Marketing tech is maturing rapidly and money continues to flow in from the investment community. Almost 4,000 companies are now part of the marketing technology landscape, a huge leap from the 150 itemized back in 2011.
Generally, money spent on online advertising is done via Google or Facebook. The two behemoths have locked down the bulk of digital advertising — an estimated 85 cents of every new dollar spent.
Marketing Technology vs. Advertising Technology
However, dollars spent advertising to workplaces don’t necessarily go to Google or Facebook. Rather, they go to enterprise companies that specialize in marketing technology, rather than ad tech.
One basic difference between marketing tech and ad tech is their respective target audiences. While the target segments of marketing tech are known (existing) customers, ad tech looks to reach anonymous audiences.
Marketing tech forms the entire gamut of marketing, which also includes SEO, design, creative, and CRM platforms. Marketing tech is all about understanding existing customers by optimizing the available data.
Room to Grow: In a recent study, 23% of companies surveyed said that they are
not currently using marketing software, but are planning to use it in the future.
In essence, marketing tech can be described as advanced CRM. At times, the leads are known, while other times they have been ‘cookied’ and appear in a database. As such, a record of past behavior does exit, making it possible to customize communications.
Who’s using marketing technology? A LinkedIn survey of marketing professionals around the world found that marketers in the tech sector were more likely to be further along in their adoption of marketing technology.
One reason for tech marketers’ early tech adoption could be the fact that the tech marketers surveyed were far more likely to work for business-to-business firms, which have been cited as early adopters of marketing tech. About eight in 10 tech marketers surveyed by LinkedIn worked for a B2B, vs. 51% of nontech marketers.
Big Data and Marketing Technology: The Connection
Big Data is providing marketing tech with crucial insights into which content is the most effective at each stage of a sales cycle, improving CRM systems as a result. In addition, Big Data makes it possible to strategize ways for increasing conversion rates; prospect engagement; revenue and customer lifetime value. For cloud-based enterprise software companies, Big Data facilitates access to actionable information into how to lower the Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), and manage many other customer-driven metrics essential to running a cloud-based business.
Trending: Big Data’s effect on the marketing technology sector has been profound.
Data collection and storage into data banks is just part of the process of getting raw data. This information needs to be presented in ways that make sense to marketers.
Companies such as SQream Technologies are providing GPU-based Big Data analytics database solutions that enable marketing tech companies to ingest huge amounts of online streamed data, process and analyze it against years of historical archived data, in near real-time. SQream’s GPU db also accelerates visualizers’ performance, providing marketing technology companies with the long awaited for technology that can leverage their competitive advantage in regards to buying, optimizing, and tracking all their existing media. SQream’s patented technology enables more data to be analyzed, faster – on less hardware – 100 terabytes of data can be handled in a 2U server – turning it into the most cost-effective big data analytics solution for Marketing Technology companies.
Offering flexibility and simplicity, SQream’s solutions can either be cloud based, on-premise, or a hybrid combination of both.
To thrive, digital marketing technologies will have to mature to the point that they are able to address enterprise business strategies. According to one recent study, only 35 percent of enterprises have optimized their technologies. In the future, Big Data software vendors such as SQream Technologies will prove vital in improving overall satisfaction with digital marketing strategies, including digital marketing clouds. Increasingly, Big Data technologies are being used in marketing tech in a number of innovative ways, such as monitoring online trends to make informed decisions on strategy; optimizing buyer engagement at the ideal time; understanding content so as to increase sales and engage in predictive analysis.