Knowingly or unknowingly, we all use marketing technologies aka MarTech at work. Hootsuite, Mailchimp, Google analytics are some of the common technologies, which are helping marketers, achieve better results for their campaigns. It’s quite evident that technology has brought the marketing field a long way. Marketing has now fundamentally become a technology-powered discipline. Thanks to technology; marketers were never this informed about their customer behavior as they are today. It has also enabled us to free ourselves from various operational tasks like scheduling and data processing so that we can spend our time in building strategies and being creative.
The general objective of marketing is to build engagement with a target audience. But with so many tools available to get a brand or promotional message across to consumers, it’s a wonder that marketers can keep up! The landscape below will give you an idea how fast the Martech industry is growing.
(Image courtesy: Chiefmarketing.com)
There is a 3,400% increase in technologies and solutions in about 5 years and an 87% increase from last year alone.
Building Your MarTech Stack
A group of technology that any marketer leverages to execute, analyze and improve their marketing activities is called as Martech Stack. Your MarTech stack is your ammunition for every marketing battle. There are plenty of technologies out there to help you achieve your marketing goal and that’s what confuses most marketers. I wish there was a one size fit all tool for all marketing needs but because each company is different than the other, it seems kind of impossible.
It is best to evaluate your existing marketing technology stack regularly and identify any scope of consolidation to keep your stack lean. Below are the 3 key steps marketers should take when trying to determine if they have strong enough MarTech stack for their company.
- Identify the goals and objectives of what marketing efforts need to accomplish(from your company’s point of view)
- Once marketing goals and objectives are defined, you get a clear understanding of what your MarTech stack SHOULD be doing for you and what data you NEED to collect.
- Cut the technology which isn’t helping you achieve the company’s goals & objective. Add more technology which are identified as the gaps
Confident about your Marketing Technology knowledge? It’s time to show off! Take the Marketing Technology IQ –> Take Quiz! and share your score in the comments below.