Martech. It’s a term you’ve probably heard, but do you know what it means and how much it truly encompasses?
Martech is already important for marketing managers, but as the world continues to prioritize the digital space, it will become an area in which you need to become an expert.
What is Martech?
Martech stands for “marketing technology” (marketers can’t resist renaming something, can they?) it encompasses all of the software marketers use for marketing goals and objectives, such as analytics programs, marketing automation platforms, and social media tools.
Marketing managers also use Martech for all kinds of programs, like advertising, content marketing, relationship building, sales, and data gathering and analysis.
How big has it become?
According to Scott Brinker of ChiefMartec, the top authority on Martech trends, the Martech space has grown exponentially over the past 10 years. In 2011, the marketing technology landscape consisted of approximately 150 companies. In 2020, there are 8,000. That's 5,233% growth over the last decade!
What is The Difference Between Martech And Adtech?
Adtech refers to technologies that make programmatic ad buying and selling possible.
It allows companies to target a very specific audience and reduce advertising costs.
Martech is broader and focuses on the entire marketing process, from generating leads to customer service. Adtech is just a subset of the larger Martech world.
What Are The Benefits of Martech?
All Martech tools try to provide benefits to marketing teams, some focused on saving time, others on enhancing reach, some provide analytics to improve performance, you name it.
They are all about helping marketing teams do more with what they have.
A comprehensive suite of Martech can be built to work seamlessly, giving you more time to focus on the real work of marketing.
Additionally, making smart, strategic investments in Martech can save companies money and provide them with data that enables marketers to make better, more informed decisions.
Why is Martech Important?
Martech is now vital to marketing departments of all sizes because we are living in a virtual world.
Workforces have gone remote and ecommerce has been the backbone of our pandemic economy. According to eMarketer, online sales have grown over 30% this year, accelerating the upward trend by two years. Integrating your marketing tools to keep up with that growth is pivotal to any business.
Martech tools also allow marketers to maintain their productivity across remote teams and through multiple digital channels. It’s impossible to effectively market today without Martech.
Martech is now vital to marketing because marketers engage with their audience primarily on digital channels.
More and more people are getting their information and doing their shopping online.
Reaching a large audience means engaging with them in a virtual space. Especially in the time of a global pandemic, the ability to advertise your company’s remote assets is vital to staying relevant. You can’t effectively do marketing today without Martech.
What Does a Martech Stack Look Like?
A Martech stack is the suite of tools a company leverages for marketing processes. It should cover every aspect of the marketing process: attracting, engaging, converting, managing, and understanding your target customer.
With so many specialized Martech platforms, it can be overwhelming to build a Martech stack that meets your company’s needs. In order to avoid implementing too many different tools, focus on specific areas you should invest in. To determine what to focus on, ask yourself these questions:
- What is your business model?
- What are your marketing goals?
- What does your buyer’s journey look like?
The answers to these questions will help you prioritize the tools you should invest in but can greatly depend on your team size and the amount of resources at your disposal. You can choose Martech based on what you need at each step of your marketing plan. From the early attraction stage to sales and customer support, there is a Martech tool that can make each piece of your plan easier.
A proper Martech stack should include:
- Analytics Tools
- Conversion Tools
- Digital Asset Management
- Content Management System (CMS)
- Advertising Tools
- Email Marketing
- Social Media
- Customer Service
- Customer Relationship Management
- Automation Software
How does Digital Asset Management fit into Martech?
Digital Asset Management (DAM) software can be the heart of a Martech stack.
Marketing depends on the stories you tell and the content you use to tell those stories. To be effective, your content needs a home where it is easy to find and easy to use.
Digital asset management is that content home. It provides a single, centralized resource where your content is aggregated and managed.
With DAM you can distribute content, collaborate on content, and work with agencies and partners. It can be the hub that feeds all other systems.
Image Relay's Guide to Digital Asset Management will show you more about how digital asset management can provide that content home to keep your brand organized.