The Marketing industry has changed drastically in the past decade. The number of marketing technology companies in the market has experienced a 6,521% growth from 2011 to 2022, with no sign of slowing down. Marketers find ways to keep up with the change in trends, the economy, best practices, changing restrictions, and now marketing tools. Companies must adopt new technologies as they are rolled out in order to best optimize workflow within organizations and reach customers. Marketing automation technology is the key to staying relevant in the age of too many choices. This article will explain what marketing technology is and solutions for how to navigate the massive landscape.
What is MarTech?
MarTech, or marketing technology, is a description of the software marketers use to manage, inform, execute, and automate marketing campaigns. In recent years the exponential growth of the MarTech landscape has brought about new opportunities for marketing professionals and customers alike. New marketing tools have allowed companies to streamline and automate their existing systems - or adopt new ones all together - to better understand and engage customers.
What is a MarTech Stack?
The collection of software that is used to orchestrate a successful marketing campaign is referred to as a MarTech Stack. This collection allows for multi-touchpoint and omnichannel marketing campaign processes to be optimized to keep up with ever evolving customer needs. These software manage, create, promote, sell, and analyze marketing campaigns. That’s why choosing the right providers is so important, and so difficult.
The MarTech landscape is ever growing. In 2022, chiefmartec and MartechTribe released the MarTech Map, a list of 9000+ software currently available in the MarTech space. Dozens of software used to produce and analyze your campaigns. The market size value for marketing automation in 2022 was about 5.2 Billion USD globally. The revenue increase forecasted for marketing automation in 2030 is about 13.7 Billion USD globally.
With the market as it stands, finding the correct systems to work for your needs is imperative to the success and growth of your campaigns and business. For longstanding businesses, it is paramount to keep up with the rapidly changing technologies to remain industry leaders. For newer businesses, setting yourself up correctly and efficiently is key to attaining success in your chosen market.
Applications of MarTech:
The sections of the MarTech space are as follows:
Advertising and Promotion: Tools used to manage a marketers paid media campaign and primarily advertise products. This may include Search and Social - Organic, Search and Social - Paid, Video and Programmatic, PR, Native and Content. Popular tools include social media networks such as Facebook and Linked In.
Content and Experience: Marketers curate owned content to resonate with potential clients or customers. In order to best service marketers, content management systems and content experience platforms such as digital asset management (DAM) systems are used to store, edit, and manage your assets.
Social and Relationships: Social media marketing and monitoring tools enable marketers to post social messages in a structured manner and analyze their effectiveness. The goal is to engage with potential customers by starting a dialogue and monitoring sentiment. With the support of social media marketing and monitoring tools, marketers can publish and repurpose content for multiple social media channels. MMM tools ( media mix marketing) are important for this aspect. Tools such as Salesforce or AWS (Amazon web services) are important to managing this multi-touchpoint customer data to manage spend and maximize conversions.
Commerce and Sales: Sales automation tools are an essential investment for B2B marketers. These tools automate and structure the sales process and support follow-up over multiple channels such as email, phone calls, video, audio, and appointments. The purpose of sales automation software is to boost sales productivity by eliminating daily repetitive and time-consuming sales tasks, freeing up salespeople to focus on acquiring customers and closing deals.
Data: The tools in the Data category are specifically designed for the collection, analysis, and activation of data. Although tools mentioned in the previous stages offer some reporting capabilities for their part of the customer journey, they usually leave a fragmented view of the customer. Data tools such as CDP (customer data platforms) consolidate data across all customer touchpoints, ultimately increasing conversions and improving the customer experience with more relevant messaging. Data is critical for targeting/segmenting and developing new and improved tactics to attract, convert, close, and delight customers.
Management: Marketing management tools are used to ensure campaigns and projects stay on track in terms of time, resources, targets, and budget. Also known as marketing operations or resource management, this area helps marketing teams run campaigns, generate leads, and gain insights. Operations optimize and streamline processes across all other MarTech categories.
MarTech Use Cases:
Email Marketing Automation: Email automation provides the ability to directly connect to engaged customers in an attempt to retain that engagement. An automated purchase receipt leads to another email on the list for your next promotion - your next sale. Email automation means less work for your marketers keeping track of who to contact, and when. Great tools that track email deliverability are key to understanding how and when your promotions are being received and viewed by email service providers (ESP). A standardized and automated customer journey that has proven results provides time and resources to be reallocated to new campaigns.
Content Management Systems in Retail and eCommerce Marketing: The utilization of a Content Management System (CMS), has allowed for streamlined email template editing and proofing process, thereby facilitating the identification and rectification of any errors in a more efficient manner. Consequently, this enhancement in productivity has granted the ability to devote more time to developing upcoming campaigns and implementing any necessary modifications. A CMS integrated with a DAM, digital asset manager, is the shortcut marketers use to quickly and painlessly turnaround their campaigns and get them to market.
Customer Journey Insights and Analytics: Customer Journey Insights and Analytics marketing tools are innovative and important because they allow businesses to understand how customers interact with their products or services. By analyzing customer data, businesses can personalize their interactions, identify new opportunities, and make data-driven decisions. Additionally, these tools provide a competitive advantage by allowing businesses to differentiate themselves from competitors and provide unique value to customers. Ultimately, Customer Journey Insights and Analytics marketing tools drive growth and revenue by improving the customer experience.
Identifying Your Tech Needs:
Identifying the pain points of your current processes can be difficult. Large companies have the tendency to stick to the status quo, continuing to use classical marketing techniques that they have always relied on.
Firstly, identify your audiences. -> How are you currently reaching them?
You got a customer! -> How do you keep them?
You’ve got a bunch of customer data now! -> How do you organize, segment, and analyze it?
How long does it take you to run the microtasks involved?
Humans can only be so accurate and efficient. Technology can help. Automating tasks, analyzing data, utilizing and actioning on the data you have just analyzed. All this in a matter of hours. All you need is the right stack.
How Can We Help?
Joseki Tech's experience and expertise in the marketing tech landscape allows us to jump in on your new or existing systems and help you get up and running. Marketing technology has advanced very quickly and our knowledge of marketing and technology is what sets us apart. We use marketing technology tools to help you better understand your customers and find the correct tools for your business. Adapting to new technologies will save your marketers countless hours spent on manual processes. Failure to do so may leave your company in the dust. Our B2B2C approach utilizes leading market knowledge to bring the best experience to your customers while saving you time and money.