Marketing technology, an amalgamation of marketing and technology, is used to assist marketing teams and it is also used to optimize offline marketing plans. Marketing technology has mostly been used in the sphere of digital marketing. Meaning, any individual who is virtually involved in marketing is dealing with marketing technology. In simple words, the term “MarTech” applies to major initiatives, efforts, and tools that incorporate technology to achieve the marketing goals.
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Need and Benefits of MarTech Platforms Will Never Fade!
Marketing Technology is greatly beneficial for any organization because martech works towards making the marketing process extremely efficient and effective. The automation of marketing tasks with the help of marketing technology helps reduce the number of man-hours required to execute the same. This means that a greater number of tasks can be achieved with a smaller number of people and less time – a great lift for lean teams and smaller companies trying to scale rapidly. Apart from this, martech also provides a comprehensive insight into your marketing efforts’ Return of Investment. This can help the marketing team analyze the strategies and scale down the ones that are not helping the company and scale up the efforts maximizing the cost per customer acquisition.
It also helps in the retention of customers. Marketing technology also helps increase engagement because it can help reach out to the specific target audience that is a potential customer to a brand, this would be a difficult task otherwise. For instance, with LinkedIn Ads’ help, a specific job title can have a greater number of engagements because the marketing message is built to meet a specific persona, a specific target audience.
Recent Prominent MarTech Acquisitions: Changing the martech game
The marketing technology sector has grown substantially in recent decades. There were only 150 marketing technology companies in 2011, and as of 2019, roughly 7040 prominent MarTech firms are said to be actively offering their martech products services as comprehensive solutions. The recent years have seen several marketing technology companies being acquired by other SaaS and software businesses. To name a few top highlights: –
- Salesforce, a global leader in CRM, acquired CloudCraze, a leading B2B commerce platform. During the 2017 holiday shopping season, Salesforce powered the experience of more than 540 million consumers across some of the world’s top brands. With the addition of CloudCraze, the customers were able to experience the same from a single platform. The acquisition enabled Salesforce to shift to digital commerce.
- SAP acquired Callidus software for a value of $2.4 billion. Callidus is a company that offers lead-to-money applications, including sales performance management and CPQ. This acquisition yielded a differentiated, cloud-based CRM solution.
- Adobe acquired Magento for $1.68 billion. This acquisition provided Adobe with a missing E-commerce platform component that works in B2B and C2C contexts. This fit perfectly in the companies experienced cloud suite and was a benefit for the company’s customer experience.
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These marketing technology trends suggest that the top MarTech companies are not shying away from acquiring SaaS firms to provide end to end solutions and meet growing customer needs.
Leading MarTech Platforms to Watch Out for
Mentioned below are some of the most prominent MarTech platforms that are transforming the market today:
B2B marketers are prioritizing content marketing to help boost customer awareness and knowledge. The biggest challenge faced by them is to find the perfect content. ContentGrow, unlike generic content marketplaces, has a team behind which handpicks talent and matches them per the project.
HubSpot is a free platform (with paid services as well) and allows you to collect and store customer data on an ongoing basis. It helps you store things like browsing activities, customer support chats, and purchases. As marketers need to understand their buyers clearly, a solid CRM system can help achieve this and HubSpot can have you covered. On top of that, it can also provide free marketing tools such as forms, email marketing, and landing pages; a good deal for smaller startups and companies still building out their marketing operations and teams.
Treasure Data helps businesses unify individual profiles and discover important buying signals. It is important that big businesses having complex customer data set have a dedicated customer data platform. This, in turn, helps marketers deliver personalized customer experiences.
Crisp is a very straightforward live chat app for websites. The free version of Crisp allows a company to look at the user’s browsing activities on the website. This can give the marketing team an idea about who they are and what they are trying to achieve without asking too many questions. More advanced features like chatbots, Slack integrations, and analytics are available on the paid version.
It is clean, secure, and easy to set up. Its free version already allows the company to use a custom business email address for up to five users with an ad-free experience. This can be greatly beneficial when bulk emails are to be sent out.
By integrating marketing functions with the latest technological tools, these MarTech enterprises enhance the efficiency of the marketing departments for leading global enterprises.