MarTech sounds like something out of a sci-fi movie but it is actually a simple concept. MarTech, also known as marketing technology, details the suite of systems and tools that aid marketers in having a better relationship and engagement with their customers.
Examples of MarTech include any technology that any corporation uses to deliver its marketing. These technologies are used to address different individual parts of marketing including data analysis, customer segmentation, and targeting. The technology used here simply automates a lot of the processes and serves a complete customer profile, something that would have taken a marketer hours to complete. In this article you will learn how to build an effective MarTech strategy, read on:
What is MarTech strategy?
Having the right MarTech strategy in place in this digital age is essential to the marketing success of many businesses. It gives the best industry insights by making use of artificial intelligence. The problem that many have is knowing how to start and how to make it work. Because of the size of the marketing technology space, there are so many options available, and not all of them are the right fit for your business.
An integral part of your MarTech strategy is the MarTech stack which is a bunch of MarTech systems that work hand in hand to make your marketing efforts better. It is basically an interconnected web of several tools that are customized to deliver your specific needs and business goals.
Having a strategy is important in so many different ways. Your MarTech strategy is intertwined with your customer journey and powers your marketing channel in so many different ways.
It provides more value and helps streamline processes for new customers. It also provides deeper insights into your consumer expectations and supercharges your marketing strategy. You also get to reach your business goals that much faster and your customer experience is improved.
Best practices while creating a MarTech strategy
In this practice, you follow a top to down approach in building your MarTech stack. Begin with your company’s overall corporate marketing strategy goals and then work your way down from there. You have to figure out how your corporate vision, goals, and strategy can influence your marketing technology directly to in turn meet consumer expectations.
Include all data
You already have data sources that you work with, carefully consider them and decide which ones you want to integrate to achieve your goals and include it in your marketing technology strategy. Also, make sure that the technologies that you select can work well with your data sources. Here is where it is essential to have an in-depth customer profile.
Integrate with all channels
Choosing the right marketing channels for your business is the first step here. Also, put into consideration the channels that you will require in the future; SMS, online services, call center, social media, and so on. Proper coordination within these channels is the only way that your MarTech stack will provide you with a seamless customer experience.
Collaborate with IT
It is necessary to work hand in hand with your IT department in the beginning stages of your implementation. Generally, what you are trying to achieve by implementing MarTech solutions is to give your marketing teams a way to break free from relying too much on your IT department but their input is crucial when creating a productive MarTech stack.
Measure and optimize
It is a good idea to keep tweaking your MarTech strategy and not stick with just one. There are always things that can be improved. Don’t be afraid to make change happen often and without overthinking if you have additional insights or data.
How to Build a MarTech Strategy
As your business begins to grow, it is essential that you build a marketing stack that makes your day-to-day marketing operations streamlined. These MarTech tools can be used by any type of marketing specialist, even non-marketers. All you need is a clear understanding of how the entire system works. Here are some pointers on how to build a MarTech Strategy:
Step 1 – Audit
The first step in creating a banging MarTech stack is to take a good look at what you already have. Compile a list of all the tools and platforms that are already in use by your marketing team.
After this, then it is time to factor in how these tools fit into your organization’s MarTech. Find out which specific problem each tool solves and whether it still fits into your company’s big-picture marketing goals. Your audit should put the following points into consideration:
- The tools should be easy to use and functional.
- It should be fast and reliable.
- Multi-functional reporting should not be an issue.
- Data accuracy and the right data sources.
- Point-based solutions vs core (platforms).
- Deciding to have siloed department usage of the technology vs a wider company adoption.
Going all out to analyze data and understand how your marketing technology stack works will give you the needed information for the subsequent stages in this entire process.
Step 2 – Visualize
This involves creating your MarTech roadmap. An often overlooked step, it is just as important as any of the others. Visualizing your entire marketing technology stack helps you gain a holistic view that can provide insights into the different technologies that comprise your stack. It will also help you understand the processes they all follow and how they combine to deliver your goals.
Step 3 – Identify the Gaps
The purpose of setting up this marketing automation system is to ensure that the collection of tools at your disposal can be tweaked to solve the specific needs of your organization. That being said, it is required to match these tools to important marketing trends that fit right into your marketing strategies.
In your decision-making process, consider the technology you have and how it will help achieve your goals in the long run. Let the right technology stay and get rid of the redundant ones.
Also, answer some pertinent business questions: What channels are you using to distribute your messages? How do you engage consumers? How do you build a relationship with them?
Answering these questions using the data at your disposal will help you identify some gaps that you may need to fix with some new technologies. You should also be careful about implementing any new tech stack, training staff to use the new systems may be costly and time-consuming.
When it comes to identifying gaps in or evaluating your MarTech solution, always think of integration. Do you want your data sources to be connected or siloed? Do they provide a full view of your customer journey? When your tools can easily communicate, then your marketing teams can easily get metrics for backing up any decision-making process.
Step 4 – Framework
Your framework is the building block for your MarTech efforts. With a good framework, you can organize and visualize your marketing technology stack. Generally, your tools can change, but your framework should remain the same. It helps you to choose the right set of solutions that integrate flawlessly to create a constant flow of data.
Your framework can be based on a few things including your consumer journey stages or marketing planning frameworks like PRACE (planning, react, act, convert, engage).
When it comes to setting up a framework, one size does not fit all. The goals of companies differ, which also means that the building blocks for achieving those goals would differ as well.
Here are some building blocks that a typical MarTech stack framework may have:
- Analytics and automation
- Marketing planning
Step 5 – Prioritize
The end goal of setting up all these marketing automation processes is to increase the ROI of your organization. What the marketing technology stack does is drive sales and efficiency. This is due to the different technologies that are interacting with one another in the right way, like a well-oiled machine.
All you have to do is to create the right short-term and long-term KPIs to measure the efficiency of your data-driven processes. Then keep measuring the marketing technology stack against your marketing objectives across all platforms.
How to Future Proof Your MarTech Strategy
Marketers need to create MarTech strategies that will stand the test of time. The marketing world moves fast which means that marketers need to be proactive. To do this, there are a few steps that can be taken to keep their marketing strategies relevant and stable, regardless of what the market is saying. Here they are:
- Integrate technology and data.
- Create engagement and identification tactics.
- Consent and data privacy are important.
- Make sure to invest in your people and processes.
The marketing success of many organizations in this digital age depends on having the appropriate MarTech strategy in place. For new clients, it adds greater value and facilitates process simplification. Additionally, it gives you deeper understanding of the expectations of your customers and revs up your marketing plan.
There is no longer any need to employ cumbersome, convoluted, and time-consuming old software with all of the technologies at our disposal today. Because the best tools include both power and usability, we think you shouldn’t have to give up productivity to gain power. You will improve when you put more effort towards impressing customers and amazing experiences than into managing your software.