The concept of marketing is based entirely on technology. Technology is changing day by day and new tools are emerging to meet the needs of modern marketing. Marketing technology tools are collectively referred to as MarTech.
Joseph Studios also believes in MarTech applications and how companies should implement these new technologies to grow.
Let’s discuss in detail the concept of MarTech and how companies are using it to their advantage.
What is MarTech?
Some companies and marketers can be very careful about implementing new technology, but the benefits of MarTech are endless. Starting with smoother and smoother business operations to drive more revenue, more sales and profit, MarTech delivers incredible benefits.
MarTech is otherwise known as Marketing Technology and is another term marketers use to plan, execute, manage, and evaluate their marketing campaigns. Use key metrics to focus on when marketing your tech business and MarTech tools are also used to automate and align marketing processes during data collection and analysis.
Apart from that, these tools also provide ways to Increase Customer Lifetime Value, engage more audiences and ultimately increase your potential reach as a business.
Understanding the MarTech stack
There are several ways a business can use to improve their marketing campaigns. From smart, automated tools to even smaller tools and apps like email marketing, social media analytics, Google Analytics, and more, they’re all part of the marketing stack.
In other words, the set of tools and technologies that a company uses to promote its marketing campaigns is known as MarTech Stack.
The focus of a MarTech stack is normally limited to technologies that facilitate difficult processes, enhance the effect of marketing campaigns, and assess the impact of marketing activities. Therefore, if you think about it, the MarTech stack is a way to drive more traffic to your website and ultimately a way to grow your business.
MarTech – strategic imperative for business growth
Marketing technology has improved over the past 20 years. If you are a marketer and have not yet discovered the applications of marketing technology to grow your business, you need to get involved immediately.
The new marketing techniques in the market has given companies multiple opportunities to grow their businesses and compete in their fields. Companies now have better chances and wider options in which to market their products. You can even target your potential audience by segments and reduce your focus on a specific section of even a specific market.
Marketing technology helps businesses grow while helping them generate tangible and meaningful business value.
Since marketing is a process that normally relies on customer data, now you can do more than ever. As more data is available, you can use your marketing tools to target the audience of your choice in the market of your choice.
The marketing industry has undergone a tremendous change over the past few years as so much data and analysis is readily available, but people don’t know what to do with it. Even marketers don’t know how to handle so much information, and that’s where marketing technology comes in. Whether it’s smart and accurate AI calculations and estimates in a short period of time, or email marketing techniques, as a business owner you can generate in no time of actionable information, generating results and in real-time.
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You can use MarTech to improve your marketing ROI
There is no rocket science here as it is obvious that agile marketing means increased ROI for the business. The old age of marketing includes crucial stages and the fear of spending marketing campaigns. But that thought has become old school now.
In today’s world, marketers know how much to spend and what results in it would generate. A business owner can examine the performance and effectiveness of their marketing campaigns and find out who sees the business ads. In other words, everything is not only initiated after calculation in advance, but you can also monitor your marketing campaigns at any time.
MarTech enables business owners to continuously drive more profits, more targeted traffic, and generate more leads. Anyone who tracks ROIs in the business can report it to managers in a very organized and timely manner.
Thanks to the development of new processes, technologies and tools, marketing have experienced a significant and positive paradigm shift in recent years.
Artificial intelligence in marketing – an application example from MarTech
According to SalesForce study, more than 50% of marketers use AI in one way or another as part of their MarTech stack. Another surprising fact is that most marketers cannot identify which part of their technology is powered by AI, and that is why most marketers are currently implementing artificial intelligence in their campaigns. marketing without even knowing it.
Think about it; most marketers don’t know what AI is. Imagine when they find out about it, that’s when they can actually reap the benefits.
Analyzing customer behaviour, automated suggestions, and reducing marketers’ hard work by doing all the heavy lifting of the research are all applications of artificial intelligence.
Not to mention the marketing department, artificial intelligence is even more involved in our daily life than we think.
MarTech is not a new concept. In fact, new technological marketing tools also began to appear at the turn of the current century. When these tools are merged with your marketing operations, your tasks are streamlined and operations become smooth. They can help you generate more profit by increasing your sales and generating even more leads.
If you are a business owner and have not yet considered implementing the benefits of MarTech in your business, you are missing out. You are putting yourself at a direct disadvantage unlike your visitors, which can be devastating for your business. The modern marketing game has changed completely and your business marketing strategies must change as well.