Running the marketing department of a marketing technology company puts you in a unique position; not only are you trying to sell to your target market, you’re also a part of it. The role generally means testing marketing strategies that would influence you, as a marketer, to take an action while also learning about new technologies that can help you grow your business.
There’s no better place to learn about new strategies and marketing technologies than at the MarTech Conference. Scott Brinker, Program Chair of the MarTech Conference and Editor of chiefmartech.com, led off the conference with the presentation of the 2017 Marketing Technology Landscape Supergraphic, an annually published infographic that shows the vast amount of available marketing technologies.
The Growth Of The Marketing Technology Industry
The marketing technology sector continues to see astonishing growth. There are now approximately 5,000 companies offering marketing technologies. That’s a 40% growth in the sector from 2016.
The companies in the sector are comprised of about seven percent enterprise companies that have more than 1,000 employees or are publicly traded, 44 percent small to medium size businesses and 49 percent are considered to be investor-backed startups. Any way you look at it, a marketing professional has a lot of choices when it comes to what solutions to implement.
Because of the need for specialization, growth in the marketing technology landscape makes sense. In fact, the Walker Sands State of Marketing Technology Report 2017 revealed that marketers are happiest when they are using an integrated best-of-breed marketing technology architecture.
What’s A Marketer To Do?
The explosion of marketing technology certainly makes it an exciting time to be a marketer, but what’s a marketer to do in light of all the potential technologies to use and the fast changing landscape?
First, build the core of your marketing stack on a strong customer relationship management system (CRM) and a robust marketing automation platform (MAP). Once you have those in place, make the most of what you have. A solid CRM and MAP can increase your efficiency and take your marketing strategy to the next level.
Second, use point solutions to fill any remaining gaps in your CRM and MAP capabilities. These smaller point solutions tend to be newer and more innovative than what you might find in a big unified martech suite. These companies may have exactly what you need to deliver the marketing results you need. Stick to the more established companies, they might have turnkey integrations for your CRM or MAP and in the event of marketing technology industry fallout, have a better chance of making it. Not all 5,000 companies are going to survive. The last thing you want to do is rip out something that is fully integrated with your other marketing technologies.
Finally, continue down your personal road of becoming a better data-driven marketer through understanding and using the great marketing technology available to drive business results. Marketers who can effectively identify and utilize these new martech solutions are going to be very valuable in the brave new world of marketing technology.