While any given business may have and want to keep their own definition of Marketing, it is important to state that Capsolve’s definition for this article is an inclusive one. The definition of Marketing Technology (MarTech) stems from a broad inclusion of both the Sales and Marketing organizational functions in addition to the Information Technology and Human Resources required to support it. Furthermore, marketing occurs in all areas of the organization and a marketing department may influence the conversations that occur with the marketplace from every area of the company, such as Customer Service or even Collections.
A business needs to consider many facets when planning a MarTech Infrastructure and subsequently allow it to act as a guide toward the specific technologies that will eventually fulfill the organization’s underlying needs. As an example of this, we could manage our marketing data with paper, a spreadsheet, a database or a full fledged data management solution, among many other possibilities. What data you say? Marketing data may entail leads, prospects, customers, social profiles, DNC information, contact information, business information, marketing campaign data and many other sources such as operational system data able to influence your marketing programs.
Marketing Technology modules support marketing capabilities whether they originate from the marketing team or from another area of the organization. The potential solutions within each module and their level of sophistication will vary as a result of the business and the strategic justification for the investment. The ultimate solution may be formulated as an off-the-shelf solution, custom software or a service provided by another part of the organization or an agency.
A company’s goal to lead an industry or competitive segment with respect to one or more marketing capabilities is essential for it to thrive. Your business may choose what it wants to accomplish in this regard and then explore how to actually make it happen with existing or customer technology. Alternatively, it may first find a technology that fits within its strategic objectives and determine if the details of the solution are able to match its specific requirements. Either approach begins the development of a capability that the organization will continue to mature as its marketing sophistication increases based upon need.