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Marketing Technology is the use of technology in creating and implementing tools that marketers can use to disseminate, analyze, and act upon data retrieved from online interactions.
What can marketing technology do for your business? Over the last years, more and more platforms, software, and vendors have sprung up. A recently presented supergraphic from chiefmartec.com reveals that there are now almost 2000 marketing technology vendors. The headings at the top of the graphic provide an overview in how marketers use marketing technology. They are as follows: Advertising and Promotion, Content and Experience, Social and Relationships, Commerce and Sales, Data, and Management. Many of these concepts overlap, and technology which addresses one, may very well also be applicable to another.
Marketing technology (martech) streamlines processes in order to make marketers’ jobs easier. Some common types of martech are marketing automation, customer relationship management (CRM), data management platforms (DMP), content delivery networks (CDN), content management systems, A/B testing, marketing attribution software, and search engine marketing and optimization (SEM) (SEO). You can measure the impact of your marketing activities, improve customer relations, deliver more effective content, implement more efficient spending, and facilitate the buying process for the customer, for example.
Marketing technology solutions have a range of complexity. You may download applications, use cloud-based subscriptions (All-in-One-Marketing-Cloud), or specially developed software solutions tailored to your particular business (best of breed). A martech platform integrates different technologies to make a cohesive marketing technology solution. This allows you to create, oversee, and measure a digital campaign from first contact to purchase follow up. An assortment of technologies used by marketers is often called a marketing stack. 88% of marketers use more than one martech tool regularly (Walker Sands). Businesses use marketing technology in different ways, applicable to the individual needs of very different business structures and actors.
Some interesting statistics from The State of Marketing Technology Report from Walker Sands reveal how businesses are using this technology. 27% use integrated best of breed stacks (different vendors who are considered the best at what they do), 21% use fragmented best of breed, and 21% implement single vendors. Only 7% of companies use no marketing technology at all. The most popular martech in 2017 were social media tools, ad tech, email marketing, analytics, and CM.
Choosing which sort of marketing technology is right for your company means asking questions such as, what are your needs, what is your expenditure, what is your current marketing strategy, and which technologies match your company’s goals. There are potential problems to consider in choosing your preferred marketing technology. Your business needs to have the ability to support the learning process. Walker Sands estimates that the obstacles to purchase and implementation of martech are 50% budget concerns, 25% change resistance, 24% implementation/integration problems, and 13% a lack of information.
Marketing technology has gained momentum. It is becoming more popular with each year, with the majority of marketers now using it.
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