66% marketing teams have a Chief Marketing Technologist (CMT) in place as investment budgets. Marketing Technology (MarTech) has jumped from just 22% in 2017 to 29% making marketing technology. The single biggest investment area for marketing resources. This statistic was a consequence of a focused study that was conducted by Gartner in August. 2018 where they interviewed 621 marketing leaders spread across North America and the UK. Market research firm Hansa Cequity found out that marketers have increased investment. Due to the rise of contextual marketing and the convergence of MarTech and AdTech. Leading CMOs across various industries need to get a better understanding of their focus areas. And as their investments are under constant scrutiny. They need to continuously review their spending priorities and justify them. According to a Forrester Research report, investment in MarTech is likely to go up by 27% increasing the expenditure to more than $122 billion by 2022! Digital and mobile technologies are rapidly evolving and this is propelling the financial industry into a transformative and adaptable era. So now in order to be successful and remain relevant, marketers need to be able to consolidate. Their customer data from all their online and offline sources to create a consistent customer profile. This consolidation enables real-time decision making throughout the long-term customer lifecycle. Allow the marketers to interact with their audience over multiple channels with a consistent message.
Data-Centric ApproachThe amount of data that will be gathered is overwhelming and for this reason. It is vital that the data be managed properly, responsibly and in an organized fashion. Data needs to be complete, accurate, relevant, consistent, timely. Usable and meaningful for it to help in the growth of the organization. Data collection, management, and other such difficult processes are made easier by the implementation of a martech technology stack. For the uninitiated, in order to conduct and improve marketing activities, marketers leverage the various technologies at their disposal by grouping them into a marketing technology stack. This helps in measuring the impact of marketing activities and driving efficient spending.
Different Marketing TechnologiesIt is vital to know which marketing technologies are foundational and which should be applied first when assembling a marketing technology stack. There are some technologies that are essential:
- Content Management System (CMS)
- Analysis and Insights
- Optimization of Experiences
- Social Media
- Search Engine Optimization (SEO)