By Jess Matthewman, Head of Innovation and International Development
MarTech. Most of us agree that for marketers, it’s very important and very much a ‘big deal’, but it certainly does cause a lot of confusion. The trouble is, there is so much jargon and misconception out there that it is difficult to understand exactly why it is important and what it can do for your business. In this blog, I’ll try to uncover some of the MarTech myths that cause the most trouble and give you some tips for getting started with your own MarTech journey.
First things first though, what is MarTech?
‘MarTech’ is short for Marketing Technology. (One of those lovely words that probably didn’t need creating, but there it is alongside FinTech, Brexit and Kimye…) It applies to any tool that is designed to work within or help the marketing process. A MarTech ‘stack’ is the term for a group of these tools which a company uses
They are commonly categorised into tools which relate to:.
- Advertising and Promotion
- Content and Experience
- Social Media and Relationships
- Commerce and Sales
There are also subheadings within these categories, which mean the scope of ‘MarTech’ is huge: from marketing automation tools (which allows us to program tasks that would’ve previously needed to be executed manually) to content management tools (which allow us to design and schedule posts for social media, for example) there is a tool for every step of the marketing journey.
So, it’s not surprising that it can feel quite overwhelming. Recently, I attended the B2B Marketing #GetStacked conference and the running joke through the conference was that the most commonly used infographic about MarTech, which was designed to act as a simple guide when it was first created in 2011, is now so big it only makes it seem more confusing:
Let’s be honest, no one is going to read that.
So, let’s debunk through some of the biggest worries and misconceptions in MarTech and look at what can actually be done to make the most of it:
Myth 1: MarTech is expensive
It’s easy to see why many people think this is the case. Big case studies outlining the vast sums of money invested in MarTech and the high returns are all over the internet, plus many of the most famous providers come with a hefty price tag.
Remember though: these bigger players certainly know how to market themselves. As the giant infographic suggests, there are many tools which are low cost and even free to use – the trick is to maximise these tools and don’t be tempted to buy any technology you do not need. That way even the smallest business can have a streamlined stack that is impactful and budget friendly.
Myth 2: MarTech is complex
Again, our helpful infographic probably has some of the blame for this myth, but while some businesses do have highly complicated MarTech stacks in place, the majority get by (and even excel) using a select few tools. You probably already have MarTech tools in place but might not realise it: Facebook insights, Google Analytics, MailChimp… all these count as marketing technology and, depending on your business objectives, may be all you need.
So my top tip here is to avoid being sucked in by the number of new options and simply focus on what you already have, how these programs speak to each other and making sure this is optimised to get maximum impact. Once these tools are excellently integrated and running well, you will easily see where there are any gaps that you need to fill – otherwise don’t bother.
Myth 3: MarTech is time consuming
Implementing any new technology will always require a level of time investment; whether this is simply learning how to use it a tool yourself or ensuring it is adapted by an entire team. And some MarTech tools will need specialist attention, or require additional time to go through the data they provide or time to follow-up with leads…
However, they key thing to remember here is that after the initial time investment to get set-up, your MarTech stack should either make efficiencies and free up time for your team, create new leads and revenue streams, or both. If your MarTech stack is not providing this value, the issue is not that the tools are inherently time wasting, but that you are using the wrong tools.
In summary, MarTech is a wide and varied topic that at first glance can seem complicated, expensive and time-consuming. However, by focusing on creating a streamlined stack, that has a solid and well-functioning foundation, this should in fact save time and money for your business.
So there you have it, three myths about MarTech that have hopefully been busted and some tips for getting started too. If you have any questions or want to discuss how Hattrick can help you manage your MarTech, feel free to get in touch!