Today’s business environment is extremely competitive, dominant and crowded. Every organisation is working hard to develop an ideal market strategy in order to differentiate itself from the competition. Marketing is made up of various processes; however it is important to unite them by establishing effective and smooth communication to be succeeded. Pace of technological world and automation are today’s key to a successful marketing strategy. Hence ideal answer, to take this challenge is MarTech.

MarTech is “Marketing Technology” which comprises various software and tools used to assist and optimize marketing goals. It’s estimated there are over 6,800 marketing technology solutions available from over 6,200 vendors. These set of software and tools are known as “MarTech stack”.

MarTech stack

It is a cluster of different tools and software specially built for various marketing operations. This cluster looks at whole consumer journey. Company can draw in, interact with, comprehend, and convert clients with the help of a complete MarTech stack. It covers all the elements to guarantee that company interacting with the appropriate audience at the appropriate point in the sales funnel.

MarTech brings integration.

Company tools must be compatible with its current technology and operate well together. This is why both the IT department and the marketing team should be involved in creating a marketing stack. Whatever the company’s requirements, it’s crucial to work closely with IT to select the best solutions and make sure their deployment won’t significantly affect regular business operations.

MarTech centralizes the data

Preventing data duplication or the use of many data sources by tools is a critical component of integration. To maintain data integrity, there should ideally be a single, centralised data gathering point that feeds into all of companies MarTech solutions.

MarTech provides Real-time processing

In today’s fast-paced world, companies can only thrive if the data they rely on for marketing is regularly updated. Using real-time data allows company to respond to its consumers’ demands more swiftly. Unless in any unique situation where all consumers are in one location, Company want to make absolutely sure that its MarTech stack enables to communicate with them through a succession of completely integrated interactions across numerous platforms. The right tools should make it easier to decide when and where to approach each particular consumer.

Data insights and analysis

Are essential for getting the most out of the tools at company’s disposal and determining where to concentrate its efforts. MarTech stack should give company with these insights. This may involve lead scoring, calculating the ROI for various initiatives, or performing any other type of data analysis.

What technology works best for the company, it has to be scalable and flexible so that it can change along with the company and its marketing plan. Low-tech, straightforward solutions could work for small enterprises, but when these companies expand, it needs to install MarTech stack to match their expansion.

Prof. Vaikhari Patil,
SRBS- Management Institute

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