As technology continues to change, the techniques with which business must adapt with, go beyond having the latest and greatest computer or the most sophisticated fire-wall. How we promote ourselves in the marketplace has also ebbed into technical phases that only a few years ago didn’t exist.
MarTech is the blending of marketing and technology. The term “MarTech” really applies to concepts that utilize technology to achieve marketing goals. These things can be as simple and basic as email to video automation and management and a litany of things in between. Choosing a technology partner used to be fairly simple. If we go back to as recent as 2011, only a few hundred marketing technology companies existed. Fast forward to 2019 and more than 5,000 MarTech companies are providing businesses options to promote their goods and services all across the world. With that many companies to choose from, how in the world do you navigate the MarTech landscape to get your own business message to the masses?
Here are 13 different types of MarTech models could use and some tips in choosing how to determine a vender for any or all:
Analytics and Tracking; Tag Management; Marketing Automation; Customer Relationship Manager (CRM); Data Management Platform (DMP); Content Delivery Network (CDN); Conversion Optimization; Campaign Management; Email Marketing; Mobile Optimization; Advertising Networks; Remarketing, and; Search Engine Marketing.
- Stick with the necessities – Purchase the technology that your business needs not the things that look pretty. Choose the things that are your must have features vs. the things you want. Do these pieces work hand-in-hand with your core and/or any customer relationship management tool that you have in place? And in what order should they be prioritized. The right pieces in the right places can make or break your marketing.
- Ask around – Will there be more folks than just yourself involved in this process? Vet the needs of the entire organization before beginning. After you have all of the appropriate information gathered, then ask around some more, but this time with industry folks who may have worked with vendors that you’re interested in. Do your homework and ask the questions. A little leg work in the beginning saves a lot of pain-staking clean-up for changes in the middle. Consider the recommendations that you receive and who gave them to you, as well. Jot this information down and create a graph or a report of sorts and really complete that homework before making your choice in an overpopulated arena of MarTech companies. Really evaluate the recommendations you receive.
- Consider cost – Companies offer a wide variety of services. Some MarTech companies offer a bundled package while others offer ala carte options. Make certain that you’re weighing the value of what you need vs. what you are purchasing. It’s possible that the bundled price seems like a great deal but is packed with services you don’t really need. Compare it to a fast-food value meal…do you really want all of that or can you simply grab the burger and fries that you want and avoid the extra packaging and cost? Pay attention. We don’t always get what we pay for. What is it that your organization really wants? You should only pay for just that.
We’ve learned through the years that technology changes and it does so, quickly. We’ve all adjusted to this in a host of ways and the opportunity to learn and adapt new ways to market to the world is just getting started in digital land. Bank marketers, get ready to be more “in-the-know” than ever before! Gone are the days of sketching print ads only to be replaced by spreading your messaging in a million and one ways in the blink of an eye!
Woletz is Vice President Marketing at First National Community Bank, New Richmond, and a member of the WBA Marketing Committee.