MarTech is Here! Do You Know Your Stack?
Welcome to the world of marketing technology (martech), which is a very complex ecosystem and can be quite daunting. Not to mention the fact that the industry continues to grow rapidly year after year, with over 3.5k vendors around today.
So, what in the world is a “Stack” anyway?
Pretty much, a martech stack is a group of technologies or software tools that marketers use to streamline, automate and measure their marketing activities.
One way to think about this topic is by comparing it to apps you download to your phone. Even though there are a lot of apps out there, you only download a select group for your own personal use (a mini app stack, if you will). This helps to streamline your day to day usage and more efficiently engage with people.
This same principle can be applied to marketers and their martech stack. Instead of downloading to a phone, companies will gradually acquire new technologies—integrating them together to help fuel their business needs.
Why should your business care?
Whether you’re familiar with the term or not, you should care because chances are that you already have a martech stack of your own; it’s simply the collection of services and technologies that you use to improve your marketing.
But, it’s no secret that modern marketing is increasingly incorporating more and more technical knowledge—like understanding sophisticated and impactful data connections. Because of this, it’s important to know whether your stack is too complex to work right. In order to understand the complexity of your stack, you must take into account all marketing technologies you’re using and how your data flows between them.
Bottom line: the MarTech stack is here to stay.
Even the who’s who of marketing like Bill Macaitis, CMO at Slack mirrors the importance of Marketing Tech:
A robust marketing tech stack is a powerful resource to deliver a great experience. There is great software right now that allows you to target the right people, test messages and experiences that work, score leads so you understand when is the right time to reach out to them, nurture people through the buying process and onboard them successfully into your product. (source)
Now you know how what a martech stack is and why it’s important to build out your marketing technologies and grab control of your data. If you’re interested in learning more, be sure to keep an eye out for our next blog: Marketing Tech 101: Foundational building blocks & Getting Started, where we dive deeper into how to set up your own marketing stack.