Have you heard of MarTech? Maybe you heard the term “Marketing Technology”. The short form is “MarTech”. The technology resources that enhance the marketing campaigns at various levels are collectively called as Martech. As an industry, MarTech is growing fast in an upward direction.
The marketing landscape has changed to digital platforms including online portals and social media in the recent years. Without any technology, marketing has become tough these days. In monetary terms, Marketing Technology industry reached $22.6 billion in 2015 and expected to cross $32 billion in 2018. This is a remarkable achievement in the 21st Century.
These MarTech tools are widely developed and used for digital and online marketing. The help of technology completely changes the marketing approach in these platforms. Many times, the technology decides the marketing technique to use in a particular area.
Based on a research in 2015, which involves 1876 companies from 43 categories, MarTech has a Year-over-year growth of 170%. According to it, 68% of the marketing executives plan to spend more on marketing technology to improve their exposure to this industry and 28% of them are about to increase the spend by over 25%.
Out of all MarTech tools, the analytical tools are the most helpful, which evidently have an impact on decision making. Nearly 76% of the marketing executives, agreed that the analytical data influenced their decision making. Though most of the marketing executives are positive about the MarTech, a 51% of them feel that their marketing tools are not helpful to them. It doesn’t mean they are neglecting them, but maybe they are looking for the perfect tools for them.
As an important note, this industry is gathering talents from other fields such as programming, communications, business etc. There are five key skills pointed out by the experts to achieve success in this field. They are marketing strategy and positioning, target market identification, web design, CRM systems and platforms, and ability to persuade and negotiate.
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