Marketing Technology

Marketing technology is rapidly becoming a term of industry. This past week, I attended the 2nd annual MarTech conference: "A conference for the growing community of senior-level, hybrid professionals who are both marketing-savvy and tech-savvy: marketing technologists, creative technologists, growth hackers, data scientists, and digital strategists."

The momentum in the space is accelerating and the proliferation of technologies to support the gamut of marketing needs spans areas including SEO, acquisition-based technologies, data management, social listening and monitoring, content creation, personalization, loyalty programs, email marketing and customer management, among many others.

Two key observations that differed from last year's event were the ubiquitous acceptance of mobile as the primary channel and the focus on customer experience. Obsessing about the customer was a lesson learned in the days following the web bubble. It seems that in our omni-channel world, experience now officially trumps the device and mobile context is imperative.

Definition

  • Marketing technology are tools that make life simpler for marketers to market. They automate difficult, time-consuming and repetitive manual tasks to surface customer insight. Built by technologists, used by marketers. Marketing technology should aim to remove or significantly reduce the need for IT involvement. (Cleve Gibbon)

Statistics

  • By 2020, customers will manage 85 percent of their relationship with an enterprise without interacting with a human. (Target Marketing)

  • 81% of B2B purchase cycles start with web search, and 90% of buyers say when they are ready to buy, “they’ll find you.” (Earnest Agency)

  • The top two barriers impeding adoption of social business within organizations are lack of overall strategy and competing priorities. Just 11% of marketers cite legal or regulatory concerns. (i-SCOOP)

  • 50% of millennials use their smartphones to research products or services while shopping, and 41% have made purchases using their phones. (leaderswest Digital Marketing Journal)

  • $118 billion was spend on content marketing last year. (NewsCred)

Insights

  • Develop and own an organic marketing technology competency - do not outsource to an agency.

  • Ensure you have a clearly defined strategy (including goals and objectives) and the right personnel in place before spending money on technologies to accelerate performance.

  • Spend the marketing technology budget with prudence and consider further investment when you see adoption, usage and consumption.

  • Demonstrate marketing results and grow favor with pilot programs: sales is a solid candidate given the measurability of pipeline and direct financial metrics.