It’s difficult to ignore Martech in today’s technology-driven marketing landscape, but that hasn’t stopped many marketers from burying their heads in the sand for fear of the new and unknown. And with more than 7,000 tools and software programs currently available to choose from, it’s fair to say that Martech can make even the most seasoned marketer feel a bit overwhelmed.
Thankfully though, we’re here to demystify Martech and help B2B marketers harness the opportunities it can provide for businesses.
So, what is Martech exactly?
Martech is merely a hybrid term blending the words ‘marketing’ and ‘technology’; a catchphrase marketers use when talking about the software and tools they leverage to plan, execute and measure a marketing campaign.
In simple terms, Martech is used to automate or streamline marketing processes, collect and analyse data and provide a means of reaching and engaging with a target audience; ultimately driving more conversions and sales for a business. The collection of tools a company uses for its marketing processes is known as a Martech stack. Depending on the business objectives, some companies have complex Martech stacks whereas others like to keep it to the essentials. However, one thing remains the same. A complete Martech stack should address each stage in the marketing cycle.
The benefits of investing in a Martech stack are endless, but include:
- On-going, real time acquisition and analysis of data
- Powers automation; saving time and money
- Enables personalisation and tailored experiences
So why aren’t more B2B marketers confident in using Martech?
1. Martech is too complex
Wrong. It doesn’t need to be. Even if they don’t know it, the majority of B2B marketers will already have a basic understanding of Martech tools and may even already be using them. They’ve probably already heard of (and are possibly using) Facebook insights, Google Analytics and MailChimp, for instance. It’s true that some businesses have highly complicated and sophisticated Martech stacks in place to implement their marketing strategies, but the majority of businesses do get by, and even excel, using a few carefully selected tools. Depending on your business objectives, a small number of tools may be all you need.
2. It’s far too expensive
Case studies outlining the vast sums of money companies have invested into the success of their Martech strategy are all over the internet. Not to mention the hefty price tag that most ‘big’ Martech providers come with. While there’s no doubt that some Martech stacks are pricey, there is also an abundance of tools on the market which are low cost or even free to use. The trick is to maximise the tools you have and don’t buy any new technology that you don’t need.
That way, even the smallest business can have a streamlined Martech stack that is both impactful and budget friendly.
3. It’s time consuming
This is correct on some level. Introducing any new technology will always require some time investment, whether it’s learning how to use the tool yourself or ensuring it is adapted across a company. However, after initial set up, your Martech stack should either make efficiencies and free up time for your team, create new leads and revenue streams or both. If your Martech stack isn’t providing this value, you may be using the wrong tools.
A B2B success story
Nestlé Purina Petcare owns some of the biggest pet food brands globally. Brand recognition is no issue for the Purina Animal Nutrition business, however, convincing farmers that its premium feed brand is valuable can sometimes prove more of a challenge.
Prior to implementing Salesforce with the help of Marketing 360, a third party company was supporting Purina on its email campaigns. The approach wasn’t specific, with all customers receiving the same email and little or no segmentation despite the significant difference in their needs and requirements. With the aid of Salesforce and Marketing 360, an automated segmentation strategy helped Purina Animal Nutrition target B2B prospects with relevant and focused content. It meant that customers received tailored messages; seeing the right information at the right time. In fact, open rates of emails increased from 15% to as high as 28%, which shows how successfully relevant content and messages can resonate with the right audiences. And with Marketing Cloud, the company is now able to keep the sales team up to date on its email activity, leading to an even tighter communication loop. Furthermore, with better insight into what information is being shared and who is reading that content, Purina are focusing on the overall customer experience, to make its website and campaigns even more engaging.
A Martech fail
Companies shouldn’t be put off implementing Martech because they’re too afraid to fail. In fact, you can’t really fail with Martech. Testing new tools and Martech stacks is all part of figuring out what works best for your business – a learning experience some would say. The road to success is often challenging, but it’s about figuring out which technologies will give you the outcome most aligned to your business strategy.
Martech is a wide and varied topic that at first glance can seem complicated, expensive and time-consuming. However, by focusing on creating a streamlined stack, that has a solid and well-functioning foundation, this should in fact save time and money for your business.
Want to learn more? Discover more about the possibilities of martech, and how you can optimise your own stack, in the February issue of The Knowledge, available to download free here.