Media and the software that supports it gives us the power to innovate the industry. With new partners emerging every day, determining who is the right fit for your Marketing Technology strategy, proves challenging. Marketing Technology or “MarTech” is the practice of owning the software and technology tools marketers leverage to plan, execute, and measure marketing campaigns. The goal is to design a customizable and consolidated set of tools that promote consumer engagement, sales and advanced analytics.
The MarTech landscape is rapidly evolving from hundreds of software technologies crowding an ever-increasing number of categories. In a recent study CMOs stated that 27% were concerned with staying ahead and taking advantage of these technology trends. With so many choices, it’s essential for marketers to have a clear understanding of which technologies are most fundamental to your business goals.
In a cluttered ecosystem simplification is a necessity. As you consider your own MarTech strategy remember the key ingredients. Your side dishes can come later.
MarTech Recipe: Key Ingredients
One part Resource: Do you have internal resources, or will you need to hire an advisor?
Three parts Consumer Relationship Management (CRM): Manage a company's interaction with current and potential customers
Two parts Content Management System (CMS): Typically used for enterprise content management and web content management
One and a half parts Advertising Technology: Different types of analytics and digital tools used in the context of advertising
One part Measurement (ROI & Analytics): Measure, manage and analyze marketing performance to maximize effectiveness and optimize return on investment (ROI)
Recipe Skill Level: Advanced
Time: 3-6 months (small/mid size org.) 6-10 months (large size org.)
Choice can no longer be used to justify a marketing strategy in and of itself. More isn’t always better, either for the customer or for the brand. Discovering how much assortment is warranted is a considerable empirical challenge. But companies that get the balance right will be amply rewarded.