Martech Systems and Services and How They Can Streamline Process
What if there was a way to enhance your marketing strategies and streamline the processes around them?
Start Building Your Tech Stack
Don't worry, you haven't stumbled onto the transcript to a late-night infomercial. You're reading a helpful blog that'll reveal the power of martech (some of which you may already have), and how the right martech stack can make less work for you and your team.
The martech landscape is overflowing with thousands of solutions. Really — we're not just exaggerating for dramatic effect. Chiefmartech.com's Scott Brinker actually counted 8,000 martech solutions as of April 2020. But don't let that high number get to you -- it's about quality, not quantity.
What’s important is how you use martech tools — especially in tandem with other solutions. That combination of solutions is your martech system tech stack (more commonly referred to as your martech stack).
Streamlining processes begins with the following actions.
Define your goals. Figure out the "why" behind your digital marketing strategy. This helps you identify the most impactful manual processes to streamline.
See where your customers spend time. Are the people you want to reach on social media? In an email inbox? Once you know the answer, you can incorporate solutions that address relevant channels for your specific audience. For example, if you know your emails have a high engagement rate, utilize software that helps you capture further efficiencies there.
So, how do you know when you need software to reach your goals?
To answer that question, start back at the beginning: your company’s value proposition. What does your product or service offer your customers that no one else does? What do successful outcomes mean to you? As you begin to tackle exactly what the customer journey includes, you’ll start to find gaps in service or areas where post-purchase experience and pre-purchase expectations don’t quite align.
Remember, it's important for your martech tools to play nice with one another. As you start to build your martech stack, consider how the key solutions may interact with other tools you introduce to the mix. For instance, if you already own technology that tracks prospect data, consider another solution that automatically sends leads an email based on specific interactions, like clicking an ad.
Now you're ready to wade through those 8,000 solutions to identify the martech that's right for your stack.
We promised a helpful blog, so we're going to make this simple. While nearly every martech tool on the market can fulfill more than one activity, each of their capabilities typically fit into the following categories:
Advertising and Promotion
Content and Experience
Social and Relationships
Commerce and Sales
If you feel like you need to scramble to find a tool that fits each category — not to mention the room in your team’s budget — don’t fret. This is a common pitfall for marketers. The best approach to assembling your martech stack is to create an integrated digital ecosystem that supports your team’s unique needs. Start this process by:
Auditing your workflow. Which pieces of the puzzle actually fit right now, and where could you improve customer experiences?
Leveraging insights. Do you have both the customer and internal data you need to evaluate processes and find patterns? If not, you'll need to start by finding a piece of martech that can help, such as a CRM or a sentiment analysis tool.
Defining your needs. You've found your gaps by utilizing your data, and now it's time to look toward how you fill them.
As you start to figure out where pain points are being generated, you can start to identify the software that will help you get that much closer to your business goals.
Optimizing Your Marketing Strategy
Aligning your martech solutions with your marketing strategy will be key to capturing the full benefits of technology.
Gartner found that across organizations, technology receives the largest proportion of marketing budgets at 26.3% — ahead of media, talent and agency work. It's a worthwhile investment — if your martech stack is actually effective.
Fortunately, if a process exists somewhere in your marketing department, there’s a platform made to automate it. Rather than trying to sort all your options by their individual function, try applying them to your consumer lifecycle. This will ensure each piece of your stack works to build on the customer experience and also aligns with your team’s unique marketing strategy.
Attraction. If your team is spending too much time chasing leads, you won’t be able to dedicate any resources to your current customers. Look into martech solutions that will optimize activities like content creation, social media, advertising and SEO.
Engagement. Getting leads to click on an ad or follow your page is the first step, but keeping both them and repeat customers engaged is just as critical. If your engagement rates are low, look into martech such as email marketing software, chatbots and customer tracking tools. You can also deploy retargeting software that automatically sends messaging from your team to consumers who are showing signs of disengagement.
Retention. Successfully building a strategy that retains customers means continuously monitoring, analyzing and optimizing activities across channels. Web analytics software, business intelligence platforms and lead management tools will help you identify what's working and where your team needs to focus your efforts.
Shiny new martech solutions will always be available. Just remember, the most effective technologies will be the ones that support your organization’s marketing strategy.
Navigating Your Options within the Martech Landscape
While it's important to choose the ideal individual solutions for your organization, always remember that you need to build the right mix too. By approaching your suite as a unified effort rather than isolating each piece, you can more effectively automate time-consuming processes and streamline your marketing. How's that for a helpful blog?
At GeekHive, we know that choosing, implementing, and managing marketing technology can be intimidating for even the most experienced professionals. Our team will work alongside yours to determine the best approach for building and streamlining your stack. Together, we’ll work our way through your existing ecosystem, optimize spending, and help you achieve the maximum value tech can offer.
If you're ready to unlock the power of your marketing technology, contact us today.