[Term of the Day]:MarTech

[Term of the Day]:MarTech

Term of the Day 
 

MarTech 

 

Definition — What is Martech?


The term MarTech is the convergence of Marketing and Technology, it generally refers to online marketing. Martech is one of the most rapidly growing sectors. It has helped completely transform the way Marketing departments operate and has helped push forward technological innovations in the workplace. It consists of the marketing tools used to plan and measure marketing campaigns. This may involve any number of hardware, software, and mobile applications and services. Martech tools are used to automate and streamline different marketing processes. They can help collect and analyze data, which provides a business with insight on how to engage with their target audience. A grouping of marketing technologies is called a MarTech Stack, which refers to a series of marketing technologies that manage a single channel or task. A stack can contain up to 10 technologies — also called Point Solutions. Back in 2015, Scott Brinker, the founder of MarTech, released a graphic with the growth of MarTech tools being added to the MarTech landscape over time. Earlier, there were only 150  MarTech tools, and today, there are over 7000. With all of these new tools being added to the Marketing Technology landscape, it’s clear that MarTech is becoming indispensable to marketers, there’s clearly no shortage of marketing tools that they can add to their Martech Stack. 

 

Here are some basic building blocks that should go into every Martech stack:

  • Email marketing :

  • Customer Relationship Management (CRM):
  • Marketing Automation Platform:

  • Mobile marketing tools and apps:
  • Content Management System (CMS):

  • Website Analytics:

  • Social Media: 
MarTech is now valued at an estimated $15.5 billion. That is an average year-on-year increase of 18% from the year 2019 to 2021.