Rise of Martech
What is Marketing?
Marketing is a complicated profession. But, what really is marketing?
According to Wikipedia: –
“Marketing is the study and management of exchange relationships. Marketing is the business process of creating relationships with and satisfying customers.”
So basically, it’s a way of making your product cool and awesome to the public. Make it interesting enough that people are ready to be indulged in your idea.
So, what is the marketing process?
Marketing is not just Advertising
As you can see, it goes through many phases. I have seen and witnessed with my very eyes, people mistaking marketing with advertising. But it is not. Marketing is assorted with various phases of business development. If you do not know or understand what your customer wants, how can you build or actuate your business.
In order to succeed, you need insight. You need your chief weapon. That is what marketing is.
It is one of the primary components of business management and commerce. It covers various areas such as: –
Changing Times. Enter the Digital Era.
Now, it was different back then, in older times. But now we have entered a new age where technology is seamlessly integrated with our lives.
The same is for businesses. We have so many tools and innovative technologies at our disposal.
And we cannot dismiss the fact that in a rapidly changing environment the important marketing capability is agility.
We have entered an age, where we have access to so much data. People practically live on the internet. Leave their digital footprints.
The question now is, how to optimise this data? How do we use this information?
The biggest challenge in modern marketing isn’t mastering search engine optimization, analytics, personalization, or any one tactic. The hard challenge is connecting all of those pieces together into a cohesive whole. It’s seeing the forest for the trees.
MarTech. A Roadmap
So, what is MarTech? According to Scott Brinker, the person who coined the word itself says: –
“Martech is such an expansive and diverse field that it’s impossible to cover all of it. Especially because we don’t think of martech as merely a collection of tools and technologies. That is massive enough on its own. But we think of martech more holistically as a new discipline, the innovation of marketing, technology, and management combined.”
I consider it as a roadmap.
It is basically knowing and creating your own stack of technologies which is suitable for your own business and help integrate it into your enterprise and improve your ability to know and understand your customer and your relation with your customer, so that you can advance in such a way that it will lead in you gaining profits and sell more products and be dominant in the market.
Trends that will shape the Golden Age of MarTech.
The introduction of new applications/tools in the organization is the first step of martech. You need to invest in bringing the tech to your business. Applications like Google Mail, Dropbox, Google sheets, Microsoft excel, word, etc. are part of the ecosystem.
You make your employees use these tools and technologies so that they can understand and better illustrate what they are trying to say in a universal manner.
We have to understand that to talk and understand digital data, we need to speak the digital language. And beautiful and easy tools have been developed for just the same purpose.
Therefore, SaaS (Software as a Service) is a very integral part of MarTech.
Software and Services are the future of the new age. These are our chief tools. But the problem is, that software changes according to the technology. And technology changes exponentially.
But we do not.
According to Martec’s Law, Technology changes quickly; But organizations change slowly.
But change is inevitable and fast. it is certain, and we must plan accordingly.
Also, according to a survey, 66% of companies don’t believe they have the skills or talent to make the most use of the marketing technology.
So, what do we do here?
It’s Simple. It’s not about how many tools you can integrate, but about what tool you should choose which is right for your organization.
Application software like Salesforce, provide so may services and integrations that you don’t need to hassle yourself with hundreds of other applications. So, you can be an expert in this particular software and use it to your fullest.
Or you can outsource your needs and requirements to companies like Accenture and Deloitte which have their own set of software and products which they will use to help you.
So, you can hire experts to help advance you in your growth.
Seasoned developers and citizen developers shape the firm. They are integral part of this vast machinery.
If we look closely at the chart above, a company invests a lot of money on the engineering section.
But, this not just limited to SaaS companies.
Non-SaaS companies are also following in these footsteps, they are investing in custom-built applications for internal purposes. To create tools that are configured and tailored for the individual organization. Which is a huge thing.
So, you can see all this engineering which is happening, which is working around and interacting with the ecosystem in major commercial martech platforms.
And the crazy part is, that with the help of the MarTech tools, you don’t need to be a coder at all. You can automate workflows with various applications yourself.
Let’s say, you have a MarTech tool, which is feeding data to excel or Google sheets. Now you use Zappier, which is another tool, which then uses the data from the excel or google sheets and then sends it to any other application you custom engineer it to. Let’s say in this scenario it is salesforce. So now, you have automated a workflow, which will take the data from one application, raw data and then create it into excel sheets and then send it to salesforce and analyze the data into meaningful information.
So now you automated all this without even writing one line of code.
So, to conclude, MarTech is a vast and complicated idea, but ultimately is a roadmap of where we as the Marketing technologists can go with it.
The tools have become very sophisticated and advanced. Even new emerging technologies like AI are interesting aspects and are not just limited to core development firms.
The future is interesting, and one can only wonder, what all is in stock.
We shall see..