The global marketing technology market, also known as martech, is now valued at an estimated $121.5 billion. That is an average year-on-year increase of 22% from the year 2018 to 2020.
Imagine what type of growth the year 2021 will bring with demand for digital services spurred by the recent Coronavirus pandemic.
If you’re still unfamiliar with the trending software tools that marketers use to plan and execute marketing campaigns, then this martech guide is a must-read for you. Learn more about the popular technology employed by top marketers today, gain insight into how valuable customer data is collected and used to drive marketing campaign decisions and business growth.
What Is Martech Marketing?
Martech marketing is defined by how a business uses its marketing technology. It consists of the marketing tools used to plan and measure marketing campaigns. This may involve any number of hardware, software, and mobile applications and services.
Martech tools are used to automate and streamline different marketing processes. They can help collect and analyse data, too. Data that provides a business with insight on how to engage with their target audience.
Martech marketing has changed marketing to its very core. Marketing is now a leaner, more cost-efficient process. It enables efficient analysis of data for quick decision-making. Old school, direct marketing strategies that involved lengthy campaigns are over. Your company doesn’t have to wait for months to receive data while praying for the best results.
If a marketing campaign fails, you have the data points and insight to shift your focus. You are helping your company to avoid losing precious campaign dollars. Marketing mistakes are far less costly than they used to be.
Keep reading to learn more about the different types of technology available to your marketing team. Also, known as a martech stack.
What Is a Martech Stack?
A martech stack is the combination of tools a business employs for its marketing processes. The number of tools and applications involved in marketing technology is always changing. Finding the best tools for your specific marketing technique is a critical step in avoiding wasteful spending.
Here is an overview of the most common martech stack technologies:
Email Marketing Software:
How many times a day do you check your email? Email is still one of the most effective marketing forms because of its ability to deliver messages directly to your customers. This helps bypass any pesky algorithms in search engines and social media websites.
Marketing Attribution Software:
Marketing attribution is the process of evaluating the touchpoints a customer makes on their path to purchase.
The goal of attribution is to identify which channels and their respective messages worked. Which ones had the most impact on converting customers to buyers? Which ones successfully directed them towards the next step in the funnel? Attribution models may include multi-touch, lift studies, and time decay.
The insights provided by these models allow marketing teams to alter and customise campaigns. They help marketing teams better meet the customer’s desires and improve marketing ROI.
Customer Experience Software:
This type of martech software focuses on making the customer’s interaction with your brand more enjoyable. This software could involve AI chatbots that interact with your customers on your website and social media channels.
These chatbots can help you test new messaging and effectively alleviate your customers most fundamental problems.
This may also include software that involves A/B testing your marketing messages and communications. Ahead, you will find out exactly why your company should be using the very best of martech technology today.
Why Use Martech?
Using Martech tools provides a business with many benefits, including the automation of marketing processes to save time. These new marketing technologies also enable marketers to collect and analyse large customer data sets. It would be almost impossible for marketers to collect this valuable customer information any other way.
Here is a list of further reasons why your company should be using martech today:
Leaner Marketing Budgets:
Your CMO will continuously be assessing the resources and budget for your marketing teams efforts. It is one of their top priorities to add value to any business enterprise’s bottom line. Funds and resources can only be secured once they are justified at the executive level.
To do this, marketers need to be able to track their ROI for their marketing efforts. A task that is done with the right marketing technology and data analytics skillset. Knowing the success of one marketing campaign and the failure of another is needed to pivot and avoid costly future mistakes.
More Targeted Ad Spend:
If you can’t measure what you’re doing, how will you improve it? It would help if you could analyse and A/B test your digital ads across multiple platforms. Analytics software tools help provide a real way of measuring the effectiveness of marketing campaigns, messages, channels, and ads.
Ability to Innovate and Adapt:
With ongoing development in marketing technology, companies will provide their customers with better, more timely solutions. This development will benefit marketers who can speak directly to customers and gather real-time data for analysis.
Your software needs to adapt to the requirements of your companies budget and calculated ROI. In other words, don’t waste precious time and money on outdated or unsupported software and applications.
Learn more about how Pounce Marketing can help you with your martech transformation ahead.
Challenge Your Concept of Successful Marketing
The evolution of martech is at your service, not the other way around. Let Pounce Marketing help you navigate the right software tools for your next marketing campaign. Get the help you need to get in front of the people who need you.
Learn more about our marketing services and how they can set you apart from your competitors. When you’re ready, reach out to us to discuss the next steps in marketing technology progression for your business.