‘Martech’ is the intersection of business marketing and technology. And business marketing is going through tectonic changes as a result of the technology explosion. The driving force behind the change is the hyper-development of marketing software and technology overall. This technology is invading everything we do. And it is making marketers think like engineers.
Technology is a permanent part of marketing’s DNA makeup and there is no going back. The great news is that software and technology applied to marketing now give your business a significant amount of leverage. It’s time to understand how to harness Martech for the most gain for your business.
Where did that come from?
Software is easier to build and easier to sell than ever before. Cloud-based and SaaS (software as a service) have created an enormous financial market. Approximately $32B is the estimated spend on marketing software in 2015. The Martech intersection is creating new terms like chief marketing technologist (CMT) and the marketing technology ‘stack’ referring to the tower of hardware and software needed to support all this technology.
A well designed stack aligns with the buyer’s journey allowing companies to capture data and personalize interaction every step of the way. This personalization can require the support of a different software for each step resulting in a stack. Think about front end versus back end support tools for things like lead generation, ecommerce, customer service, and customer relationship management.
What technology does Martech include?
The actual number of software and hardware platforms is staggering. They include tools such as search and social experience tools, APIs and marketing operations tools, and middleware, backbone platforms, and infrastructure tools that support Big Data. Scott Brinker at ChiefMarTech produced this crazy infographic to illustrate the scope of the martech landscape. And Scott says that the number of companies that appear on this 2015 version nearly doubled over the 2014 version. Explosion is not too strong a word to describe what’s happening in business marketing.
The infographic is a bit overwhelming to look at but does a great job of attempting to categorize the tools and bring a sense of organization to the topic. If you are using something as simple as an email marketing software, guess what? Martech is part of your business footprint. And depending on the size of your business, it may be wise to add more technology to your marketing strategy.
Business marketing is becoming a critical part of every company’s growth strategy. And yes, it’s getting more complicated. But that’s why we love helping our clients build and execute sound marketing strategy. And we can help you, too.