Technology

According to Gartner's CMO Spend Survey 2018-2019, spending on martech jumped to 29% of a CMO's budget. In Gartner’s CMO Spend Survey 2019-2020, spending tapered to 26% but remains the single most significant expenditure within a CMO's budget.

The digital transformation has made now one of the most exciting times to ever be involved in marketing. In 2011 there were 150 martech solutions. Now, a mere nine years later, chiefmartec.com reports there are over 7,000 available solutions. 

Marketing leaders are also focused first and foremost on building their marketing and customer analytic capabilities, not because of a lack of focus on customer acquisition, retention, and growth but because marketing and customer analytics is the area most underdeveloped. The need to develop these capabilities is to deliver better outcomes in the core objectives of the marketing strategy.

Along with the digital transformation came "big data," and in today's world, the amount of data to contend with can be a bit like drinking out of a fire hose. To stay on top of the data, successfully engage with consumers, and boost ROI, the modern marketer needs a complete toolbox of technology available to them.

In almost all cases, companies have some level of technology implemented. Still, even if a company is a startup, the priority is to support a solid marketing strategy, and today support includes technology solutions for one or more areas of the customer journey. To be successful, a brand needs to provide the most appropriate content to a specific consumer in real-time, or near real-time.

After vetting an overall marketing strategy, the needs of the current inhouse processes and tools will begin to come into focus, as well as gaps in technology. While there is no one size fits all martech solution, there are eleven vital elements to consider. 

I won't go into the specifics of each element here, but if you would like to read more details about each element, you can click through to my article, Your Martech Isn't Complete Without These 11 Elements.

The Eleven Elements

1. Customer Data Platform (CDP)

2. Customer Relationship Management (CRM)

3. Content Management System (CMS)

4. Search Engine Optimization (SEO)

5. Advertising Technology (Adtech)

6. Conversion Technology

7. Email

8. Social Media

9. Automation Software

10.Analytics & Business Intelligence (BI)

11.Collaboration