Marketing Technology is an ecosystem of sales and marketing tools connected to track and engage customer throughout their journey via website, apps, emails, messaging, offline visits, calls and more. The term “MarTech” encompasses all the software and technologies that allow marketers to build communication with customers and potential customers in the online and offline space at any stage of a customer journey.
Marketing technology has evolved continuously over the years. In the last few years, the focus has moved to use of tools and technologies in identifying the Customer Journey and creating, designing, and managing it. MarTech today is also enabling marketers to get away from the ‘spray-and-pray’ mode and to engage with customers as individuals. Today, technology is helping us put the customer right at the centre of business or in other words, becoming more customer-centric.
Marketing today is simply impossible without marketing technology. Every organization needs to master at least the basics of MarTech, and any organization that wishes to excel must become a sophisticated MarTech consumer. Education in MarTech acquisition and deployment is essential to meeting these goals.
Founder and CEO, CDP Institute
There has been a phenomenal growth in various MarTech stacks over the last decade and many MarTech firms and technology platforms have driven this innovation. Today, the MarTech landscape has over 8,000 solutions, with new product launches and integrations happening at a very fast pace. For e.g. CRM (Customer Relationship Managment) which was one of the most sought-after solutions a few years ago has now been overtaken by emerging platforms like Cloud Computing and Marketing Automation. Businesses are planning to increase investment in emerging technologies like Artificial Intelligence and Machine Learning followed by IoT and Augmented Reality & Virtual Reality (AR/VR).
Apart from Customer Engagement, MarTech is also making a huge impact in areas like Brand Building, Product Development, Lead Generation and Cost Optimisation. With the right MarTech stack, businesses are moving towards the age of hyper personalisation and real time engagement with their customers. With MarTech solutions, marketing today is as much science as it’s an art.