We are in an era where if you are behind in technology, then you will be behind your competition. It doesn't matter which field you are in, be it education, agriculture, or business, technology is everywhere. This naturally includes marketing as well. But did you know that there is another name for marketing technology?
The alternative name for marketing technology is "MarTech" which as you can see, is simply a combination of the two words. But what is it?
MarTech or marketing technology is a general term that represents technologies used by marketers use to make their tasks easier. These technologies are generally used in Digital marketing. That said, Marketing technology or MarTech can also be used for the optimisation of offline marketing channels. Needless to say, marketing technology is an important aspect of any business. But -
What is the importance of Marketing Technology/ MarTech?
The importance of MarTech can be summed up in one sentence: It makes marketing easier, more efficient, and more convenient for both Marketers and Customers.
MarTech or Marketing technology is not a single technology but a collection of all technologies used in modern marketing. As such it oversees all the marketing processes from start to finish and improves the relationship with the customers.
The question now is,
What are the components of Marketing Technology?
The simplest answer to this is "there are too many to list them all here". However, there are a few key components that play bigger roles than others. These components make the core of Marketing Technology and make this whole thing efficient. So what are these key components?
1) Email Marketing
Email Marketing is a rather simple method of marketing that uses email as a primary medium. Along with sending emails for the promotion of sales, it is also a great way to manage marketing campaigns as well.
2) Content Management System (CMS)
CMS or content Management system is a tool that one can use to plan and manage the content on a website or social media. This is a powerful tool that can be used for optimizing your customer's digital experience by creating, editing, and publishing digital content.
3) Automation Software
Content Management Systems can technically be considered Automation software but it is not the only automation software. These are software that is used to schedule posts in all forms of web media which includes but is not limited to websites and all forms of social media.
4) SEO and SMM
Search Engine Optimization (SEO) and Social Media Marketing (SMM) are well-known tools and methods of digital marketing. Needless to say, they too are components of MarTech as they provide crucial data and efficiency in marketing.
5) Customer Relationship Manager (CRM) software
CRM software like HubSpot is a crucial part of Marketing Technology for marketing efficiency. CRM essentially enables you to retain your existing customers through better customer experience which in turn increases the ROI from your customer acquisition efforts.
While there are a lot more components of Marketing technology than the ones we mentioned here, we have covered the general gist of them all. The core components are an automation system, content and customer relationship management system, and a few tools such as e-mail, SEO and SMM.
After knowing the components of Marketing Technology, let's talk about the perks we can get from this.
What are the benefits of Marketing Technology/ MarTech?
By now, you should have a general idea about the benefits of marketing technology/ MarTech. As we mentioned earlier, the core benefit that we get from marketing technology is better experienced in marketing with more efficient results for both the marketer and the customer.
Getting into specifics, the following are the top benefits of Marketing Technology/ MarTech.
1) Faster Marketing
This is a given once since you will have the power to conduct marketing activities faster by using MarTech. You can save time by using Automation bots and programs to do repetitive work such as converting file formats, scheduling, and finding assets. Furthermore, you can even let the automation bots analyze the ongoing trends and make a list of possible sectors to run your marketing campaign as well.
2) Better Communication
By using components such as CRM and Social Media Manager, you can have a smooth channel for communication with your customers. In addition to this, by using CMS and a few additional tools, you can have a smoother distribution of work and efficient workflow channels within your company. This essentially makes marketing faster and more efficient.
3) Smarter Contents
Marketing Technology/ MarTech offers you a wide range of tools to create smarter content. By using insights from SEO tools and trend analysis along with customers from analytics, you can gain adequate data to create custom content tailored to attract customers in your specific niche. You can optimize performance, provide a better experience and deliver targetted content to your customers.
4) Build Better Relations
This benefit of Marketing technology goes hand in hand with "better communication" and "smarter content". Once you have a channel of communication with your customers and provide them with what they need, you will find it easier to gain their trust. The more trustworthy you become, the better they express their concerns and expectations. You, as a marketer, can use this as a valuable source of data to provide your customers with services and products as per their needs.
All of this inevitably betters your relationship with your customers.
5) Generate Better leads
Generating better leads is one of the most important benefits of Marketing Technology. You can easily search for top trends, and generate appealing digital ads along with other forms of marketing campaigns to attract possible leads. Furthermore, with MarTech, you also have access to data analytics to measure the performance of your marketing campaign as well. By combining your arsenal of tools, you can generate better leads with a small bit of effort.
6) Better ROI (Return on Investment)
Using a combination of automation, analysis, and management systems, you can gain a better return on investment. While there will be a bit of a delay in better ROI during the initial period, with time your ROI will see a decent increase. Furthermore, with the progress in technology, the MarTech will progress as well, ensuring that your ROI will continue to be better despite the market scenario if you play your cards well.
When all of these are combined, what you get is an extremely efficient marketing scenario where the majority of the process is all about planning, knowing your target audiences, and content creation. Once you have got these on hand, the rest of the tasks can be left to the wide range of tools and technology.
In the end,
Marketing Technology or MarTech is simply a general term for all forms of technologies used in the marketing world. This includes just about everything from marketing tools like SEO and Social Media Marketing to management systems like CMS and CRM.
All of these combine to make marketing easier, more efficient, and more convenient.
We hope you found this informative. And as always, thank you for reading till the end.
Q: What does MarTech Mean?
A: MarTech is a collection of software that marketers use for optimizing marketing efforts and improving customer experiences through different activities such as blog posts, ad campaigns and social media posts.
Q: How big is MarTech Industry?
A: The MarTech industry is roughly around $344.8 Billion globally at the time of this writing.
Q: What is an example of MarTech?
A: Some examples of MarTech are:
- Content Creation and Blog Posts Apps
- Customer Data
- SEO and SMM technology
- Customer Platforms