What is a MarTech stack and why is it vital to any successful marketing strategy?
In this article, we will discuss:
What does your MarTech stack look like?
Whether you're aware of it or not, if you're a marketer, it's likely you're already working with a MarTech stack. With the number of software solutions available up +24% from 2020 and a huge +6521% since 2011, it’s challenging to keep on top of the consolidations, exits and newcomers into the MarTech space. We've helped hundreds of clients build an efficient MarTech stack, saving them money (and headaches).
In this article, we endeavour to share some insights to assist you in navigating the MarTech space.
What is MarTech?
MarTech, or Marketing Technology, refers to software solutions, tools and technologies that optimise marketing campaigns throughout the various stages of the user journey. When applied correctly, MarTech supports marketers in achieving their business objectives and goals.
Why is MarTech important?
MarTech enables businesses to market in a smarter, more efficient way. Whether it's data analysis, automation, measurement, creation, or any other aspect of digital marketing, MarTech allows you to scale those efforts, meet targets and optimise the customer journey for increased ROI. It keeps you ahead of fresh marketing trends, methods for measurement and data collection and allows for collaboration across multiple teams; it would be impossible to match the scale of MarTech outputs manually.
What is a MarTech stack?
A MarTech stack is a combination or set of software solutions and technologies designed to help you meet your marketing objectives as efficiently as possible. These tools unite to cover every aspect of the marketing process; one tool is not enough, especially at the enterprise level. However, MarTech stacks need to be planned thoughtfully with software solutions that communicate with each other, to provide the most benefit and allow for scalable outputs.
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The key components of MarTech stacks
MarTech stack requirements differ between businesses, however, there are some key essentials that every good MarTech stack should feature:
- Content management
- Social media management
- Customer relationship management (CRM)
- Email marketing
- Marketing automation
- Website analytics
- Lead management
- Conversion rate optimisation (CRO)
- Search engine optimisation (SEO)
The above list is not exhaustive. Depending on your business and marketing objectives, you may also require additional pieces to complete your MarTech stack.
01
Define your strategy
needs.
——
Sit down with your marketing team and go over your strategy. What are your objectives? For example, you would like to convert more website visitors. From here, you know that you will need software that allows you to A/B test new designs and content. That is one objective. Now repeat this process for all your marketing goals until you have a complete list.
02
Identify gaps in your
existing stack.
——
If you already have a MarTech stack, you’ll need to identify its shortcomings. For example, you want to convert more visitors to your website, and already have a platform that allows for A/B testing of different imagery and copy. However, there’s a disconnect because your content management system doesn’t allow team members to easily make the necessary changes. Therefore, it's a gap in your stack.
03
Bring stakeholders into
the conversation.
——
While your company's stakeholders may not have the same marketing knowledge as you and your team, it's important to include them in discussions at an early stage to flag any issues or opportunities that affect other teams and to receive their input on investing in the solutions you need. Have your list of needs and current gaps in your stack ready to discuss.
04
Consider your ROI and
avoid a 'frankenstack'.
——
When you don’t plan your MarTech stack carefully, it can result in the dreaded 'frankenstack' - a collection of tools that don’t communicate with each other and overlap with the same capabilities. It's not just a waste of money and a hit to your ROI; it can often cause confusion and become redundant when there is no holistic view of your campaigns and data.
The State of MarTech in Australia 2023
The online marketing landscape continues to evolve at a rapid pace. We surveyed a group of marketing leaders in Australia to see how they’re taking advantage of new technologies to drive remarkable results.
Curate a MarTech stack that covers the eight stages of the user journey
Our digital marketing experts have identified eight stages of the user journey with the corresponding tech capabilities to consider when putting together a MarTech stack:
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The massive scale and rapid rate of change in the MarTech landscape presents an endless amount of software solutions available for your business.
The choice is a complex one, so we've made the job easier for you by creating the MarTech Capability Matrix. Download it to view the MarTech capabilities categorised and aligned against a common user journey.
Stack inspirations
Still in the research phase and need some stack inspiration? Look no further than the Marketing Tech Stack Awards (also known as The Stackies) for prize-winning MarTech stacks.
Held yearly, organisations enter by submitting a visual of their stack. The submissions are for public viewing so if you’re still optimising your stack, research the award for examples from companies in a similar industry to your own.
We're here to help and offer a range of technology solutions, including consulting, selection, configuration and support to assist you in creating the perfect MarTech stack for your business.
