It’s 2020, and 39% of marketers are still working on their MarTech strategy. There’s a lot of options when it comes to MarTech solutions (over 5,000!), but if your business isn’t effectively leveraging MarTech—you’re missing out on leads, and ultimately, revenue.
MarTech has been around for a while, so it’s no longer the way of the future—it’s the way of the present. But if you’re still not sure if you should hop on the MarTech wagon, we have five reasons on how MarTech helps businesses grow.
Refresh: What is MarTech?
MarTech is a combination of “marketing” and “technology” and refers to any technology in digital marketing. This includes applications, software as a service (SaaS), and digital tools like:
- Marketing Automation
- Customer Relationship Management (CRM)
- Search Engine Optimization (SEO)
- Website Management and Content Management Systems (CMS)
- Email Publishers
- Social Media Publishers
- Pay-per-Click and Digital Ad Managers
Additionally, MarTech includes companies and agencies specializing in implementation and strategy surrounding marketing technology.
The right MarTech strategy and tech stack helps future-proof and recession-proof your business. Leveraging MarTech gives companies a better understanding of their customers, from how they first find a brand through their journey to a brand ambassador. This understanding combined with real-time data allows companies to formulate more effective strategies and pivot with more agility when needed.
5 Ways Companies Grow with MarTech
Ultimately, MarTech is intended to help businesses grow. MarTech helps companies extend their reach, better define and target their ideal audiences, and streamline digital marketing and sales activities to increase business agility. When MarTech is successful, businesses meet more of the right customers at the right time as well as foster stronger connections that lead to more than sales but repeat sales and referrals.
1. Automation with MarTech
One of the biggest advantages of MarTech is automation. From triggering lead nurture campaigns to alerting marketing or sales teams a lead has taken a certain action or automatically configuring lead scores, automation is giving marketers and salespeople more time to do the complex work humans can do, and leave the administrative and calculating tasks to programs.
2. Improved Customer Conversations
MarTech improves customer conversations by using data. MarTech applications collect data, and a system like a CRM organizes that data by the contacts you have. For example, in the HubSpot platform, activities with a contact are organized in a timeline associated with that contact. If they fill out a form, download a resource, open an email, have a call with a rep, or like something on your social media—it’s all stored in that timeline. This means when sales talks to your customers, they know what customers have been interacting with and can use this information to guide their conversations.
Additionally, having data makes marketing to the right audience easier. Understanding what gets clicks, opens, and reactions online helps your team make more of that content and engage more people with what they like to see.
3. Reporting & Analytics
We’re already touched on data, but MarTech utilizes data for more than conversations (although it’s extremely important). The boss needs data, too, and the team needs to know the progress they’re making. MarTech solutions almost always come with a dashboard that organizes the data it collects into graphical representations to help your company understand how things are performing.
4. Data Consistency & Accuracy
One major benefit of MarTech is data consistency. When all the pieces of your MarTech stack are connected together or connected through one central platform, data is the same in every application and for every team member. Data consistency leads to fewer errors and overall better understanding of the big picture for your team.
Data consistency also relies on collecting real-time data. With digital systems, data can be collected and distributed at or near real-time, so information isn’t just consistent—it’s the most accurate at that moment.
5. Improved Communication & Agility
Between data consistency and automation, MarTech helps improve communication and agility on your team. And while MarTech is “marketing technology,” many applications also have an emphasis on sales enablement, which leads to better communication between marketing and sales departments and a more cohesive overall strategy.
MarTech and sale enablement give marketing and sales teams more connection and transparency between the departments that improves understanding between what each department needs from the other. Making the connection and formulating a strategy between marketing and sales leads to better business agility.
Not a Tech Expert? That’s What We’re Here For.
Companies sometimes shy away from fully embracing MarTech because they worry their team’s technical skills aren’t up to par or that employee resistance will render the investment a loss. If either of these are a concern for your business—that’s okay. Agencies like ManoByte are technology, implementation, and strategy experts to make sure everything runs smoothly for your company and your team. We’ll make sure your team gets the right training too, so everyone can make the most of MarTech.
If you’re looking to grow with MarTech, we’d love to talk about what we can do to help you fully leverage MarTech for your business.