MarTech : An Overview
Martech ascends from the combination of the terms “marketing” and “technology” which refers to all software, initiatives, efforts and tech tools used to help companies achieve their marketing goals and objectives.
The difficult and time consuming tasks are automated through martech by the marketers. Marketing processes, data collection and analyzing, and engaging with the target audience are done by Martech tools.
Since digital is technologically-based, therefore virtually anyone involved with digital marketing or any marketing tracked with digital systems is dealing with martech.
MarTech Stack: The suite of tools a company leverages for marketing processes.
There are many tools most and technologies in the MarTech Stack but the most important tools and technologies in the MarTech Stack include:
- DIGITAL ASSET MANAGEMENT (DAM): Digital Asset Management is the Heart of the MarTech Stack. DAM is where the content is aggregated and managed. The most important force in marketing is the content, therefore, having a single, centralized resource for managing a large volume of digital assets is the key to marketing efficiency and effectiveness.
- CUSTOMER RELATIONSHIP MANAGEMENT (CRM): These tools help companies keep track of their customer base, for more sales.
- SOCIAL MEDIA MANAGEMENT: These tools simplify the process of managing and engaging users across the many social media platforms today’s consumers use.
Pros of MarTech:
- Automation: Automation has gradually made the marketing process more effective and efficient as the customer base have a presence digitally.
- Increased Reach: With just a click of a button, a marketer can reach a very large target audience. Martech exploits marketers trying to get their products into the public eye.
- Speed & Flexibility: Quick response to changes in the market place through martech. Martech, being digital in nature is also faster than the traditional print technologies.
- Less Costly: Martech in comparison to the traditional print technologies is comparatively cheaper in the long run.
- Opportunity: An opportunity for small regional companies to access bigger markets and compete internationally.
- Wider range to customers: The internet gives consumers the chance to choose from a wider range of products so they would find exactly what they are looking for.
- Data Storage: Martech also allows companies to store information about each customer in order to understand them more thoroughly using past behavioural data.
- Feedback of customers: Getting feedback from customers helps in knowing the strengths and weakness of the product, so If there were any deficiencies in the product which customers were complaining about, the manufacturers could find solutions or enhance their product as soon as possible so it doesn’t result in a loss in sales.
Cons of MarTech:
- Competition: Martech is available to everyone. If only one company/brand had access to advanced technology, he would certainly have a tremendous advantage and an edge over its competitor. But this is not the story, and hence this competition can become expensive as new software are constantly emerging in the market.
- Homogenization: As marketers are trying to be effective and efficient of targeting the audience, resulting in a growing homogenization in both products and the way they are promoted. That is why the competitors copy whatever is trending.
- Privacy Concern: Most people have privacy concerns when it comes to using the internet. Companies might fear that their database of clients, suppliers, cashbook or other financial information would be hacked and stolen by competitors.
- Customers might think the company can save and utilize large amounts of diverse information about their activities and interests using cookies can be unpleasant.
Companies are now using MarTech tools to be digitally active and connect with potential customers and improve their sales and marketing strategies.
In the last five years, the number of martech tools on the market has reached numbers as nearly 7000 martech tools are now available compared to only 1000, five years ago.