September 7, 2018
The first time I heard someone dropping terms such as Martech and marketing technology, my jaws touched the floor. Honestly, I had never really heard of anything like that so far.
I tried to intently join in the conversation to learn more about it but since I had no basic knowledge about the concept itself, I was at a big loss. I vowed to get on to someone more knowledgeable but was not in a position. Finally, I checked on the internet and made my own notes.
So, what is it exactly?
Simply put, Marketing technology is the use of technology for the purpose of marketing. Pray, do not confuse this with the advertising of the brand. In a way, it integrates advertising but Martech is bigger in scope than advertising of a brand alone.
It involves using the software as a medium to market:
The scope is indeed very huge. It can include an email strategizing company to a social media-powered marketing company to a medium that collects and analyses important data relating to consumer behavior. Therefore it is safe to say that every piece of media that can be used by the company to reach to its consumers is called that.
How does it work?
Companies that want to leverage on consumer habits and behaviors hire specialized companies to develop aids and tools or to work on contracts to be able to gather and collate data that can be of use to such companies.
Say for example if I run a digital printing Glasgow, I would require information on what my customers require and what their frequent needs are. From this information, I can either create an inventory or make sure the delivery schedule of the most necessary items is in time for the demand.
Is it cost effective?
Vendors can offer to pay anything upward of $50000 to gather the required data. There are also other start-ups in the field that can charge anywhere between $5000 and $20000. It all depends on the budget but the lower budget companies also do a great job nonetheless.