MarTech, an abbreviation of the phrase Marketing Technology is used to refer to marketing initiatives that utilize new technological advancements in their marketing campaigns and efforts. The MarTech industry is on an upward trajectory and is expected to grow more favorably in the coming years.
Marketers ought to pay due attention to Marketing Technology if they wish to continue to stay in relevance with their marketing endeavors. Outdated marketing tools and methods will find themselves pushed into oblivion with the development of new MarTech.
Increasingly, MarTech is integrating into modern-day marketing. It is no longer possible to separate one from the other. Marketing is no longer effective unless you incorporate digital media too. The moment that you integrate digital media into your marketing operations, you are participating in MarTech, as you are utilizing digital technology.
In order for your marketing endeavors to pay off and bring you your desired results, you need to know exactly which tech tools and platforms have entered the market lately. Only then can you keep benefiting from your marketing efforts and stealing a march over your industry peers.
Growth Trajectory of MarTech
Worldwide spending on the MarTech industry was expected to reach $22.6 billion in 2015 and cross $32 billion by the year 2018. So, according to studies, a 50% growth was expected to register in as little time as three years. It should give you an approximate idea about how fast the MarTech industry space is growing and is expected to grow.
Basically, MarTech is born from the fusion of marketing and technology. You indulge in MarTech when you utilize the latest tools and technology to further your marketing goals and objectives. Digital marketers and online marketers are usually familiar with Marketing Technology, as they are required to use them for their marketing initiatives.
According to Scott Brinker’s 2015 marketing technology overview, there were 1,876 companies operating in the sector across 43 categories. A year-over-year growth of 170% was noticed. By 2015, 22 billion dollars had already been invested in the sector. About 65% of marketing executives intended to spend more on MarTech in the future, at the time. In fact, 28% of these marketers planned to hike their spending on marketing technology by a good 25%.
MarTech Data has been Benefiting Marketers
About 76% of marketers reported that analyzing marketing performance data for their business impacted their business decision-making process. However, 51% of marketing executives expressed discontentment at having the marketing tools available to them either loosely integrated or not integrated at all.
MarTech has been Drawing Talents from Other Industries too
Individuals working in the MarTech space do not necessarily have a background in traditional marketing. Close to 43% of MarTech employees used to work a technical or programming job before they joined the Marketing Technology industry. Another 33% of these people belong to a marketing or communications background.
In fact, even for the people engaged in MarTech – only 7% have “marketing technologist” as their job title. Job titles including marketing, business, and mention of technology dominate.
Important Skills Needed to Grow in the MarTech Industry Sector
The following skills are integral for achieving any amount of success in the MarTech industry, listed in order of rank –
- Knowing marketing strategy and how to conduct market positioning
- Being able to run target market identification
- Web-designing, both adaptive and responsive in nature
- Being able to operate CRM systems and platforms
- Knowing how to persuade and negotiate
Your knowledge and learning about MarTech need not end here. Check out this MarTech infographic brought to you by Wrike web based project management tool.