into target audiences, helping teams access audiences and understand the motivation behind consumer demand (needs, desires, pain points) and purchase decisions. Greater effectiveness then comes from the ability to track and measure the results of all initiatives, so an organization can pivot quickly, learn from mistakes, and continuously improve results.
The bottom line is a good MarTech stack enables effective communications between Marketing, Sales, and Prospects, so customers have a better customer experience and ultimately buy more.
How has MarTech impacted your marketing department?