Martech: what it is, how it works, advantages
Martech (also known as marketing technology) is any technology employed in the service of marketing. Martech software is used to create, execute, manage, and measure the performance of online and offline content, campaigns, and experiences. "Marketing technology" and "marketing software" are also frequently used terms.
Some other definitions of Martech also incorporate applications used by sales (salestech) and customer success.
Martech and Loyalty
According to Hibou, a market and consumer monitoring company, Martechs are technologies that make Marketing more strategic and the consumer more delighted. Their main attributions are:
- Automation and process simplification;
- Collect and analyze behavioral data of the target audience;
- Campaign planning, execution, measurement, and analysis.
Companies that develop marketing-oriented technology solutions are also considered Martechs - such as Indico - and are segmented into five categories:
Data & Management, Content & Experience, Advertising & Promotion, Commerce & Sales, and Social & Relationship.
Martechs are a key pillar for Dynamic Marketing, as they enable real-time data capture, insights into consumer behavior, automated creation of personalized content, and other functions.
The segmentation is not exclusive, that is, Martechs can fit into more than one model. Indico, for example, is a Loyalty Martech that offers solutions related to each of these segments, from Big Data management to the development of relationship, loyalty, and engagement programs.
What is a "martech stack"?
All software applications used to create, execute, manage, orchestrate and measure the results of marketing activities are known as a Martech Stack or "stack". Stacks can include commercial, off-the-shelf, and/or homegrown software applications.
The number of applications in any company's stack varies greatly, but it is not uncommon for companies to have more than 100.
When building your stack, don't focus on trying to find a guide to tell you how big your stack should be. Instead, work from scratch according to your needs.
Martech in practice:
1. establish your critical technology infrastructure
For most companies, this includes:
- A way to create campaign materials.
- A way to manage relationships with prospects and customers.
- A means of acquiring and nurturing leads and engaging customers.
- One or more systems to support the team.
- Tools to analyze and evaluate results.
- Tools for managing assets, budgets, and technology.
- A platform to facilitate online sales
You may not need separate tools for each function, depending on your company your marketing automation platform can also work for CRM and email, for example.
2. Consider things beyond the core functionality:
- Suitability for your team's size and abilities. If you choose a product that is too complex for your team, it will never be fully used and you will not get a sufficient return on your investment.
- Scalability. You must be able to use your core elements for 3 to 5 years. This means that they must be able to grow with the company.
- Cost. It is important to understand how your platforms influence and impact relevant metrics, such as customer acquisition costs (CAC).
3. What do you need to achieve your goals?
With more than 9,000 martech products on the market, how do you rate them?
One of the main contributors to the growing stack is functionality within software and platforms. This is caused by looking at each set of technology requirements on its own and not considering the stack as a whole.
Martech vs Adtech
Are Martech and adtech the same thing?
No. Advertising technology or Adtech is a category of Martech that allows marketers to buy, deliver and measure digital advertising campaigns.
Which applications do martech professionals use the most?
Marketers, from grassroots to executive levels, reported using a range of technologies to power their activities.
"When it comes to platforms/tools used by marketing management, spreadsheets (77%), project management tools (60%), and marketing automation platforms (53%) reigned.
Martech professionals spend more than 10 hours a week using spreadsheet, marketing automation, and project management applications.
(Source: 2022 MarTech Salary and Career Survey)
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