As the world gets more complicated and connected, people are evolving in terms of how they want to be marketed to and communicated with. Savvy marketers must adapt to agile and fluctuating markets, becoming more advanced in the way they use different tools to communicate and capitalize on growth opportunities.
Marketing technology, also known as martech, is the collection of platforms and tools used to drive marketing, sales, decisions, analytics, and outreach. Knowing how the target audience operates drives the decision for what technologies are being adopted.
Although it’s critical to gain a solid understanding of the topic and the tools that are most beneficial to you, martech is constantly evolving as the relationship between businesses and technologies progresses. Keeping an eye on future trends and technologies is necessary to not only stay above water but also to gain a competitive edge in the market.
Three Principles to Follow When Implementing Martech
Implementing a martech stack is based on three principles: a strong architectural strategy, the right tools to reach the customer profile, and the ability to share information between the technologies.
1. Architectural Strategy
An architectural strategy is a single platform that serves as the source of truth or master record. Typically, this is the customer relationship management (CRM) software, such as HubSpot or Salesforce. A CRM is the centerpiece of the architecture that integrates and connects the tools together.
Plenty of marketers neglect a connected technology ecosystem and choose to use a set of tools that aren’t speaking to each other. Having good architecture means knowing where the data lives and where it’s coming from. Without this direction, users are in for a lot of headaches down the road.
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The Right Tools
A martech stack is going to reflect the processes, goals, and audience of a company, which means each stack might look a little different from one company to another. However, when selecting the right set of tools, users should be able to answer the question, “Will this tool let me communicate with customers in a method that promotes response?”
Leveraging the right technology partners helps brands expand their reach, keep data about user interactions organized in one place, and attribute revenue to touch points to clearly identify what works. It provides a full revenue operations solution.
3. Communication Between Tools
The architecture needs to play a key role in sharing information between tools. Far too many marketers put together a set of tools without any way to share information.
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Platforms that have either native integrations or leased web services where the tools can be connected are ideal. The last thing a marketer wants is to be stuck in a situation where a lot of time-consuming manual work is required of a team.
The Influence of Martech on Driving Revenue
Although martech does not automatically equal revenue, the improvements to certain processes, such as a shortened sales cycle or increased average deal size, that are garnered by identifying and implementing the right software can generate additional revenue. You can then tie that additional revenue back to the technology that has been implemented to prove ROI.
When it comes down to it, the goal of martech is simple: Make the lives of users easier so that they can focus on higher-level strategies and decisions. This goal can be accomplished by integrating each tool under the umbrella of a single CRM. Combined with inbound strategies, a CRM not only collects contact information but triggers next steps. For example, activity and interaction on a form in a website could lead to an SMS drip campaign, prompting the lead to start the conversion process.
This automation ultimately allows users to start looking at less expense and better ROI over time as the tools are implemented. Although the cost is high up front, automation takes care of a lot of tasks, thereby redistributing labor hours toward more important tasks. Rather than digging through a database and trying to figure out the follow-up process, the right tool can send qualified leads to the right team member who then simply needs to contact the lead.
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The Future of Martech
As people change, so do technologies, and these changes can often occur rapidly. To respond to these changes, companies need to stay up to date with the latest trends, tools, and events.
One of the greatest changes that we have seen in our lifetime is the global COVID-19 pandemic, which changed the way companies communicate and conduct business—perhaps permanently. Events that cause such seismic shifts are hard to predict, but being well-equipped to quickly adapt to the changes, such as pivoting from in-person to virtual events, requires implementing the right tools to keep businesses excelling in their market.
Another more subtle change that has been permeating for years now is the movement toward more data privacy. People are becoming more aware and concerned with their data privacy, which has sparked legal initiatives to protect the information of citizens. Not only are companies now legally obligated to respect the information that they collect, but the way they use that information can shape the story surrounding the quality of their brand.
Implement, Optimize, Adjust: Martech Best Practices
A solid martech stack is based on a strong architectural strategy, the right tools to reach the customer profile, and the ability to share information between the technologies. Although martech is likely to optimize your processes to help drive revenue, be sure to stay up to date on the latest trends as the field continues to adjust and adapt to customer needs and new technologies.
[To share your insights with us, please write to sghosh@martechseries.com]
