Exactly Just What Are Actually The Market Tools For Business Intelligence – There are currently just over 8,000 MarTech solutions available worldwide, a market that has seen significant growth since 2011 when only 150 tools were available. With the rapid pace of advancement across industries thanks to technologies like AI, ML and RPA, it’s only natural that these tools have pushed the marketing industry in particular into digital overdrive.
But what exactly is MarTech and how does it benefit business around the world? And how can you assess your company’s MarTech stack to root out overlaps?
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The term MarTech is a combination of “marketing” and “technology” and refers to the use of digital tools and technologies that marketers use to inform, plan and execute their campaigns. Each piece of technology that a company uses to deliver its marketing initiatives is called marketing technology, and when these processes and tools are brought together, they are collectively known as the marketing or technology stack — MarTech.
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There are literally thousands of MarTech tools and platforms that help companies automate their marketing processes that help save tons of time and money. Many can even connect to other tools so your entire MarTech stack works seamlessly (Zappier specializes in this). Additionally, most MarTech solutions are compatible with a variety of other departmental systems, helping marketing teams access previously inaccessible information across the organization, improving productivity.
To understand the fast-growing MarTech industry, you can segment the service offering into 6 main categories, each of which has additional subcategories:
Martech solutions offer companies a wealth of conversion opportunities because more data means more information about current and potential customers. This gives marketers the opportunity to analyze, interpret and aggregate the wealth of data at their disposal to then channel it into strategies.
The downside of having so many MarTech tools available is the tendency to overuse and bloat the MarTech crowd. According to MarTech guru Scott Brinker, the average business uses a MarTech stack of roughly 90 tools, which is too many. The reason for this lies in the fact that there are not many single platforms that offer comprehensive solutions without flaws. Thus, each department will always use a MarTech solution that meets its specific needs, which when extrapolated to all departments within the organization, leads to such a large number and significant increase.
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According to Andrea Cordts of Fetch IMC, “There are very few MarTech tools that perform all the functions that marketers need to do their jobs [such as] research, strategy, execution [and] reporting. Those that offer all of these functions can be extremely expensive [and chewing into] our already tight budgets. As a workaround, marketers are putting together a system of tools that we know work well and perform the functions [we want]”.
Another challenge to MarTech adoption is the difference between technological change and organizational change. Scott Brinker’s “Martec’s Law” shows the challenge most companies face when adapting to different levels of enterprise-wide digital transformation. Of course, business culture and approach can’t keep up with the speed of technological advancement, and since MarTech solutions work best when integrated across departments, a gap is created. Staff training and exposure to this technology will take time, but when fully immersed in operations, the benefits are unparalleled.
Of course, close to 100 MarTech solutions are too many for one company. So how can you assess your current situation to see what to cut and what to keep without impacting your user experience?
The first step is to assess the number and nature of MarTech tools used within each department to identify overlaps and, conversely, gaps. You may find that you have multiple tools covering the same or similar processes that help reduce fat at the department level. Once you have lean MarTech departments, you can then begin to assess your enterprise-wide/holistic MarTech stack that brings together all departments and processes. Perform the same overlap/spacing scenarios to simplify even more. This process will inevitably lead to a significant reduction of unnecessary MarTech tools in operation. Continue to refine this process until you reach the point where all the tools in the work matter.
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A two-pronged approach to this involves developing your marketing strategies and goals (short, medium and long term) to anticipate your MarTech stack needs and requirements. Depending on the direction you are currently in compared to your future plan it may mean reducing and/or replacing the tools you use.
You can also take this approach in the other direction: assess what your business goals are and work backwards to see how each MarTech tool helps you achieve each goal. This approach helps you identify the intrinsic purpose and performance prerequisite of each piece of technology that helps you on your journey. Any tool that does not directly help can be discarded.
Consider appointing a MarTech manager who is responsible for evaluating and implementing new MarTech tools into the organization, rather than each department having a free-for-all situation. This creates a flow where every new proposed MarTech addition is considered through the lens of a holistic business approach.
There is no doubt that the implementation of MarTech solutions is necessary for any modern business, regardless of size. The ability to extract, analyze and synthesize data in order to then automate the delivery of targeted marketing messages to audiences is extremely useful for any business in today’s world. Martech offers marketers the ability to increase reach and collect invaluable data to improve every communication with every iteration. The trick is to use this technology in ways that help your business goals, not hinder them.
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Jadan is our full-time copywriter, helping to create much of the creative and technical content for our blog and website. When he’s not frantically tapping away at his keyboard, you can find him sipping a piña colada and getting caught in the rain.
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