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What Is MarTech? Why It Matters for Your Business

by Kierstin Payne on August 17, 2020
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Want to succeed in sales and marketing? Looking for the secret to success for your business? Are you seeking the strategy that will be rocket fuel for your marketing while empowering your sales team to epic heights?

For many businesses, the answer to these goals is easier than you might think. The secret isn’t the latest sales program or a clever marketing trick, but a simple review of the tools and technology supporting your team.

The secret to unlocking the power and capability of your sales and marketing team is MarTech.

What Is MarTech?

MarTech, or marketing technology, is the software, technology and tools used by marketing and sales to meet business goals.Elevate your Marketing. Resources and Expertise at your Fingertips.

MarTech helps your sales and marketing team reach, engage and convert customers and prospects. It should streamline and automate processes so the team can do more, deliver results faster, and improve outcomes for every customer interaction. With MarTech, you should be able to collect, analyze and use data to optimize, improve and make better decisions.

Types of MarTech

With so many new tools and technologies on the market, MarTech has exploded in recent years.

Many current technologies can be considered MarTech. For example, basic tools like the CMS (Content Management System) for your website, your email manager and the CRM (Customer Relationship Management) system are aspects of your MarTech. Tools that can help with Search Engine Optimization (SEO) like Google Keyword Planner or ones that manage your social media campaigns are also MarTech.Dress like your business means it Corporate Apparel from GO2

There are several tool types that comprise MarTech. A point solution focuses on a single need of the business, like Google Analytics for tracking conversions, or a design program. Today, the number of point solutions on the market has exploded, as companies look to fill gaps in the conversion path for their customers.

A software platform encompassing several interconnected point solutions sharing a similar interface that are designed to be used together is known as a software suite. Systems like HubSpot, the Adobe product Marketo, and Salesforce are all popular MarTech platforms.

The entire collection of point solutions and suites used by a business is known as the MarTech stack. For most companies, this could mean a marketing platform supported by point solutions to fill in gaps in the tools and technology coverage.

What MarTech Means for Your Business

Every business uses MarTech in sales and marketing. The problem is, owning or using tools doesn’t instantly translate to success. Often, using the wrong tool, or one not designed for your need, can lead to subpar results or inefficiency. The tool works against the business goals. The key to success is having the right tools for your business, matching them to your goals, and then leveraging them to have an impact and deliver a sustainable return.

Business and markets change, and your marketing tools and technology need to adapt with it.

Benefits of MarTech for Business

Many companies haven’t taken the time to do a critical evaluation of their MarTech stack. They don’t know if their technology is having an impact or delivering a return. They evaluate the success of a campaign, and look at actual sales versus sales projection, never considering if the tools and technology sales and marketing are using has delivered the benefit the team needs.

Often, success is the result of factors outside of the MarTech. You find success despite the tools, rather than because of the tools.

When conducting an evaluation, here are the areas you can expect to benefit from MarTech:

Increased Efficiency

Automation in your MarTech can reduce the reliance of manual work for many tasks, allowing employees to focus on higher priority and more valuable work. With automation, your team can finish work faster and with fewer errors. You can get more done in less time and a lower cost.

Look at identifying the work or processes that are creating inefficiency, then find a point solution that can cover the need or fill the gap. Sometimes a simple app may be all you need, while other times a custom solution can transform your team.Your marketing goals in reach. Contact GO2 Digital Marketing today.

Another advantage of a powerful MarTech solution is clearly identifying roles on a team. Often, tasks and work will slip through the cracks. Team members are pulled in multiple directions trying to get work done. With the right solution, you can define roles and map out how goals can be met efficiently.

Data-driven Decisions

Sales and marketing are constantly generating data — email open rates, prospect engagement, customer questions — the problem for many companies is collecting and using that data. That’s where MarTech can help.

MarTech solutions are designed to collect and evaluate critical data. It provides a framework for generating and then accessing data. The solution should give business leaders the information they need to eliminate guesswork and make better decisions. By using the data you are already generating, you can constantly improve and see the impact of your work on sales.

Improved Collaboration

When everyone is working from the same system and using the same tools, collaboration is improved. The tools provide the connection between team members, improving communication and streamlining workflow.

Many tasks that were isolated in the past can be completed within the system, especially when using a software suite. For example, with HubSpot CMS (Content Management System), or CMS Hub as it is known, designers can load art resources for the developers to use in building a website. Copy can be loaded for web pages, and marketing managers can build campaigns around the content in the system.

MarTech bridges the gap between your sales and marketing resources, aligning team members with the business goals. Team members share resources and better track progress on projects.

Enhance Customer Relationships

Supported by the right technology, you can improve customer relationships. A CRM (Customer Relationship Management) system helps manage the customer and prospect relationship by providing a storehouse for critical information, and then tracking engagement and the relationship. Anyone on your team can quickly access information on the customer, eliminating the silos of data in the business that can build inefficiency and lead to lost business.

The CRM and your MarTech stack can also help you build out your buyer’s journey so you’re always working ahead of the customer, ensuring a smooth and delightful path to sales. You know the right questions to ask during a call, can access the tools you need during engagement, and know what the next step is in the process.

Sell More

With better access to customer information, sales can see opportunities for upselling and cross selling. Often, with the data and visibility of the customer provided by MarTech, savvy members of the sales team gain better insight into customers and can see additional problems the business can solve.Proven Results. Proven Techniques Sales Enablement with GO2 Partners

Automation and a linked CRM can also increase velocity in the sales process. You can provide information the customers need as they are considering options using an automated email marketing campaign. By evaluating and designing a buyer’s journey, you know the next question a prospect will have, and can position your business on top by providing the best answer.

Content can be grouped by the stage in the selling process, so sales have answers at the ready. Using the technology, you can more easily guide the prospect on the sales process.

Evaluating Your Marketing Technology

Every company is different, with different needs, unique customers and a distinct value add for prospects. This is why there is not a one-size-fits-all MarTech solution.

The problem for many companies is that as the market and business needs change, they may need a different MarTech solution. As more customers go online, you may need additional inbound marketing support rather than just email marketing. With a larger marketing team, you may need a new CRM that better suits both sales and marketing. A new website could mean a new CMS.

Just because marketing software worked in the past doesn’t mean it is providing the support you need to grow into the future. Sitting on a stale MarTech solution might be holding back your business.

It’s a good idea to work with a trusted partner to evaluate your sales and marketing needs. With outside perspective, they can help you select the tools and technology that work best for you. Their insight can lead to a better solution and better results for your business. The answer may be a single marketing platform, or it may be a mix of apps and point solutions. Many companies are now finding tremendous benefit from custom software solutions.

Contact the experts at GO2 if you have questions or would like to learn more about the marketing technology solutions we offer. We’re here to help.

Topics: Marketing, Marketing Execution, Managed Services, marketing technology, MarTech