What Role Does Martech Play in Your Marketing Budget?
Martech is short for marketing technology. It refers to the software that marketers use to optimize their marketing strategy, achieve their objectives and improve performance. A Martech stack is used to refer to a grouping of marketing technologies that a business uses. These technologies improve both the time and cost efficiencies of businesses as they allow for automation, to take care of time consuming and repetitive tasks.
Marketing is very competitive for businesses, and it is essential for you to keep up to date with the latest marketing technologies. Otherwise, you will fall behind your competitors. As technology advances, the difference between businesses that use the latest technologies and those that don’t will grow larger and larger. It is essential for the success of your business to ensure that you include Martech in your marketing budget.
Here are some of the technologies that you should implement in your marketing budget to see the best results for your campaign.
Consumer Data Platform:
Your business should ensure there is space in your budget for a consumer data platform (CDP). A CDP provides you with one centralized database that stores customer data that has been collected from a variety of interactions with your product or service. This database will gain insight into how your customers interact with your company. By storing data on customer interactions on places such as social media, email, and your website. AI technology can then be used to sort through all this data and construct a customer profile that’s easily segmented. The AI will then have an in depth understanding of the customer, allowing for personalized advertising. The AI will also automate messages to be used in a way that best attracts the customer. By including CDP into your budget, you will in turn see an increase conversion rate and profit margin.
Retargeting or remarketing refers to online advertising to users who have already previously visited your site. It is extremely beneficial to include it in your marketing budget as it can drastically increase your conversion rates and ROI. This can be done by using Google Remarketing, where you add a Google Remarketing code to your website, and browser cookies are used to store information. This information consists of who visits your website, what they look at and what they search for. These users can then be retargeted by presenting them with an advertisement whilst they browse the web, watch a YouTube video or read the news. Remarketing ads have a higher click-through rate and conversion rate than typical display ads because people have a much higher chance of purchasing a product that they are already familiar with. Furthermore, this technology can be used to create several different Google Remarketing lists, to directly target specific audiences based on the consumer data that you have stored.
Your marketing campaign should also budget for insight generation technology. There are many different technologies that you can use for insight generations. It is ultimately up to you to select the one, or multiple technologies that work best for your purpose. Insight generation will present you with valuable insights on the data that you have stored in your database for a campaign. By gaining insights on the complex datasets that you have, you can effectively and efficiently understand your marketing campaign. One key feature this will have is it will allow you to analyze the performance of your campaign and easily comprehend what is working well. You will be able to visualise where your money is going and determine whether changes need to be made to your campaign.
As technology progresses, Martech is being used more and more in the marketing industry. These technologies allow for automation to quickly complete the repetitive time-consuming tasks and in turn, increase your companies time efficiency, cost efficiency and available resources. To ensure you keep up with the competitive industry and your competitors, it is essential that you implement marketing technologies into your campaign budget. Consumer data platform, retargeting and insight generation are all good great technologies that you should ensure you have room for in your budget. This is because they have the potential to increase your conversion rate, increase your profit, and ensure you keep up with your competitors.
By Struan Thomson