Howelle Media

Marketing technology, also known as Martech, describes a range of software and tools that help achieve marketing goals. When a marketing team uses a set of marketing technologies, this is their marketing technology stack. Martech has become the main product of digital marketing activities, but it can also be used to optimize the marketing work of any marketing channel.

The difference between Martech and Adtech

Martech can sometimes be confused with Adtech. The differences between these projects are similar to those between marketing and advertising. Although Martech refers to technologies that help create, communicate and deliver products, Adtech is strictly used to influence buyer behavior by promoting products. For example, the customer relationship management (CRM) software is Martech, while the social advertising platform is Adtech.

Importance of marketing technology

 

In 2019, Gartner predicted that by 2021, CMOS will spend more on technology than CIO. Although this statement initially caused great differences, the expenditure gap between these political parties has narrowed significantly in the past few years. This is because technology plays an increasingly important role in marketing, especially in attribution and distribution of marketing expenses.

 

With the continuous development of Martech, marketers may be overwhelmed by which option to choose. Therefore, marketers must ensure that they are investing in marketing technology solutions to promote greater growth of their organization.

 

Marketers understand that they need to optimize with accurate, data-driven insights in order to drive better engagement, higher return on investment and increased revenue. Now, the brand is undergoing marketing transformation, abandoning isolated measurement strategies and technologies and using the power of unified marketing measurement strategies.

Although this transformation provides marketers with the omni-channel marketing insight required for the success of marketing activities, there are many pitfalls that may lead to the loss of efficiency and influence during the transformation. In order to ensure that the marketing team can successfully update its capabilities without negative consequences, the marketing transformation strategy must consider several key focus areas.

Marketing technology

The technology found in an organization's marketing stack is the backbone of modern marketing. This is why updating marketing technology is often the fastest way to improve or hinder measurement ability. In order to do this effectively, the organization needs to include two key steps in the transformation strategy:

Plan your Martech migration

If planned in advance, the migration can be successfully implemented without affecting the daily operation of the organization. To do this, you need to identify areas in the entire marketing stack that can be isolated from other Martech departments, which are critical to marketing activities. Marketers can then determine which technology to migrate and the ideal time to avoid campaign performance mistakes.

Establish rhythm to prevent vulnerabilities in data

Once the key elements in the marketing stack are identified, it is necessary to create an implementation rhythm to solve the most critical Martech (such as CRM and analytics first). This can prevent the team from transferring too much technology too quickly, which may seriously limit the marketing ability.

Marketing technology tools have changed the way marketers create and run online activities. Without data and analysis for research and measurement, many digital marketing efforts will be achieved overnight. For modern marketing activities, there are many tools that provide niche options or special functions, making almost any marketing activity not only possible, but also completely traceable.

The marketing team has invested a lot of money in these tools to ensure that they can keep up with the needs of consumers and the latest digital trends and attract consumers, but how can they ensure that their investments can maximize the benefits, which often cost hundreds or thousands of dollars a year? Marketers must assess how their tools meet their needs and work with various stakeholders to determine what can be achieved now through the Martech stack and what are the goals for the future.

Select your Martech stack

When choosing the type of technology needed in the marketing stack, it is important to consider how all the data you collect will work together. If you don't know what's necessary and unique about the new software or platform compared to the tools you have, or whether you can use the information in different tools in a consistent way, don't register the new software or platform.

In addition, it is important that the new tools can provide obvious benefits and return on investment. Just because something is fashionable doesn't mean it will be a good investment, especially when more and more marketers are asked to show the value of their tools. Therefore, the marketing team must find tools to optimize media spending.

Understand unique value proposition

In an industry that develops new tools every day, it's easy to be attracted by the excitement of a new version: especially if it promises features you've never seen before. However, this does not always mean that new tools are better or different than existing tools. Before adding to the Martech stack, please review the functions provided by all software and data collection services and ensure that you have obtained functions that cannot be collected from existing functions

 

Marketing technology, also known as Martech, describes the software and tools that help marketing teams achieve their goals. The whole environment of Martech contributes to a series of marketing activities, including marketing attribution, content management, customer relationship management, etc.

All these choices are undoubtedly a good thing for an ambitious marketing team. However, too many choices can be a bit daunting.

If you find it difficult to choose from the 6000 TV shows and movies on Netflix, imagine the challenge of finding the best marketing tool from more than 8000 vendors - knowing that the wrong choice can undermine your team's goals. To make matters more complicated, there is no "best" tool for every marketer. Instead, you need to look at the entire market, find technology gaps in your current Martech stack, and evaluate Martech's prospects to choose solutions that can fill these gaps.

What is matek's landscape?

Martech describes the combination of technology and marketing aimed at achieving marketing objectives through useful tools. However, these tools are not one size fits all - marketers need to choose from the broader Martech market to meet their unique plans. When you look at the whole market, you are looking at the landscape of Martech.

With so many tools on the market, a little knowledge can be of great help. Let's carefully study the three trends that 2021 marketing technologies should pay attention to when choosing marketing technologies.

Trend 1: more spending and more tools

For most marketing teams, marketing technology is already a considerable project, accounting for 26.2% of the average marketing budget, according to Gartner. However, despite occupying a large part of the budget, leaders still insist on expanding their Martech company. In fact, Gartner found that 68% of CMOS plans to increase their technology spending in 2021.

The Martech landscape continues to grow, not only because of new and exciting solutions on the market, but also because of the damage caused by the covid-19 pandemic. Marketers must adopt a more strategic strategy for their digital marketing spending, and access to certain marketing technology tools is crucial for attribution, analysis and execution in the new marketing environment. For most people, additional investment in Martech is inevitable.

The reason for the damage is that marketers should be prepared for competitors to expand their Martech protocol stack and consider expanding their share. In addition, if you plan to acquire new marketing technologies, remember that it is becoming increasingly important to evaluate your current product portfolio and estimate the difficulty of integrating more and more interrelated but independent tools.