Welcome to the Wonderful World of TechTech
After a while, the terms all start sounding a little silly…. Fintech, LegalTech, HRTech, CustomerTech, MarTech…. what the HeckTech, how about TechTech.
In effect, what we have here are a bunch of terms that are being used to define what has been evolving across every conceivable sector of business for the past decade. This to say that, as technology continues to pervade every aspect of our lives, we need to make it perfectly clear that we’re in it for the TechTech.
Today, we at Campaign Precision proudly call ourselves a MarTech company. We’re now one among some 5,000+ other Martech companies out there using the term.
Not so long ago, we called ourselves a digital agency. Then we became a digital branding company. We then concluded we should really call ourselves a digital marketing company. We then felt the need for a substantive twist, and became a digital marketing company, driven by brand insights — a fairly accurate descriptor.
And yet, today, if you go to our website, we describe ourselves as a digital marketing and advanced analytics firm, driven by brand strategy and insights – a mouthful, but an even more accurate descriptor.
And yet, today, we are a MarTech Company. So what gives…
MarTech, short for Marketing Technology, is the term for the software and tech tools “marketers leverage to plan, execute, and measure marketing campaigns”. The tools are generally developed and used to automate or otherwise streamline marketing processes, collect and analyze data, and provide various means of reaching and engaging a client’s target audiences.
And that’s just what we do. So in that sense, we’re a Martech company.
Otherwise said, everything we do is designed to efficiently and effectively “reinforce the relationship between a Campaign Precision client’s brand and its customers”.
To give you a more detailed explanation of MarTech, the following is straight from the Internet…
The suite of tools a company leverages for marketing processes is known as the Martech Stack, best understood in the context of the four technology layers in the enterprise digital marketing architecture.
These layers include (from the bottom to the top):
Enterprise Data Foundation – This foundation consists of business intelligence, analytics, and customer and product data.
Major Marketing Technology Platforms – These technologies include other foundational components, such as digital asset management, marketing automation, social media engagement, and web content management, that fuel higher-level technologies and services.
Prototypical Marketing and Sales Services – These technologies rely on the layers below to streamline the execution of specific functions, such as e-commerce management, content delivery networks, online video platforms, and self-service portals. Note that these technologies all require content in some form.
Major Channels – This top layer includes the many channels through which marketers carry out marketing strategies to engage their target audience, such as email, mobile, social, television, print, websites, and even kiosks. In the context of the buyer’s journey, these channels are touchpoints.
Hence, on our Campaign Precision website home page we also say…
“Campaign Precision…. from Brand to Enterprise Back Office”
In other words, we are able to leverage the entire Martech Stack in ways that will ultimately reinforce the relationship between our client’s brand and its customers.
According to the latest Gartner CMO Spend Survey, Martech is now the single most significant area of investment for marketing resources and programs, and ate up nearly a third of marketing budgets.
To give you a sense of how the funds have been allocated, the same survey states that CMOs last year spent an average of 25 percent of their martech budget on the following three channels:
Search (11.2 percent)
Email (5.9 percent)
Website (7.6 percent) and
Analytics (8.9 percent)
Standard fare for Campaign Precision, representing only the tip of the iceberg. We don’t see it in the survey but believe social media plays and increasingly important role, too.
But there’s another important dimension here…
MarTech largely focuses on automating processes. These can be repetitive, low level services or sophisticated ones like media buying.
The implications are significant in that a percentage of heretofore marketing / advertising agency services can now be taken “in-house” by a client. If you’re a MarTech company, this is generally a win-win. Campaign Precision develops more and more automated MarTech product solutions that benefit its clients (see Campaign Platform on our website). The solutions are efficient, largely automated, and inexpensive. Thus, we provide a cost effective and efficient solution for our client that generates a recurring revenue for us.
Should You Care about MarTech?
We think so. While the world’s biggest brands will continue to spend billions across all major media, including television, outdoor and MarTech, most small and medium size enterprises (SMEs) will focus increasingly on MarTech because of its unequaled cost efficiency and effectiveness.