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What is MarTech, and why is it crucial for your business?

What is MarTech, and why is it crucial for your business?

What is MarTech?

MarTech, or Marketing Technology, may still be just the latest buzzword for most people, but chances are very high that they already are users of MarTech.

Let’s say you are using Google Analytics to track performance on your website. Or that you use any form of platform equivalent to MailChimp to send out emails to clients or customers. Or that you use a website platform like WordPress for your site.

Well, then you are already using MarTech.

And if you haven’t embraced MarTech yet then you better get on-board right now.

Marketing Technology has been evolving enormously over the last decade, even just over the last few years. MarTech today now provides businesses with opportunities to set up and execute impactful and measurable marketing campaigns, analyse marketing data in real-time, and automate their marketing to drive up conversions, productivity and ROI, while lowering costs, time and inefficiencies.

As the Marketing Technology Landscape of 2017 has surpassed 5000 vendors it can seem a bit overwhelming at first, but once you have created your own MarTech Stack (Your collection of Marketing Technology products that your organisation uses) and fully integrated all of its platforms you will for sure see how enhanced the customer experience can become when everything is communicating.

Finding and understanding your own MarTech Stack

Now you might be asking yourself the following: “What is in my MarTech Stack?”

To help you on the way, here are some examples of MarTech integrations that would naturally belong in your stack.

  • Is your company using programmatic placement tools or search engine tools to reach new customers?
  • Do you use tools to track customers first direct interaction with your brand to help see what drives customers to engage and what method they prefer? (Website visit, phone call, social media engagement?)
  • How do you help customers convert? Remarketing, marketing automation, cart abandonment strategies?
  • How do you help increase your conversions? Conversion rate optimization campaigns, upselling, showing related items?
  • How do you build loyalty from customers? Scheduled social media posts, loyalty emails, etc?
  • How do you add personalization to your messaging? Dynamic content or incorporated customer data?
  • Where do you look to see what is working? What reporting tools do you use?

Why MarTech is crucial for your business

Today your customers demand that your content and communication with them are super relevant and perfect tailored to what is most important to them. Your customers actually expects the experience that MarTech can provide.

By integrating your platforms and data across all phases of the customer journey, your MarTech Stack will allow you to create smarter strategies built around what is working and find ways to increase personalization for customers, to present the right message at the right time.

MarTech platforms fully integrated will allow you to place media more strategically, create more tailored messaging, and see what parts of your communication and actions are performing best.

How to get you MarTech up and running

So now that you hopefully have a clearer view on what’s part of your own MarTech Stack and why it indeed is crucial for your business, how do you incorporate all the tools and platforms?

First of all, Marketing Technology requires the participation and collaboration between marketing and operation departments. Both departments need to be working together and looking at the same data to help make decisions and determine what efforts are working and where opportunities lie.

That said, to set up and manage the right MarTech stack for your company I would recommend that you

– Set up a small but agile MarTech team staffed with resources from your own marketing and operation departments.

– Recruit a Marketing Technologist (you may have the perfect candidate already in your organisation) to lead the team, or given your budget or size of company just recruit a Marketing Technologist to set up and manage your MarTech Stack.

But finally, remember that it is NOT about getting the most data. Instead get the right data, the relevant data. Start there.

If you liked this article you are most welcome to follow me or connect with me to get more MarTech content in your feed.

Please leave your comments below if you have any, or get in touch directly if you want to discuss this topic further.

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