What is MarTech?
An overview of martech, the different areas within it, and martech’s main challenge
Martech is the combination of marketing and technology.
In short, it is any piece of technology used by a marketer to reach a potential or current customer.
Scott Brinker, author of the Chief Marketing Technologist Blog creates an annual infographic representing areas and companies within martech.
The different categories of martech
Scott Brinker is the current thought leader with the different areas of martech, as seen on the above infographic. He categorizes the different areas as:
- Advertising and promotion (mobile marketing, content advertising, etc.)
- Content and experience (mobile apps, CMS, marketing automation, etc.)
- Social and relationships (CRM, bots, reviews, call analytics, webinars, social media, etc.)
- Commerce and sales (sales automation, ecommerce, partner/channel/affiliate marketing, etc.)
- Data (performance and attribution, dashboards, data science, customer intelligence, etc.)
- Management (collaboration, talent management, project management, etc.)
If you are looking for reviews of Martech software — check out G2 Crowd. They have free to read reviews of software.
Why is martech important?
Today there is essentially no sale that does not touch digital. Even when about to purchase a product physically right in front of them, your customer may quickly google reviews of that item.
You can no longer separate management, tech, and marketing functions. Your technical capabilities impact your marketing. Your marketing strategy will have dependencies on technical and managerial limitations and innovations.
Marketers are adopting new technology that improves revenue capture and lead generation efforts. As they adopt that technology there will be a natural friction around ownership. I believe that friction will over time create more of a mesh between organizations and roles.
How is martech a differentiator?
Martech done right should provide a few key capabilities.
- Increase your speed to audience: Fast landing page creation, quick integrations.
- Seamless campaigns: A good martech stack has to be integrated. Customers expect a seamless experience from acquisition to post-purchase follow up.
- Better personalization: The ability to easily customize the customer journey based on both information and user choices.
The ability to activate customer data is a competitive differentiator.
Architecting a thoughtful martech stack will help you move faster while providing a seamless and personalized customer experience.
The biggest problem in martech
Marketers are facing a massive choice challenge with their martech options. A few years ago experts were predicting the consolidation of companies within martech, instead there has been an explosion. As of 2018, there were over 7,000 martech companies. In 2011, there were approximately 150 companies.
That complexity makes it difficult to know:
- What solution is technically best for you right now — and over time
- How each piece of your marketing stack should and will work together
- What that means for your entire customer journey
There are a few ways to minimize that complexity.
All-in-one Platforms: These are meant to give you a platform for (close to) the entirety of the customer journey. Hubspot is an example of an all-in-one platform.
In-house development: If you have a team of developers within your organization you can complete any customization you need.
Pre-built integration solutions: If you have an in-house team that can complete some of the work, but not all — this might be the path for you. Research third-party integration solutions your teams can leverage.
Outsource the problem: Find a partner like Fifty Seven Pounds to help you develop, manage, and maintain your martech stack.
How do I start?
Start by understanding your entire customer journey. A mistake commonly made is first choosing the tool, and then mapping your customer journey to it.
Map out a few starter questions:
- Who are we trying to reach? (target audience)
- What are the type of touch points we reach them on? (social media, website, etc.)
- What are other products the customer might be in? (loyalty programs, etc.)
- What are the different steps that a customer takes to get to you?
- What information is helpful for you to learn about your customer at each point on the journey?
Hubspot — How to create a customer journey map
What if I want to outsource?
Reach out to our sales department, firstname.lastname@example.org.
Originally published at www.57lbs.com.