What Is Marketing Technology And How Can It Help Your Business?
The business sector has undergone significant changes thanks to recent technological advancements. One of these changes is the shift from traditional marketing to digital marketing. Traditional marketing involves billboards and printed media, such as newspapers and magazines, whereas digital marketing uses social media and websites.
Digital marketing has multiple benefits, including global audience reach, lower costs, better engagement, Digital Marketing has multiple benefits, including global audience reach, lower costs, better engagement, support of various content types, and trackable results. Digital marketing is also easy to learn and helps in lead generation. However, it isn’t an assurance that your business will enjoy all its benefits.
Marketing technology is available in different types, such as customer relationship management, analytics, and others. It has several benefits that can help your business. This post discusses marketing technology in detail by providing its definition, types, as well as ways it can help your business. Continue reading to learn more.
What Is Marketing Technology?
Market technology, also known as MarTech, is software solutions, tools, or technology used to achieve a business’s marketing objectives and goals. Since this technology is constantly evolving, keeping tabs on which MarTech vendor you need for your specific use can be challenging. If that is the case, the MarTech capability matrix will come in handy to help you understand marketing technology and choose the right vendor for your needs.
There are various types of marketing technology that you can incorporate into your business. Here are some of them:
- Customer Relation Management
As the name suggests, customer relation management (CRM) deals with the relationships you have with your clients. You can track orders made, payments, and customer communication to ensure a good relationship. As a result, you’ll know which areas to work on to guarantee customer satisfaction and loyalty.
Additionally, you can use a CRM alternative: lead management software. What differentiates these two tools is that CRM deals with current customers while lead management software focuses on your target market who have yet to purchase from you.
As mentioned earlier, there are goals you want to achieve from marketing your business. Analytics help you understand the impact of your marketing campaigns by getting data about returns on investment (ROI).
- Social Media
You can market your business on social media platforms. However, it can be challenging to operate on different platforms simultaneously. Luckily, there are specific marketing technology tools that can make things easier for you. Some tasks they can perform are automating post schedules, cross-posting content on different platforms, and resizing pictures. As a result, it’ll be easy to manage your business’s social media accounts, respond to your audience, and post content.
- Search Engine Optimization
One way that people can learn about your business is through your website. Search engine optimization (SEO) software helps your products rank higher in customer search engine results by analyzing the keywords doing well in your business field. Therefore, you can add these keywords to your content to attract more traffic to your site.
- Content Management
Be ready for content management if you use content creation to promote your business. With content management tools, you can easily create, review, update, tag, edit, and search for content. Using these tools can help you better manage your marketing content.
How Marketing Technology Can Help Your Business
We’ve provided you with some types of marketing technology. However, you may still be curious about the benefits they’ll bring to your business. We’ve listed some down for you:
- Increased Efficiency
Marketing technology automates laborious marketing tasks such as posting content on different platforms, following post schedules, and resizing marketing images. As a result, you’ll spend less time completing more marketing tasks, leading to more customer attraction and sales. You can also use the saved time to focus on other things that can benefit your business, such as how to offer timely delivery to your parents.
Moreover, less dependence on labor reduces the urgency to get more employees in your business. As a result, you’ll save money that would have been used to pay salaries. You can invest this money in things that can help your business grow.
- Build Business Relations
The existence of marketing technology software, such as search engine optimization, makes it easy for people to learn about your business. You can also use this opportunity to learn about other businesses whose services you may require.
For instance, if you’re an online business, you may require warehousing services to manage and store your inventory and logistics service providers to deliver your products to clients. These business-to-business (B2B) relations will help you meet and satisfy your customer needs, leading to increased sales and traffic due to good reviews.
- Have Better Customer Relations
Marketing can’t help if you target the wrong group or don’t know the proper way of addressing your audience. Thanks to marketing technology, you can collect and organize data to know which people are interested in or relate to your products and services. For instance, you can see the people who like your content on your social media accounts. You can look at the similarities of these people to better understand your target audience.
Additionally, you can see the type of content they like more based on likes, shares, reactions, and many more. This allows you to better understand the type of content that works for your business; thus, you must work towards creating more similar kinds of content.
- Determine The ROI Of Your Marketing Strategies
You need to invest in areas that give you the expected returns or more for your business to grow. Otherwise, if your investments aren’t adding value to your business, you can stop wasting that money and use it on better things.
Marketing is an investment because you do it to attract more customers to increase your sales. Thanks to marketing technology—analytics, to be specific—you can see which marketing activities are effective and which aren’t.
If you use influencers to promote your business, you can determine the additional sales generated from them through affiliate marketing software. Similarly, you can check how your social media activities play a role in meeting your business goals. After you get your ROI, you can compare your marketing activities and decide to allocate more resources to the activities that are a success and less to those that aren’t as effective.
Wrapping It Up
Business is one of the fields that are benefitting from technological advancement. Today, businesses use digital marketing instead of traditional marketing as it offers various benefits, including international audience reach, minimized costs, increased customer engagement, and many more. Furthermore, using various marketing technology types can improve digital marketing efficiency.
Marketing technology aims to help you achieve your marketing goals. If you’re looking for ways to grow your business, you can use this article to understand what marketing technology is all about and how it can help your business. All the best!