Martech market is growing and hit USD 121.5 Billion worldwide
In the era of the digital economy, businesses are taking advantage of a wide variety of digital capabilities to remain competitive and achieve greater efficiencies in the industry. MarTech, which merges marketing and technology, has become a new trend for marketers to perform their marketing activities. MarTech consists of a broad mix of software applications, analytic tools, and emerging technology such as AI and machine learning to help on optimising media spend.
According to a global report (Martech:2020 and Beyond), the marketing technology industry, Martech is worth more than USD121.5 Billion. In general, the Martech budgets are increasing, mainly driven by the consumer appetite for digital technology. The brands in North America and the UK have been estimated to contribute to a combined market size of USD65.9 Billion for 2019, 25.8% higher than USD 52.4 Billion in 2018. The marketing budget expenses are observing a shifting trend from other resources (Labour, Paid Media and Agencies) to Martech.
From the figure above, it is observed that MarTech received the most budget from the Chief Marketing Officers (CMOs) in North America and the UK. It is interesting to note that, MarTech was the lowest among other marketing expenses in 2017, however, managed to get the highest budget allocation (an additional 7% increase) in 2018 while other resources were reduced in budget received.
Understanding Martech Tools in the market
In this day and age, given the variety of Martech tools out there, marketers should be aware of the new technology and upskill their staff to utilise the technology altogether. This will ensure the return of investment of Martech. Although creativity is one of the essential skills in the marketing industry, yet multiple brands and agencies have noticed an increasing trend of data skills associated with the use of Martech.
Below are the 7 Martech tools that you need to know:
1. Content Marketing Tools
Content marketing tools include a content management system (CMS), a primary tool and software for web publishing. It is generally used to host a company website, blog or native content. Some examples of CMS are Drupal, WordPress and Joomla.
- Search Engine Optimisation Tools (SEO)
SEO is useful for data gathering on keywords and competitors. SEO will help to boost the website traffic from a search engine such as Ubersuggest and Coveo.
- Content Marketing Platforms (CMP)
CMP often helps the marketers on creating a marketing strategy and analyse the content of marketing just like the Marketo, HubSpot and Skyword.
2. Rich Media Tools
Rich media tools are importantly used to edit the marketing videos and audio aspects of content. Below are different types of rich media tool with some examples, which can help in creating and editing videos quickly. Rich media tools also allow people to promote their videos on respective platforms using interactive content tools.
There are some of the social media tools listed below for marketers to have better management on their social media as well as monitoring and influencer marketing tools. Social media tools are a great platform to connect marketers with the audience.
3. Social Media Tools
There are some of the social media tools listed below for marketers to have better management on their social media as well as monitoring and influencer marketing tools. Social media tools are a great platform to connect marketers with the audience.
4. Marketing Automation Platforms & Tools
Different types of marketing automation tool are listed as followed to enhance user experience. Marketing automation is a software that can be used to streamlines and automates various repetitive tasks, where email marketing tools mainly focus on the email aspect of marketing.
5. Advertising Platforms & Tools
Advertising platforms shown as below, are used to manage the social media advertisements efficiently. For example, SEM can efficiently manage search engine campaigns, while social media advertising tools help to manage social media advertisements.
6. Sales Enablement Tools
Sales software is another useful tool which can help to manage the sales management process. There are mainly three tools for sales management, which are shown below. Sales automation and CRM platforms are used for better contract management.
7. Data & Analytics Platforms
To sort out various data analytics in a time-saving way, data and analytics platforms should be utilised, such as CDP and DMP. Below are some of the examples of different platforms that are primarily used to improve advertisement productivity.
In a nutshell, digital technology has found to have an unexpected effect on the marketing industry. This is mainly due to the fact that digital transformation will bring a significant impact on interactivity, unlike those traditional media such as film, television and music. Marketers can now better promote their brand as well as analyse the customer’s needs more efficiently and accurately by using marketing technology tools. As a result, CMOs around the world are innovatively shifting their marketing business through the MarTech tools.
Written by Yu Ting Tan, Consultant at 27 Advisory, obtained her bachelor’s degree in the field of Chemical Engineering (Honours) at Monash University. She is interested in nanotechnology as well as the consulting field and wishes to gain more experience in these areas to help people afford a better quality of life.
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