Marketing technology may differ for everyone, but the meaning would be the same. No matter the company size, it has become one of the essential and crucial functions. Technology is a landscape that changes with the blink of an eye; thus, you need to implement technologies with the existing ones. There is a rise in the Marketing technology platforms, that are paired up with the shifts in customer behavior and this has given rise to the need for transforming strategically.
Today, the world is evolving digitally, as marketing technology has grown its popularity, and companies need to be updated with the changing environment to compete. According to a few surveys done in 2020, there is an 18% increment in e-commerce sales. The involvement of buyers is essential at the right time with the relevant offer. Companies rely on marketing technologies to increase their capabilities and stay ahead of competitors.
A Martech roadmap can be of great help for this purpose. Building a Martech roadmap will help create a framework for the organization and ensure the tools used to support the business’s goals.
Identify a Data Strategy –
One of the most significant advantages a Martech stack can offer organizations is that the organizations get to understand their customers better through data. The first thing a marketer should do is to determine a data strategy to help get the data ready. When you have an idea of the source of your data, usage of your data, etc., you can better understand how your data can be enhanced for customer engagement.
Get the correct tools in place –
After identifying the data strategy, you must determine whether the tools are correctly placed. According to recent research by Gartner, most organizations have adopted a best-of-breed approach while constructing their Martech stack. This approach allows marketers to customize their Martech stack according to their needs. A Martech roadmap helps identify the pain points and helps get an idea of the correct type of tools to solve the problems. A Martech roadmap identifies your ROI and gives you an idea of how your Martech stack functions.
Saves time –
Today, it is important to maintain a competitive advantage in the hyper-connected consumer landscape which is a hurdle for enterprises and many fail to overcome. According to recent data, currently, there are above 8000 Martech tools available in the market which is 13.6% in total. This makes it challenging to identify the tools marketers need to focus on. Because of this, numerous organizations are adding and removing the Martech stack. This can harm the organizations in terms of finance. A Martech roadmap solves this issue as it focuses on the organization’s business goals and the latest innovations.
A Martech roadmap helps the Martech stack reach its full potential and helps the organizations maximize their invested resources.
According to research done by Gartner, marketers have only used 42% of the Martech stack capabilities, which has decreased as compared to the statistics of 2020, which was 52%. This indicates that the use of technology could be better. We need to ensure that the investment made in marketing technology does not go in vain.
Martech accounts for an average of 26% of the total market spending. Budget analysis is a factor that can help you avoid wastage and overspending. Purchasing tools with features that are useful to you might be of great help in growing your marketing capabilities.
On the basis of research, here is a list of tools that are used by the organizations and the possible percentage of their usage –
- Digital Commerce platforms – 67%
- Digital Experience Platforms – 59%
- Market Analytics and attribution platforms – 54%
- Customer Data Platform – 49%
- Content Management Systems – 46%
- Social Media Management Platforms – 42%
- Marketing Automation Platforms – 40%
- Workflow management Platforms – 33%
- Events Platform – 30%
- Identity and Access Management – 29%
Here are the four significant foundations that help you to build a marketing road map –
- Marketing automation – The decision management capabilities and responsibilities for Marketing automation tend to go upward. Marketing automation is combined with media and software services, merges offsite behavioral data, and triggers remarketing across different channels.
- CRM – The most important thing here is a shared data source for sales and marketing. You must unite your marketing, sales, commerce, IT, and service teams from anywhere. You need an integrated platform that powers the entire suite of connected apps. This would help you to focus on the most critical things.
- Website – Many clients have internal clients going on regarding the ownership of the website. Companies depend on their marketing partners to build programs that can be fulfilled internally.
- Marketing analytics Dashboard – Measurement is an important aspect you need to consider regarding marketing and technology. Today, many are doing advanced analytics and have multi-tenant BI data visualization solutions. This acts as an essential element of your MarTech stack.
Let’s wrap it up –
The sooner you develop a MarTech Roadmap, the better it will be for you to work strategically. There is no doubt that the speed at which the new channels and tasks have been conquered by marketing has increased and will continue accordingly.
