According to Gartner, the MarTech (Marketing Technology) industry is worth over $100 billion and is estimated to grow by at least 50% over the next year. On average, an organisation’s spend on MarTech has jumped from 22% to 29% of their total marketing budget. This will only continue to grow, making MarTech the single largest area of investment when it comes to marketing resources.
However, when there is so much MarTech available, how do you know what is right for your marketing approach?
With the digital revolution over the last decade, MarTech platforms such as Tweetdeck, WordPress and Mailchimp have become popular and are considered reliable. Not only they allow you to keep your brand current and influential, but also give you affordable access to simple tools that can make a big impact.
Traditional MarTech platforms such as Tweetdeck, Hootsuite and Buffer offer scheduling of social media posts and analytics. But now, platforms such as HubSpot and Adobe are creating a one stop MarTech platform that hosts traditional, as well as new offerings. You can tick many of your boxes by implementing just one piece of software.
Meanwhile, platforms such as Ahrefs and Madkudu provide a more bespoke offering. Ahrefs is an overall SEO tool that helps to grow search traffic, but it also allows in-depth research on your competitors, and monitors their capabilities and areas of expertise to understand the high-ranking keywords and topics. Madkudu is designed as a lead scoring tool – it evaluates the predicted revenue of each company, the size of specific teams, the MarTech and tools it currently uses, as well as gaging whether their solution is B2B or B2C. This information provides the highest opportunity to engage with the right leads and convert them into customers.
Unsurprisingly, all those different MarTech options to choose from can cause quite a headache to a marketer.
Making the right choice
Building the correct stack of MarTech could make all the difference. From attracting the right target market to ensuring that they understand the meaning you are creating, to getting the response you are after.
Start by creating a marketing strategy that holds your customer at its heart. Who are they? What do they do? How would they receive a piece of communication? How would we appeal to them? Answering these questions will obviously place you in a good position to create objectives for your strategy, which will also support your business’s aims. To meet those objectives, you can go down one of the two routes:
- A one stop marketing platform could be the answer to the many needs your organisation has and allow you to execute a multi-channel marketing strategy. However, it is important to strike the correct balance of using these technologies efficiently, without generalising the content across channels, and therefore not reaching the various customer groups.
- A specialised MarTech platform such as Ahrefs or Madkudu could be just what it takes for your organisation to grab the attention of that specific target audience you are after and give you the opportunity to market through a whole new unique channel such as WhatsApp or a brand new social platform that is still yet to come in to the market. It also allows you to drill-down into deeper levels of data and speak to your audience about their specific interests. Being able to personalise customer interactions enables further dialogue and insight of where your audience is going next. What if WhatsApp became a shopping channel? Or if Facebook started its own music library? Or Instagram started its own dating add on?
With there being so many different paths of disruption in the world of marketing, it is important not to simply create a MarTech stack within your organisation, but to understand how you can use specific MarTech to formulate a specialised, unique stack that allows you to stay ahead of the game. One that is fit for the future and is audience focused. Think audience, think technology, think future.
Associate Consultant, Capgemini Invent UK