A global market worth 121 billion dollars, more than 8,000 solutions – what chief marketing technologist Scott Brinker shows on his website is certainly one of the best and most comprehensive views of the MarTech universe. But at the end of the day, what Brinker's overview attempts is this, above all: Simply impossible!
This is because the market for marketing technologies is changing and growing rapidly. By comparison: In 2016, there were 6,080 solutions on the market, and in 2017 the number was already 7,040. In April 2020, the number was estimated at more than 8,000 solutions. But what does MarTech really mean? And are we just talking about a brief hype, or is it really changing the marketing world sustainably and fundamentally? Which marketing technologies help me achieve my marketing digitization strategy here, which tools are available for this on the market, and how do I navigate the maze of tools reliably? A technical article by Laurentius Malter provides answers.
Marketing technologies? Haven't we had that for a long time?
The article focuses on the use of MarTech in the one-to-one or customer-engagement environment. This promptly poses the question: Customer engagement, i.e. direct interaction with the customer, is traditionally associated with customer relationship management (CRM). How do these two disciplines differ from each other?
CRM, marketing automation and MarTech: Evolution in marketing / Source: b.telligent
While CRM originated in an era of purely classic, one-way offline channels (CRM has its roots in the mail-order business, i.e., catalogue/letter, telephone and postcards were the only channels), MarTech is a modern, fully digital, technology-driven and thus more interactive and complex advancement of CRM. However, it nonetheless remains a form of relationship management, because the customer as well as their profile and behaviour remain at the focus of the (now completely digital) efforts.
Cross-channel, stringent interaction with the customer poses the greatest challenge to digitization of marketing. Digital (real-time) channels such as online and mobile communications reinforce this effect. This means that companies must face up to the need for a standardized, omni-channel experience across all touchpoints – offline and online.
Marketing plus technology, or marketing technology? / Source: b.telligent
So who needs MarTech?
- Is direct interaction with the customer essential for you?
- Do you prefer digital channels such as website, e-shop, mobile app or e-mail?
- Is your goal an omni-channel scenario coordinated and intermeshed in the best possible way?
- Do you want to make use of modern cloud technologies?
Then MarTech could indeed be perfect for you!
However, please note: Many companies equate an introduction of MarTech with the digitization of marketing. Both certainly lead in the same direction. Digitization also includes adaptation of organization and processes as well as optimization of data and system landscapes.
Would you like to know how fit your company is for MarTech? Our specialists do the check with you!
Get in contact here.