The Value of Marketing Technology
Firstly, what does MarTech even mean? Marketers love an acronym, and this one is no different. MarTech is short for marketing technology and describes the software marketers use to achieve their objectives, optimise their marketing activity and communicate with their customers. MarTech is all about leveraging platforms and data to help businesses make better informed decisions. An organisation’s digital presence no longer stops at its website, as guardians of the customer, MarTech is required to encompass so much more. In today’s world, it is crucial.
Why is MarTech Important?
Technology is playing an increasingly big role in marketing, enabling brands to keep up with the ever-evolving requirements of their customers. For businesses, there are many reasons MarTech is important, but three of the most crucial are, internal efficiencies, customer journey, and personalisation.
Most marketing teams you speak to will tell you they’re overwhelmed and overworked trying to juggle multiple content streams across multiple platforms, while also watching the data to learn where to make changes. At the same time, there probably aren’t many people that enjoy a process, and if they do, they seldom have time to put them in place.
This is where MarTech can help, most platforms now have the ability to automate workflow processes as well as task management, meaning you can take away a lot of the manual day to day tasks.
With data also being a major focus on marketing technology having automated data sources also removes the requirement for manual manipulation from multiple sources.
Having MarTech or a MarTech stack, a grouping of technologies to conduct and improve marketing activities, in place, allows businesses to look at the full picture. If you’re driving website traffic but aren’t driving any conversions what are the barriers that are stopping your customer from continuing their journey with you. Technology that has been setup to map customer journeys will enhance the service and experience that you are able to provide your customers.
Marketers who are able to activate customer data, will be empowered to create hyper-personalised experiences that will support increased customer engagement and retention. By collecting and using data, businesses and machine learning can identify patterns of behaviour that drive their customers to take an action with them and ensure they are able to deliver content that is valuable to their customers. Personalisation is key for organisations who want to stay relevant, build trust among their audiences and define the direction their marketing and messaging should take.