What Is Martech and How Can I Use it to Grow my Business
The whole concept of marketing relies thoroughly on technology. Technology is evolving by the day, and new tools are emerging to assist the needs of modern marketing. The marketing technology tools are collectively known as Martech.
Joseph Studios also believes in the applications of Martech and how businesses should implement these newer technologies to grow.
Let’s discuss the concept of Martech and how businesses use it to their advantage in detail.
What is Martech?
Some businesses and marketers can be very cautious about implementing newer technology, but the advantages of Martech are never-ending. Starting from smoother and seamless business operations to generating more revenue, more sales, and profit, Martech provides incredible advantages.
Martech is otherwise known as Marketing Technology and is another term that marketers use to plan, execute, manage, and evaluate their marketing campaigns. Martech tools are also used to automate and align the marketing processes while collecting and analyzing data.
Apart from this, these tools also provide means of engaging more audience and ultimately increasing your potential outreach as a business.
Understanding the Martech Stack
A company may use a couple of ways to enhance their marketing campaigns. From smart, automated tools to even smaller tools and applications like email marketing, social media analytics, google analytics, and more, they are all part of the marketing stack.
In other words, the set of tools and technology a company leverages to promote its marketing campaigns is known as the Martech Stack.
The focus of a Martech stack normally narrows down to technologies that either make the difficult processes easier, improve the effect of marketing campaigns, and evaluate the impact of marketing activities. As a result, 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 Growing Business
Marketing Technology has been improving for the last 20 years. If you are a marketer and you have not yet discovered the applications of marketing technology for growing your business, then you need to get on board right away.
The newest marketing technology in the market has given businesses multiple opportunities to grow their businesses and strive in their fields. Businesses now have more chances and wider options where they can market their products. You can even target your potential audience in segments and narrow down your focus on a specific section of an even specific market.
Marketing technology helps businesses to grow while helping them generate tangible and significant business value.
Since marketing is a process that normally relies on customer data, you can now make more use of it than ever. As more data is available readily, you can use your marketing tools to target the audience of your choice in the market of your choice.
The marketing industry has undergone quite a shift in the last few years because so much data and analytics are readily available, but people do not know what they should do with it. Even marketers don’t know how to handle so much information, and that is where marketing technology comes in. Whether it is smart and precise calculations and estimations of AI in a short period of time or the techniques of email marketing, as a business owner, you can generate actionable, result-generating, and real-time insights from it in no time.
You Can Use Martech to Improve Your Marketing ROI
There is no rocket science here because it is obvious that agile marketing means increased ROI for the business. The old age of marketing comprises of crucial steps and fear of spending cash on marketing campaigns. But that thinking has gone old school now.
In today’s world, marketers know how much to spend and what results would it generate. A company owner is able to look at the performance and effectiveness of its marketing campaigns and find out who is seeing the company’s ads. In other words, everything is not only initiated after calculation in advance, but you can also monitor your marketing campaigns at all times.
Martech enables business owners to continuously generate more profits, more targeted traffic, and drive more leads. Whoever is keeping track of the ROIs in business can report it back to the heads in a highly organized and timely manner.
Through the development of new processes, technologies, and tools, marketing has seen a great and positive paradigm shift in recent years.
Artificial Intelligence In Marketing – An Example Application of Martech
According to a SalesForce study, over 50 percent of the marketers use AI of some sort as a part of their Martech stack. Another surprising fact is that most of the marketers out there cannot identify which part of their technology is AI-powered, and that is why most of the marketers are currently implementing Artificial Intelligence in their marketing campaigns without even knowing it.
Think about this; most marketers out there don’t know what AI is. Imagine when they will get to know about it, that is when they will actually be able to reap its benefits.
The customer behavior analytics, automated suggestions, and cut the hard work of marketers by doing all the heavy lifting of research, all these are applications of Artificial Intelligence.
Let alone the marketing department, Artificial Intelligence is even more involved in our daily life than we give it credit for.
Martech is not a new concept. In fact, the newer marketing technology tools also started coming around at the start of the current century. When these tools are amalgamated with your marketing operations, your tasks become streamlined, and operations become breezy. They can help you generate more profits 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 to your business, you are missing out. You are directly putting yourself at a disadvantage in contrast to your visitors, and that can be devastating for your business. The modern marketing game has changed, entirely and your business’s marketing strategies need to change with it as well.
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