Marketing Technology Stack: Pairing Strategy with Technology
“Most brands and marketers only utilize 15% of technologies and capabilities they are already paying for, so the focus should not be in the number of technologies that need to adopted, but in “applying” them to solve business needs and changing consumer behaviors.”
– Mayur Gupta, SVP, Head of Digital Capabilities & OmniChannel Business, Healthgrades
In the last decade, marketing has gone through several major transformations. Marketers are ditching outbound marketing tactics and are adopting inbound marketing strategies. This has paved way to more marketing dollars being spent on online digital avenues as opposed to traditional offline marketing channels. Since the success of inbound marketing strategy is heavily dependent on the technology that helps automate these marketing efforts, marketers are on the hunt for new technologies they can adapt to make the most of their marketing efforts.
What is a Marketing Technology Stack?
A marketing technology stack is a grouping of technologies marketers leverage to conduct their marketing activities. The goal of marketing technologies, or “martech,” is to make complicated processes easier and, ultimately, measure the impact of marketing activities. They can be customized depending on the size and needs of your business. A marketer’s technology stack may include:
- An email marketing platform like Mailchimp
- A social media scheduling tool like Hootsuite
- CRM software like Salesforce or HubSpot
- Analytics tools like Google Analytics for tracking various marketing efforts
Why Create Marketing Technology Stacks?
One of the primary goals of marketers is to ensure they are creating efficient and effective marketing strategies. Having the right marketing technology will not only help to automate laborious tasks, but it will also help you achieve more with less by providing actionable insights into the performance of these marketing strategies. Additionally, this technology will help you align your marketing strategy with your consumer’s interests and pain points to provide the best user experience possible.
What Tools Should I Include in My Marketing Technology Stack?
A common obstacle many marketers face is building a technology stack that doesn’t compliment their marketing strategy—54% of senior marketers reported in a recent CMO Council study that they weren’t sure whether their current marketing strategy was producing tangible business value. While there is no single template for building an effective marketing technology stack, there are five key features your stack should have:
- Integrations: Your marketing technology should work well together to be effective. Find solutions that offer APIs that easily integrate with your core technology, such as your CRM and analytics platform.
- A single source of data: To maintain the integrity of your data, you need a single data source that provides a complete customer view.
- Real-time information: Fast processing and real-time computing that allows you to gather real-time customer information and act on it.
- Data that provides attribution: This will enable you to attribute the success of your marketing campaigns to a specific marketing initiative.
- Ability to reach customers: Your stack should include tools that allow you to engage with your customers across multiple channels.
How to Create a Marketing Technology Stack
Although technology stacks vary from company to company, the process of building the stack pretty much remains the same. We at Lucid Agency follow the simple steps below to create a robust marketing technology stack.
- Analyze the marketing and business goals: We conduct a workshop in which we derive the core marketing and business goals of the organization.
- Audit the current stack: Once we understand the organization’s business goals, we will assess its existing marketing tech stack and identify any gaps or redundancies in the current technology.
- Plan out the new technology stack: After identifying the gaps in the current stack, we will research and plan a new technology stack that aligns with the marketing and business goals of the organization.
- Execute and set up success criteria: The final step is to build the stack and determine the criteria we will use to evaluate the success of the marketing efforts.
Benefits of Adopting a Marketing Technology Stack
There are several advantages to utilizing a marketing technology stack as part of your marketing strategy. Some key benefits include:
- Improved customer experience at every touchpoint with your business.
- Craft a personalized buying experience that boots conversion and retention rates.
- Gather customer data that offers your business valuable insights.
- Track key marketing metrics and campaign results in real-time.
- Test and execute new marketing strategies.
- Stronger customer/brand relationships over time.
Which Technologies Are Best for Me?
In order to identify which technologies best suits your business’ marketing stack, you need to first analyze your business and marketing goals as well as identify any gaps in the current marketing strategy. This overview will allow you to determine which technologies will lead to the best customer experience and improve your marketing activities.
At Lucid Agency, our Business Analysis team is well-equipped with the necessary tools and knowledge to conduct such analysis and has consulted various clients in building their marketing technology stack. If you are ready to elevate your marketing strategies to the next level by equipping yourself with the best-suited marketing technology, contact me at [email protected].
“What is marketing technology (Martech)? (n.d.).”, Retrieved from Bynder, Accessed: 07 Nov, 2019
“Marketing Technology Landscape Supergraphic (2019): Martech 5000” Retrieved from MarTech Daily, Accessed: 07 Nov, 2019
“How to Audit your Martech Stack using 6 essential categories of Martech”, Retrieved from Smart Insights, Accessed: 07 Nov, 2019
“Why You Need A Marketing Technology Strategy” Retrieved from MarTech Daily, Accessed: 07 Nov, 2019
“Marketers are spending more on technology and less on people”, Retrieved from CNBC’s Marketing Media Money, Accessed: 07 Nov, 2019