Ever wondered how Google, Amazon & Apple continues to rule the market?
What could possibly be the secret behind their success?
You can also be as successful as these giant brands.
All you have to do is upgrade your marketing strategy with ‘martech’.
Martech is the need of the hour if you want to reach all the heights of success in this age of digital innovation. Today martech, a marketing technology is trending for marketers.
Any technology which is used to render a marketing activity is known as Martech, and it is much more than just a platform.
What is martech and how it plays a vital role in bringing your customers on board or enhancing your business? It depends on how you choose to blend it in your next business strategy.
What is Martech?
Marketing technology is often called “Martech”. It is a subtle blend of marketing & tech to improvise and enhance your marketing strategies.
Any business today, small or big, is dealing with Martech, the marketing technology in one or either way. This thriving change of force is due to the increasing adoption of digital communication across the globe.
While technology is advancing each day very rapidly, organisations and institutions can not cope up those changes so quickly. Hence Marketing technology stands as a bridge between them to keep a steady pace between the expectations of a customer and the marketers.
The common mistake what everyone does is while differentiating between Martech & Adtech. There is a fragile line between what is martech & adtech, but there is a significant distinction of uses.
The Key difference of Adtech & martech is as follows.
Their Roles: Adtech, the advertising technology is meant to help the advertisers as well as the ad agencies to create, run and measure online advertising campaigns across multiple websites and mobile apps.
Adtech also privileges the publishers sell their ad spaces to several advertisers. And Martech also allows the users to run and manage online marketing campaigns. But apart from that, the user is also capable of running their onsite marketing such as social media management, A/B testing, user feedback surveys, web analytics, etc.
Distinct Platforms: Marketing and online advertising arenas both are full of various platforms such as Data Management Platforms, etc.
Specific Adtech Platforms are Demand-Side Platform (DSP), supply-side platform, Ad Exchange, Ad Network, Ad Server and SEM platforms. Whereas martech specific platforms are Social-Media-Management Platforms, Web Analytics, Customer-relationship management (CRM), SEO and Content-Optimization Tools and Marketing Automation.
Significance of Martech in Marketers Life
Marketers are also overwhelmed by the new technology initiation in the fields of marketing. According to Exhibitor Magazine’s research on 200 companies, it has come to light that currently, 96 percent of the companies infuse tech into their marketing strategies in various ways. While 84 percent of them use tech in their trade show exhibits, 54 percent are incorporating it into their corporate events of the company.
Also 85 percent of marketers believe that martech, the marketing technology will surely grow in upcoming months. At the same time, 13 percent and 1 percent believe to be the same and decreasing respectively.
Another research study in 2019 has revealed that 57 per cent of the world’s population spends an approximate of 6.5 hours online every day. Devoting this much amount of time over the internet automatically have a more significant impact on the users. Hence the users tend to have a massive influence by the digital advertisements and online reviews, which in turn also affects their purchase habits.
This is why Marketers needs martech, a marketing technology of today’s era.
Martech is meant to be making the lives of the marketers easy by performing some of the vital duties of marketing.
Again what is martech? It isn’t just a marketing technology. It is the purpose of enabling marketers to do their job more effectively by letting them target their audiences at all stages of the customer journey.
Customer journey is the representation of a customer’s series of experience with a brand, right from the engagement to a long term relationship in the future. It determines all the stages of the customer’s involvement with a brand.
The steps of the customer journey includes
Marketing technology applications enable marketers with a series of capabilities like…
- Plan and execute marketing campaigns
- Collect and evaluate the campaigns’ results
- Track and measure marketing performance
- Utilize the collected insights on future campaigns
The seven steps are relevant in the digital world more than before with the dawn of “what is martech” is all about.
The marketing technology is the platform which empowers marketers to reach their customers at the right time by determining the position of their journey.
Now let’s find out how martech contributes to all the stages of the customer journey
Martech for creating Awareness
Firstly you need to capture the attention of your target audience whether they are old customers or new ones. Earlier marketers used to go with traditional methods of advertising like newspapers, magazines or television ads.
But now to reach potential customers, they have to take account of digital channels too such as Search text ads, Native ads, Display ads, Organic content, organic and promoted posts on Social media. Getting a step deeper into it is reaching them at cross platforms like mobile, desktop, smartphones all at the time. And all of these is possible only with martech tools.
What marketing technology does is let the marketers control their messages on various devices so that they can target the specific audiences and enhance their brand awareness.
Technologies which are required to harness the awareness stage are
Content Management Systems
You need a CMS hosting a brand’s site, landing pages integrated with display ads or native content of a Blog/Vlog.
Examples are WordPress, HubSpot, Unbounce and Ion Interactive
Programmatic advertising platforms
Demand-side platforms (DSPs) & Data Management Platforms (DMPs) are the unique martech stack blend both the elements. It helps marketers to buy a mobile, video, desktop, or interactive ad inventory data available on their potential audiences.
Examples are The Trade Desk,Google AdWords, Sito Mobile and 7suite
Native ad, Content or Social Media Marketing platforms
To create awareness for social media as well as on-site, marketers need to control the content publication.
Search Engine optimisation/SEO or SEM tools
To create more brand awareness, you need to run paid and organic search campaigns.
How marketing technology can evaluate interest?
When an individual is first aware of the brand, it is when a desire for engaging starts building within him. And there the work of the marketing funnel starts.
But how will you realise whether this person is genuinely interested in making any engagement with your brand or not?
Getting this kind of info can be really tricky. But thanks to the boon of marketing technology, it might be rather easy to gather this sort of information.
And due to the infinite world of the internet, marketers need to know what is really worth it.
And there again marketing technology tools comes to your rescue.
Web Analytics is an essential martech tool in martech stack for measuring the traffic of the on-site and in-app. The platforms of Web analytics allows marketers to apprehend events like button clicks, product page views and time/scroll-depth on-page, which directly linked with customer engagement.
Tools like Google Analytics, Webtrends and Piwik PRO Web Analytics
Marketers need tags to get a detailed evaluation of on-site behaviours, conversions and results of optimization testing. You need more tags to evaluate more things. And there your tag management system takes away your troubles and handles a large amount of tag with technical knowledge for you.
Marketing automation platforms
While measuring interest, recording data, and storing it in the right way is essential for future use. As you will be dealing with a vast amount of data, an automation tool of marketing technology will give you an extra hand while processing your data.
Lead Capturing: It gathers contact information and email addresses of those visitors who have accessed or downloaded any gated content like white papers, articles and videos.
Automatic Scoring: It provides ratings to the visitors on the basis of their significance to rank prospects which are likely to be converted.
Customer Relationship Management (CRM)
Customer Relationship Management tends to bridge the gap between marketers and sales teams. It delivers data on collected prospects from the online ecosystem.
As the interest stage ends, here comes the even more complicated part where you need to push your potential customer towards conversion. This part of typical marketing funnel includes a consideration, intent, evaluation.
MarTech solutions for Mid-Funnel Marketing(consideration, intent, evaluation)
And at this stage, your prospects might vanish from your brand’s radar. Meanwhile, your potential customers may have already done their research on your product or service, and started reflecting signs of interest.
It is also very exhausting for marketers to gain new customers or retrieve old customers at the same time.
But, with effective martech stacks, you can accomplish your job within the tip of your fingers.
Lead management tools
Most of the time, the same tools enable you to collect the details of the crucial touchpoints and the contact information of your prospects. It also helps the sales as well as marketing teams to monitor and initiate activities based on their progress.
One of the critical parts of the lead management process is Email marketing campaigns. Hence you need to maintain proper communication with your old and prospective customers.
Direct connection through is the best chance to convince your target audience by
- Sending them customised content
- Special promotion offers
You can do this through Marketo, HubSpot, Salesforce, SAP.
Data management and data-driven campaigns
As your prospects have made most of the customer journey, you have also accumulated a lot of information about them. And by the time you have a vivid picture of their interest and desire is visible to you. Now having thorough information on your customers is all about what is martech and what does it do.
Data management platform (DMP)
A data management platform gathers various data from online as well as offline sources and helps while buying data from ad inventories across several publisher websites.
Retargeting Campaigns: At times, collected data reflects that an audience has visited the brand’s website and have a history of purchase or other engagements. So,that data which might be an email address or their tracking cookies can be utilized for retargeting that audience with onsite ads while they surf on social media sites like Facebook and more.
Personalised content: The data of the prospects can be utilized to segmenting them. Customized contents can be used in an application or on the website of the brand.
Data-driven Campaigns can be taken care of by Lotame, Oracle(BlueKai) and Piwik PRO Analytics Suite.
How marketing technology helps in Purchase and Post Purchase Stage
The real goal of the marketing technology is actually to achieve success — the success, which is often determined after the sales take place.
But the thing is-the job of the marketer doesn’t end with the sales, and it just starts with it. And followed by the purchase stage next comes the post-purchase, which is about measuring the satisfaction, re-engaging and anticipating a repeat sale.
Marketers put all their efforts in the sales, which can be any conversions. And right after the sale, you as a marketer would surely want to know the reason behind the conversion. And there you can gain some valuable insights about the various touchpoints of the individual path of the customer via marketing technology solutions.
You can also help a few eCommerce sites market their products in the mobile apps or on-site. From there, you can gather and analyse information about their purchases as well as micro/macro conversions.
Cart abandonment tools
Few audiences drop their interest at the checkout process, and the marketers of eCommerce can make use of those partially filled lead forms to identify and ensure their returns.
Crazyegg, CartStack and Rejoiner are few of the essential tools of marketing technology which can help you through this process.
Data Management and data enrichment
As you reach the last stage of the funnel, you come to know about how a customer is being converted and how you should make use of that information for retargeting them in the near future. You can analyse all the conversion data, purchase values and other vital pieces of information which you already used while targeting your audiences with promotions & ads.
Martech, a marketing technology has a proven significant influence in marketing strategies of the brands over the years. It has empowered them to reach more audiences and make wiser decisions with the help of the internet to enhance their business which is impossible without martech.
Now you must be thinking it is quite a hectic job to implement marketing technology solutions in your business. But it just takes a few simple steps to build your own martech stack.
Marketing needs technology. And in this digital era, there are no other options left for marketers to reach their customers with such convenience & efficiency.
Marketers are stacking technologies all together in martech stack to build a unified series of marketing technology tools to develop effective customer relationships across multiple channels.
What is Martech Stack?
Martech stacks are the suite of tools powered with marketing technology utilized by the brands for several marketing processes.
Martech stacks help you to plan, execute and evaluate your marketing campaigns. These tools are used to automate and streamline marketing processes which collects and analyses data to provide various insights on your audiences at multiple stages of their customer journey.
After analyzing the marketing funnel of your business, you need the specific tools required on every stage of the funnel.
How to create your Martech stack?
The tools of the martech stack enable you to interact and reach your audience at each stage of their customer journey. As you have already come across all the stages of your customer journey, few particular tools are customized for specific stages. Therefore adopting the tools as mentioned above, you can easily reach your target audience as well as gain a few valuable insights on them and do much more.
So, get a clear idea of your business and understand what your marketing strategy lacks. Moreover, following the precise needs of the business would make your work even more accessible.
Start with few considerations like..
-In which model do you run your business?
-Clear your marketing goals?
-How does your Customer journey map look?
Therefore after considering all these factors, you could easily pick the right marketing technology tools you need to enhance your business’s growth and create your martech stack.
And you must choose the best marketing technology provider which successfully caters to the needs of your business. As the number of marketing technology companies is increasing every day, it becomes quite challenging to get your hands on the top martech companies. So here’s a list of top marketing technology companies in 2019.
Source : martechseries
As the expectations of the customers are rising the demand for marketing technology is also growing. The attribution, analytics, user experience and lastly customer data management depends on martech heavily for a successful business. And it won’t be entirely wrong if we say martech is marketing nowadays.
If you’re a marketer yourself, you must attend some Martech conferences going on around the world to gain some experience in the real-time martech events lately. Not only you will unleash an entirely new world of creativity and actionable tactics, but you will also be a part of the thriving community full of top-level marketers. You will also gain a series of ideas on how to meet the day to day marketing challenges like
- To understand how to choose the right technology to reach your company’s goals
- To maintain how to collect, organize and analyze your data to deliver desired results.
- To find new ways to delight and meet all your customer expectations
- To make use of the right technology for specific marketing strategies
Upcoming Martech Event is on April 15-17, 2020 at San Jose Convention Center, San Jose, CA.
To conclude Martech- the marketing technology solution
Technology is developing at a rapid pace, and the present rate of development is even higher compared to the last five years. And the marketing technology sector is not an exception with whooping hundreds of martech platforms. Most of the marketers have already embraced marketing technology and developed their own Martech stack as per the need of their business.
Market leaders are achieving their strategic goals through various systematic approaches, and best-proven practices focusing on their business priorities and developing a Martech stack. Martech stack facilitated with marketing automation provides the scopes for improved revenue streams & engaging audiences.
Quote by Scott Brinker