Technology – a term we all got used to within months of its invention. The growth of technology is incredibly fast. From simple computer systems to human-like robots, technology has taken over the world. It continues to grow to show absolutely no signs of stopping. This article covers the three aspects: what, how, and why of marketing technology.
Marketing Technology: All About It
This article covers:
- What is Marketing Technology
- MarTech Companies
- 4 Ps
- Fundamental Marketing Technologies
What Is Marketing Technology
Did you know that the word marketing technology is used 679k times on social media per year?
Marketing technology, also known as martech, is the intervention of technology and technological abilities in marketing. Technologies that are involved in the deliverance of any marketing strategies are counted as martech.
Although MarTech is usually misunderstood as “just platforms,” it is much more than that. It is the whole process of understanding and evaluating what happens when technology meets marketing and what kind of effects the technology brings to your marketing plan, people, organization, and your customers.
Martech is a formal name for online marketing; it helps in managing, delivering, building, and optimizing internet campaigns that accelerate marketing. The marketing technologies are capable of managing a task or channels of a stack that contains up to 10 technologies.
Marketing Technology Companies
Marketing Technology: 4 P’s
The whole process of marketing technology and its application is itself challenging. The 4Ps of marketing technology are Plan, People, Platform, Process.
This stage revolves around your marketing strategy: your plans, road maps, customer journey, channel marketing, etc. It helps improve your marketing strategies to enhance customer satisfaction and business mission.
This stage revolves around the abilities, people involved, and teams that play an essential role in your marketing strategy. The martech helps redefine their roles in a better position to accelerate productivity. This includes marketing operations manager, growth acks, data professional, etc.
This involves the powering of your marketing functions. This works around everything needed to complete your marketing stack, i.e., selecting, building, and integrating. It varies from data, experience, sales, advertising, social media, email marketing, etc.
This revolves around two stages: the implementation and the process. This means it involves building your solutions and how they will run with technology platforms. It caters to speed, optimization, experience, and adaptability.
Fundamental Marketing Technology
Content Management System (CMS)
CMS is an essential element for a company’s operations. It is used for hosting website data. An example of a CMS platform is WordPress. It helps manage and maintain a company’s blog.
Customer Relation Management (CRM)
CRM helps regulate daily operations. It simplifies the customer management process. It works by automating, syncing, and organizing your company’s marketing strategies and sales.
Data Management Platform
DMP is used when a company wants its data to be available to a department or team. Examples include Adobe.
Importance Of Marketing Technology
MarTech helps in the growth of the business by assisting the company in creating and strengthening relationships, improving effectiveness, and uniting different departments to work as one for better achievement of goals.
Marketing And Operations
Marketing technology helps unite marketing and operations in a new field called marketing operations. It works in between the operation and marketing departments. The two department workers; the ones working on the selling part and the ones working on the executing part – collaborate.
This promotes a healthy environment with clear aims that help in decision-making and finding opportunities.
Analyzes Customer Journey
Marketing Technology integration platform helps you evaluate your customer journey. It revolves around asking a few questions that are:
- What was the source from which the customer found you?
- Did your visitor convert into a customer?
- How did the customer first interact with your brand?
- What does your company offer to build customer loyalty?
- What kind of messages do you send out?
These questions will help you find where you lack and what kind of marketing technologies you need to improve your system. For instance:
- Source: finding out which channel is the most active.
- A visitor to a customer: market automation, tool integration, etc.
- First interaction: website visit, social media, text messages.
- Customer loyalty: social media posts, direct conversations, emails, drip campaigns, etc.
- Kind of messages: personalization, dynamic content, etc.
Makes You Smarter
Technology always helps if used wisely. Good command over Marketing technologies can help you gain significant returns. By considering your customer interactions through the ideas mentioned above, you can earn a lot from the evaluation and then work on these differences to automate efficiency for a better customer experience.
Marketing technologies help companies to make enhancements and efforts more smartly and faster.
Let’s Talk Facts
- In 2019, The MarTech market grew by 22% each year, hitting a total of 121.5 U.S. billion dollars.
- Marketing Technology tools have shown rapid growth — between 2019 and 2020, and it grew by 25.5%. In contrast, the martech Tools showed an increase of 15.2%.
- 38% of the renowned brand managers use marketing technology as their most preferred tool.
Conclusion on MarTech
Marketing technology is becoming one of the fastest-growing industries inside of marketing. It allows companies to grow faster by using data to inform their decisions.
Still, there is an overwhelming lack of talent in this industry since it is so new.
By learning this new skill set, you can take advantage of its growth to earn a promotion, find a new role, or become a freelancer like myself!