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Martech is a core part of my job. It’s hard to imagine me finding time in the day to get everything done that I’m able to with these invaluable tools. And I’m not alone in this.
However, recent research shows that even when marketers have access to this technology, they are only using 42% of its capabilities. This is for a variety of reasons, from confusion to overlap, but the result is the same. Leads and sales being left on the table.
Let’s dive into the world of Martech, discovering what it is, and more importantly, what it can become for you and your team.
What Is Martech?
Martech, short for marketing technology, is any tech that’s used to help marketers be effective, innovative, and productive. This can encompass many things, from personalized customer profiles to automation and data analytics.
With Martech stepping in to handle the tedious parts of a marketer’s day, they are freed up to stretch their creativity and stay one step ahead of the competition.
The Evolution of Martech
The term "Martech" may sound like a relatively new concept, but its roots can be traced back to the 1980s when Customer Relationship Management (CRM) systems were introduced. These systems helped businesses organize and manage customer data to enhance their marketing efforts.
Fast-forward to the early 2000s, and the rise of e-commerce and social media brought about a new wave of marketing technologies, such as content management systems, email marketing platforms and social media management tools.
As technology continued to advance, so did Martech, with the introduction of automation, artificial intelligence, and machine learning. Today, Martech has become a crucial aspect of any successful marketing strategy, with businesses investing more and more in it every year.
Martech vs. Adtech
Before we get too deep into the world of Martech, let’s first make a distinction between two similar terms - Martech and Adtech. While both are important in marketing, they serve different purposes.
Martech focuses on the technology used to support the overall marketing strategies - from data management to marketing automation.
Adtech, on the other hand, deals with technology used specifically for advertising purposes, such as targeting ads and measuring their effectiveness. Martech is the trunk of a marketing strategy tree, while Adtech is a branch of it.
Types of Martech
With its broad definition, Martech acts as an umbrella, covering a whole host of software and tools. These tools can be organized into a stack, which can help upgrade your marketing flow from start to finish.
- CRMs - By collecting information from every interaction with a customer, CRMs can keep everything straight for you, even when you speak to hundreds of clients every day.
- Content Management Systems - From blog posts to social media updates, content management systems make it easier for marketers to create, distribute, and analyze content.
- Social Media Management - With multiple social media platforms to keep up with, social media management tools allow marketers to schedule posts, monitor analytics, and engage with followers all in one place.
- Data Analytics - No more guessing or relying on gut instinct. With data analytics, marketers can gain valuable insights into their target audience’s behavior and adjust their strategies accordingly.
- SEO Tools - To ensure their content is visible to their target audience, marketers rely on SEO tools to optimize their websites and content for search engines.
- Referral Software - Word of mouth is a powerful marketing tool, and referral software helps marketers track and incentivize referrals from satisfied customers.
- Customer Community Software - Providing a way for your loyal customers to interact with you and each other helps boost brand loyalty and makes sure any virtual demonstrations, blog posts, and ads get to their target audience
- Marketing Automation - With marketing automation, marketers can automate repetitive tasks and create personalized experiences for their customers.
- Collaboration Software - With remote work becoming increasingly common, collaboration software allows marketing teams to work together seamlessly, even from different locations.
Finding the perfect combination of these can help turn any marketing strategy into a force of nature in no time.
For example, if I’m wanting to set up a referral program, I’ll obviously need a solid referral software. However, there are tons of other ways Martech can make my life easier.
Getting the word out to customers that there are rewards for sharing products is simple with social media management. I can schedule posts about the initiative and set up an alert for any user-generated content. This way I never forget to share a customer’s stories.
I can set up a customer community hub on Discord, where top referrers can be part of an exclusive club. This can even be used to add some friendly competition between referrers.
A CRM can help to keep all the new leads coming in straight, so I can ensure that none are lost in the shuffle. I can even personalize responses and referral rewards based on the data I gather.
Tying everything together, a strong referral program software like Referral Hero will allow me to integrate my stack, design the perfect campaign, and track and analyze its success.
Benefits of Martech
It’s clear that Martech tools are immensely powerful, but the benefits of bringing them into your workflow are virtually endless.
- Improved Efficiency - Repetitive and time-consuming tasks are automated, freeing up marketers' time to focus on more strategic and creative initiatives. This leads to increased productivity and streamlined processes
- Enhanced Targeting and Personalization - Martech allows for precise audience segmentation and targeting. It enables marketers to deliver personalized and relevant experiences to consumers, increasing engagement and conversion rates
- Real-time Data and Analytics - Marketers can access data at any time, allowing for quick decision-making and optimization of marketing strategies. It enables them to gain insights into customer behavior, preferences, and overall campaign performance
- Integration and Connectivity - Different marketing platforms can work together seamlessly. This integration enhances data sharing and collaboration between teams, leading to a unified and cohesive marketing approach
- Scalability - Martech facilitates the automation of repetitive marketing tasks, such as email campaigns, social media scheduling, and lead nurturing. This automation not only saves time but also enables the scalability of marketing efforts without significant resource investments
- Improved Customer Experience - When marketers can deliver personalized and targeted messages to customers across multiple channels, they foster improved customer experiences, increased satisfaction, and higher brand loyalty
With all this behind you, nothing is holding back your marketing efforts from being extraordinary.
Using Martech To Its Full Potential
We’ve seen how Martech can shape your entire marketing workflow and make it as effective as possible. But remember, most marketers are only using 42% of their Martech power. Why is that, and how can you make the most of your tech?
Studies have found that three major factors make utilization difficult.
- Redundancies and Overlap
- Adoption and Utilization
- Complexity and Sprawl
If you want to make the most of your investment, your team needs a strategy to combat each of these factors.
Redundancies and Overlap
Flagging and combatting overlap within your Martech stack starts before you start integrating it, and continues through the entire time you utilize it. When choosing specific tools and software to bring into your workflow, think hard about what exactly you are trying to solve with the technology.
Any holes in your current system can be filled with these tools, but if you bring in more than you need from the start, you run the risk of redundancy. Make sure you understand the full capabilities of the software you explore. This will prevent getting two tools that do the same job.
Once your stack is fully operational, continue to assess and audit it. You might find that some aspects or tools are not being used at all, or that you can do more with one solution than you thought. Never be afraid to streamline a process and cut out things you don’t need.
Adoption and Utilization
If your core team does not understand the need for a tech solution, or how to easily integrate it into their workflow, they are never going to fully adopt it. To shepherd them into the future of marketing technology, you need to plan for this challenge.
Make sure you understand the benefits and purpose of every Martech solution you introduce, and that you can fully communicate that to your team. When they see how much easier the tools will make their job, they’ll be more likely to use them.
Take the time to fully train people on the use of new software, and make sure they know to ask questions. If they don’t understand something, or think their old way is easier, the new system will not stick.
Demonstrate your enthusiasm for the solutions by consistently using them. When team members see leaders actively utilizing and championing these tools, they will be far more likely to follow suit.
Complexity and Sprawl
If you don’t have a full Martech strategy planned out from the beginning, you are likely to fall into the trap of getting too many Martech integrations. Each of these tools is incredibly powerful on its own, and extra software should only be added when necessary.
Make sure you are looking for solutions with integrations so that everything works together as one machine. This consolidation keeps things efficient and easy to understand.
You’ll also want to invest in data governance practices to maintain accurate and clean data. When information is up-to-date, all your Martech will be functioning optimally and your data won’t get out of hand.
The Bottom Line
We all want the efficiency, power, and freedom that Martech can provide, but all that goodness can only be accessed if we are smart about integration.
Finding the perfect tools for the challenges we’re facing, fully training staff on their use, and bringing them together in a cohesive stack will unlock the crazy potential of Martech.
With this attention to detail and planning, your entire marketing strategy will be ready to take the world by storm in 2024.
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