“MarTech.” It’s a term that’s become increasingly commonplace in business circles, but what does it actually mean?
In short, Martech is a catch-all term that refers to software or tools that are used for marketing purposes.
This can include everything from email marketing platforms to social media management tools to customer relationship management (CRM) software and more.
MarTech is essential for businesses that want to stay competitive in today’s digital landscape considering marketing technology (Mar-Tech) spend is forecasted to hit $21.14 billion this year in the US alone.
Here’s a more in-depth look at why MarTech is so important and the top tools for your MarTech stack in 2023.
Latest MarTech Statistics 2023
US spend on MarTech tools will hit $21.14 billion this year, up 14.3% from 2021.
Despite a dip in growth, MarTech spend will continue to rise by double-digit rates through the end of eMarketer’s forecast period in 2024.
B2C spend on MarTech is higher but slower-growing than that of B2B, per eMarketer’s estimates. B2C companies will invest $14.54 billion this year compared with B2Bs’ $6.59 billion.
B2C MarTech spend is concentrated among a few key providers: 40% to 50% of this year’s total will go to Adobe, Oracle, and Salesforce.
*Source: eMarketer, October 2022
Top MarTech Features
According to a November 2022 study by Lotame, “Beyond the Cookie: Next-Generation Customer Acquisition & Retention for Marketers and Publishers,” conducted by PureSpectrum, these are the top tech features marketers are planning to adopt this year in their MarTech stack:
Top AdTech Features
From the same survey, here are the top AdTech features marketers plan to adopt this year:
Top MarTech Solutions 2023
Now that you have a better understanding of what MarTech technologies can do and how they can benefit your business, let’s take a look at some of the top MarTech tools for 2023.
Jasper is the AI Content Platform that helps you and your team break through creative blocks to create amazing, original content 10X faster.
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Brand24 is a powerful, award-winning media monitoring app and social listening tool that helps you get instant access to online mentions togrow customer satisfaction and sales.
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Lasso makes it easy to manage links, create product displays, and increase your affiliate income.
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For modern marketers, leveraging data is the key to brand growth. Which is why more advertisers are prioritizing the value of the open internet. Unlike walled gardens, the open internet lets you use data to grow your audience across the widest range of websites, apps, podcasts, streaming TV platforms, and more — comparing performance openly and objectively.
Marketing Technology Growth
As MarTech continues to grow, tech giants like Microsoft and Google have been investing heavily in the space.
Microsoft has acquired LinkedIn and Netflix with plans to double the size of its ad business from $10 to $20 billion a year in revenue.
Meanwhile, Google acquired Looker for $2.6 billion, within the same category as Tableau and Power BI by Microsoft, in order to further expand its marketing technology offering.
This increased focus from tech giants highlights how important MarTech is becoming for businesses of all sizes.
Evolving Marketing Technology
Gen Z adults (ages 18 to 25) have grown up in the world of YouTube and TikTok where short-form videos are the norm.
They decide instantly whether to invest their time and attention in content. They skip content—including ads—that doesn’t interest or entertain them. But attention spans are declining across all ages, studies show.
This means that businesses must be more creative and efficient with their marketing strategies.
Digital Marketing Innovation
One way to do this is by using MarTech tools to capture the attention of Gen Z and other short-attention-span audiences.
This is where MarTech comes into play. MarTech technologies help businesses deliver the right message to the right audience at the right time.
It also enables marketers to save time by automating mundane and time-sensitive tasks to focus energy on a data-driven marketing strategy.
A MarTech stack can include tools for marketing automation, marketing campaigns, personalization, customer experience, sales, strategy, advertising, content marketing, customer data, insights, and more.
What is MarTech?
MarTech describes marketing platforms used to improve sales performance and achieve goals. The company uses technology to plan, manage, and track campaigns. It is basically designed to ease the job duties of marketing professionals.
What does MarTech stand for?
Marketing technology, known as MarTech, refers to marketing software and tools. MarTech has become increasingly popular among marketers for business insights, automation, advertising, strategy, content, and more.
What is a marketing technology platform?
Marketing technology, or marketing software and platforms (MarTech), are tools used by a business to improve its marketing efforts.
MarTech tools are used in creating, managing, and monitoring digital marketing campaigns and experiences.
What is a Marketing Technology (MarTech) Stack?
A marketing technology (MarTech) stack is the collection of software and tools used to manage a company’s marketing efforts.
It can include everything from content management systems, analytics and reporting tools, customer relationship management systems, advertising platforms, email automation programs, competitor insights, social media management solutions, search engine optimization, and more.
The goal is to improve marketing efficiency and effectiveness across all channels to reach customers better.
What are some examples of MarTech technology?
Some examples of MarTech technology include:
- Content Management Systems (CMS)
- Customer Relationship Management (CRM)
- Advertising Platforms (AdTech)
- Email Automation Tools
- Social Media Management Solutions
- Analytics & Reporting Software
- Marketing Automation Programs
MarTech is an essential tool for businesses that want to stay competitive in today’s digital landscape.
By leveraging the power of marketing technology, businesses can reach a larger audience, boost their sales, and improve overall marketing performance.