A Marketing Technology Stack, or the ‘Martech Stack’, can vary in size and density, depending on the size and needs of the business. Because of the value provided by a Martech Stack, the space is in the middle of exponential growth. A number of channels are available, and the number of tech vendors is mind-boggling. Data from 2011 shows about 150 companies geared towards furthering their marketing technology, while 2016 has seen close to 4,000, and investment in the space expected to see a CAGR of 12.5% . This is due to fact that Martech helps marketers evolve with the ever changing needs of their customers. With the tools included in the stack, marketers can get the right message in front of the right customers, at the right time. The services of a modern marketer, in 2017, include using a stack of tools to deliver relevant and personalized content to new customers, convert leads, and help companies better bottom lines. That results in higher ROI and a happy leadership. Sharing the following statistics might help you with this job.
- The marketing tech industry has seen an average annual growth of 180%, increasing from 200 companies in 2011, to more than 4000 in 2017
- A survey reports that 50 to 65% of marketing executives plan on spending more on marketing technology in the coming year, including 28% who plan to increase spending by 25%
- Upwards of $50B has been invested in marketing technologies, and there were $6B in investments and acquisitions alone in the last three months of 2015
- Marketing software spending is set to reach $32B+ by 2018
- CMOs will outspend CIOs by 2017
- Number of Marketing automation companies stands at 83 in 2015
- On average, 49% of companies are currently using marketing automation, and more than half of B2B companies (55%) are adopting the technology
- 27% of CMOs were concerned with staying ahead and taking advantage of digital technology trends, such as the marketing technology stack
- Businesses that use marketing automation to nurture prospects experience a 451% increase in qualified leads
- A 2016 report found that 51% of organizations use 21 or more digital marketing solutions—a 42% increase from three years ago
- The rise of marketing technology has created new role: the chief marketing technologist. Large companies with $500 million+ revenue now have a CMT and more are expected to add one in a year
- 87% of marketers believe Martech is improving marketing performance at their companies
What this means for marketers
- The Martech Stack is not a trend, it’s here to stay-
Competitors are already improving their efficiency using their Martech stacks, and those who continue to wait will only fall behind. Now is the time to craft your approach to a marketing stack.
- Homework to be done-
A company’s marketing stack should be structured to meet the company’s unique objectives. Before purchasing components of a stack, think about which tool would help you the most in accomplishing your goals, and then start building your stack with what helps you reach them.
- Data is to be shared-
Once your stack is in place, insights need to be shared beyond the marketing department. Share it with sales, customer service and business development departments as the statistics produced from the stack are valuable. Put your stack to work for different departments so the overall customer experience is improved.
Who wouldn’t want a system that benefits and helps with efficiency in keeping track of your marketing duties. With this methodology you can achieve more in less time, and that plays a significant role in helping you achieve your goals.