The road to building a successful Martech stack can be difficult, and many start-ups give up before they even get started. Most of the challenges are a result of the hugely fragmented market for MarTech solutions. You can find thousands of solutions for every tech niche you can think of, but in most cases, only a handful of them will fit into your stack. While it is true that the market is fragmented, it is also true that that is the most exciting part of MarTech. In this guide, we’ll review how to create a Martech stack that will help you build a successful tech company.
Why Should You Be Careful While Building Your MarTech Stack?
In the beginning, there were emails. Email alone was enough to make your sales team feel like they had everything they needed to work the phones for hours at a time. And then came social media, which made the world social again but didn’t help anyone close deals. (Except maybe if you were a celebrity.) But as time passed, the world started to change. Social media became less about sharing cat videos and more about sharing news and information. People were looking for answers, not just entertainment. At the same time, businesses realized that the customer experience was the new battleground for sales. It was no longer enough to send out emails and hope customers responded.
According to a recent survey, most companies have a MarTech stack. However, there are multiple layers of marketing technologies in use, and the number is growing. This availability of options means that it’s challenging to determine which technology vendors are appropriate for your company, and it’s hard to know which ones meet your specific needs. But before you can start choosing vendors, you need to know what to look for and how to create the appropriate strategy for implementing MarTech technology.
But as time passed, the world started to change.
A MarTech Stack forms the foundation of any modern marketing operation. Without it, marketers can’t launch new campaigns, track the results, and optimize future strategy. It can also be a big, expensive beast, as building one usually requires a combination of CRM, analytics, MarTech, and marketing automation tools. This post looks at the high-level components of a MarTech stack and review strategies to get these components in place.
Creating an effective stack of technologies enables a seamless experience for both customers and marketers, resulting in increased marketing operations efficiencies. However, you must ensure that the communication between tools takes place in a logical and frictionless manner.
What Constitutes A Good MarTech Stack?
The right marketing technology stack is a critical component for a successful marketing automation strategy. In essence—it’s what powers your marketing activities. It’s your link between your marketing and sales departments, it’s your data storage, it’s your tracking mechanism, and it’s your real-time analysis and reporting tool. But what is the secret to building a good MarTech stack that will allow you to make data-driven decisions?
A good stack will help you effectively tackle marketing challenges across the customer lifecycle. It will help you through all the stages of a customer journey, including awareness, consideration, purchase, and loyalty. Let us see the types of tools that can help you in each of these stages.
Awareness is the stage when you reach out to potential customers through advertising and outreach. Traditional forms of advertising and awareness generation are slowly becoming less effective than digital forms. This decline’s primary reason is that the digital platforms provide more targeted advertising than the traditional forms. The digital form also allows for aligning your outreach plans to what your potential customers are looking for. It is also easier to measure the effectiveness of your outreach and advertising campaigns digitally.
Marketing technology plays a significant role in the buyer journey’s consideration stage by providing easier access to information about a company and its products. The solution uses machine learning to generate personalized product recommendations to users automatically. It also offers one of the best marketing automation tools available on the market.
Marketing technology helps in the consideration stage as it allows the organization to understand buyer behavior, segmentation, and demand for products. The technology enables organizations to identify the needs, wants, and desires of their customers. The marketing technology helps the organization communicate better with its customers, help them customize products and services, and help in the decision-making process.
While your marketing stack has already done most of the work, they can help purchase processes smoother and more frictionless for the customers. Through personalization and integration, the marketing tools you choose can ensure that customers can complete the entire purchase process as efficiently as possible from the time they decide to purchase.
Technology has always played a significant role in the customer experience. Whether it’s using your customer’s email address to segment their newsfeed or sending out an automated email triggered on their initial visit, technology is the foundation for creating loyalty. In the past, physical stores and companies relied on physical touchpoints to encourage customer loyalty, such as handing out loyalty cards or stickers or hosting signing events.
Technology has played an essential role in the training and support of customer service agents. It can provide agents with pertinent information they need to handle customer queries in real-time, rather than searching through the archives for that data. It also allows for tracking metrics that can gauge the effectiveness of the training agents have received.
Key Component of the Stack
Let’s broadly identify the tools that can for the part of an effective marketing technology stack.
Content Management System (CMS)
A CMS is an essential component that helps organizations manage all their content needs. From websites to mobile applications, CMS’s use has become widespread in digital content creation and delivery. It not only helps establish brand identity and serve as the place to convey business information, but it also anchors your content marketing efforts. The CMS market will grow to $41.5 billion in 2022. This rise is from $31.5 billion in 2017. An increasing number of organizations embrace digital platforms to increase revenue by fuelling their digital marketing through a CMS. Such adoption is further fuelling the growth. A CMS platform also helps your marketing team align their messages and strategies to customer expectations without developers’ dependencies.
Customer Relationship Management (CRM) Tools
CRM is a business strategy for managing an organization’s interactions with current and potential customers. CRM tools allow you to manage interactions with customers, prospective customers, company employees, and suppliers through channels such as call centers, email, social media, websites, and retail-based outlets. It uses tools such as contact-management software and marketing automation. CRM systems add tremendous value to your marketing initiatives, and the success and wide adoption of applications like Salesforce are a testament to their power.
Another crucial area for better customer relations is customer service. This area is seeing a fast-paced transformation given the evolving technology landscape. The advances in Artificial Intelligence (AI) and Machine Learning (ML) has given rise to conversational and intelligent tools, especially chatbots. These advances are powering the customer interaction across the spectrum and marketing life cycle.
Social Media Marketing & Email Marketing Tools
Social media has become crucial for marketing and branding in the technology sector, but how can you use it to make your marketing more successful? That’s a good question. Social media tools can help you reach a broad audience efficiently. You can also use these tools to learn about your users, thus making your message more powerful and targeted.
Fortunately, there are various tools out there that can help you monitor, manage, and boost your social presence, from scheduling and posting to engagement and analytics. From the platform-specific to the general, here are some of the best social media marketing tools that will make your job easier.
Email marketing tools are changing the way that businesses and marketers approach email marketing. The rise of these services means that marketers can now send more targeted, personalized, and engaging emails to their subscriber lists. These tools provide businesses with the data they need to make informed decisions about their email marketing campaigns.
Email marketing is one of the most effective ways of communicating with an audience, but it can be challenging work since email marketing tools can help you manage and nurture your email subscribers. Inbound email marketing tools help to segment your email marketing databases, track email marketing effectiveness, manage a contact list, and more, taking a lot of the grunt work out of email marketing.
Analytics & Optimization Tools
Marketers’ reliance on analytics tools has become paramount to their marketing campaigns’ success. These tools ensure a capable, scalable, and adaptable marketing technology stack that can take on the ever-changing digital advertising landscape.
You can optimize marketing campaigns in several ways, and the best way to do that is with data from analytics. Adobe did a study to find that 52% of marketers have difficulties in accurately measuring their ROI. Lack of this information creates frustration. With analytics, you can determine how well your campaigns are doing and what can improve them. For example, you can track how many people visited the site, how long they stayed, how they navigated the site, and how many people took the desired action. This information can help you determine what works and what doesn’t, what needs to be changed, and how to do that.
Approaches to Build the MarTech Stack
There are two approaches to building your MarTech stack; use a single, monolithic solution that covers the entire spectrum, or piece together a solution by combining multiple, specialized solutions. The first option provides one vendor to manage, but it means that you will have to pay for technology you may not utilize. It can quickly become too expensive and difficult to maintain and scale as the business environment changes.
The alternative is to include each piece separately, but that means you will need to address each vendor individually. This approach immediately gives you the flexibility to add and remove any specialized solution as your business needs change. However, integration is the vital element of this approach. Unless all the solution constituents work together seamlessly, it won’t be easy to gather real-time insights and automate your processes.
There is a third approach, which is to start from nothing and build from the ground up. As many marketers have discovered, this approach creates the most comprehensive and elegant solution, though it is also the most difficult.
There are thousands of vendors fighting for your attention and your business. How do you build your technology stack? Most experts agree that you should start by thinking about the business challenge you are facing and then consulting a trusted advisor to help you find the right partner. Laying out a detailed project plan and establishing KPI’s early in the process is also vital. Agility is the key, keeping in mind the pace of technology and business changes. Hence, the key to build a resilient Martech stack is to iterate and build the stack incrementally. The iterative nature will allow you to ensure that the tools you are adopting generate the benefits you envisaged.
The Integration Challenge
With so many tools and technology layers, you will end up with multiple disparate tools if you choose to build your technology stack piece by piece. Having a wide array of tools that don’t communicate seamlessly will not serve your purpose. It may end up creating more challenges for you. Hence, ensuring that you enable
To Sum Up
Building a technology stack for increasing the effectiveness of your marketing function is not an easy task. With growing options of tools, determining which ones are right for you is a difficult decision. Add to it the fast pace of the evolution of technology, and you need to ensure that your stack is evolving too.
Building the right stack with the right experts’ help allows you to be agile in responding to changes in customer expectations, generate healthy RoI, and ensure business growth. We have helped numerous organizations optimize their technology stacks. We would be happy to discuss how you can optimize your technology investments to strengthen your marketing functions. Please get in touch with us via email or the form below. Our consultant will get in touch with you to further discuss your requirements.