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MarWhat??? If that’s your answer, read on! The chances are that you do have a MarTech stack in your business already, even if you don't realise it yet. But have you created the best one to reach your customers to optimise the returns from your marketing spend? Our guide will help you make the best investments to reach your business goals.
Maintaining your digital marketing channels can often be a difficult and time-consuming process. To help reduce time and save money for companies, marketing technology – or MarTech – has been increasingly used over the past decade, with almost all marketing options now having software available to make the processes run more smoothly. This has allowed brands to propel themselves forward with easier, more accessible digital marketing.
MarTech is the term used for software and digital tools that marketers leverage to deliver and execute marketing campaigns. The full suite of MarTech tools a business uses is known as a MarTech stack. MarTech tools can be used by any business to make processes such as running social media channels or email campaigns run more smoothly and take up less time.
Even if you have never heard of the term MarTech stack, you quite possibly already have one! Common components of a MarTech stack include the platform on which your website is built (the Content management System), website analytics and digital newsletter software. If you have all of these within your business, you already have a MarTech stack!
The possibilities of MarTech are broad, and usually only the larger companies with dedicated marketing teams will incorporate every single aspect into their marketing strategy. For micro- and small-businesses, a smaller, more efficient MarTech stack might be better to deliver ROI. Here are some of the things MarTech can do and how you might implement them into your MarTech stack:
There is no one-size-fits-all answer to this. It depends who your customers are and where they hang out digitally; if you’re not sure about the answers to this, you will find our earlier guides useful:
Identifying which channels your customers are on will help you choose which bits of the MarTech jigsaw are most relevant to your business. But, as we stated above, the likelihood is that you have already invested in some MarTech components within your business. In which case, when you’re considering further investments, it’s important to make sure that your new solutions integrate optimally with your existing technology, especially if you are tied into long contracts. However, a lot of MarTech is offered on monthly subscriptions, so if you need to wipe the slate clean and start again, you may be able to do so with minimal costs – although you will need to factor in staff re/training time and costs.
We spoke to Marcin Rosinski, CEO of Feedoptimise, a MarTech that optimises product feeds for e-commerce businesses, to get his insights into how marketing technology can help your business to grow:
Q: What can MarTech do that would be impossible to do manually?
A: MarTech tools greatly help to automate manual and time-consuming repetitive tasks, such as campaign optimisation, data validation, listings injection, data creation, analytical insights and more.
Although you could theoretically do everything yourself, there are some limits to what would be physically achievable and what would take years to accomplish. For example, imagine creating an international campaign for an online catalogue of one-thousand items, where each item needs to be properly updated with its current price in foreign currency before uploading into marketing channels to make sure potential customers can see correctly priced items. Now imagine you need to do this daily as currency rates fluctuate. Here, completing the task manually is simply impossible or makes no sense. MarTech tools can easily do these things for you, saving you lots of time and money.
Q: Does MarTech have a good ROI? Is it worth it?
A: Absolutely, especially if automation is part of the offering. Good MarTech tools can greatly improve your workload by taking away repetitive tasks and doing them for you. They can also significantly improve insight into your marketing campaigns, allowing you to allocate your budget to the best places for optimising conversions and gaining more business, thus improving your ROI.
Q: What should you think about when building your MarTech stack?
A: Think of what you are trying to achieve and build around it. There are lots of tools for lots for a different type of things.
Sale teams can improve their performance by utilising MarTech tools focused on helping them to know how far each lead is from closing or helping to prioritise who is more likely to convert and, hence, who they should focus on first.
Online retailers can use tools to monitor their digital campaigns better, so they know how their money is being spent from performance and a ROI perspective, as well as keeping their offerings constantly up-to-date.
Brands can utilise MarTech to see how influential their social networks are by scanning and analysing the number of followers they have as well as their brand engagement in real time.
Content writers can find tools to help them check the grammar of their work in real-time as well as to track how much engagement their content gets and how to improve it in future.
These days, there’s a solution for anyone to streamline workload and improve marketing reach, so look around and you’ll find something to help you to save time and improve results.
Marketing technology can directly save your company time and, indirectly, save you money that could be much better spent on the human side of marketing as opposed to manual, admin work. Building up a MarTech stack with effective pieces of software will help to make your marketing campaigns more targeted and more effective as well as less time consuming – an important thing to consider for businesses of all sizes.