Are Martech Tools Really Effective For Startups?

The majority of startups are small. However, when most people hear the term "startup," they envision unicorn firms with nearly limitless resources. A startup, according to LinkedIn[1], can have thousands of workers and hundreds of millions of dollars in investment. While that may be true, most startups aren't household brands like DoorDash or Robinhood, yet. 

Marketing technology is required for startups to plan, track, and optimize their digital marketing operations. However, the overwhelming number of alternatives may make developing an efficient marketing technology stack difficult. 

That's why we've focused this article on the efficient deployment of marketing technology (also known as martech) to assist startups like yours in making the most of their marketing resources and confronting those issues front on

See also: 3 Ways Tech is Helping Improve Mental Health

The Challenges

Although 68 percent[2] of companies utilize marketing technology tools, very few have a strategy for them. This is a concern since startups that do not have a marketing technology plan are four times more likely to claim their marketing technology does not achieve their company objectives. 

Another major challenge might be a lack of training or experience, which could lead to the overall complexity. It's also worth noting that firms who don't prepare ahead of time are typically dissatisfied with their technology—possibly because they wind up with tools that are too sophisticated or have too many functions.

The Solution

Developing a strong marketing technology stack may assist your team's productivity and improve all aspects of your marketing operations, from content to customer interactions. Here are some suggestions to guarantee that both are effective.

  • Create a strategy: Start with deciding the tools you'll need, who will be in charge of them, and how they'll be deployed.
  • Set your workers up for success: Ensure that your team has the necessary process documentation, training, and skills to properly use your marketing stack
  • Examine your budget: Consider whether your marketing technology budget is adequate. If you're spending less than 25% of your marketing budget on marketing software and solutions, it's time to rethink your strategy.
  • Assess your marketing stack: Audit all existing technologies on a regular basis to verify they are meeting company objectives and supporting digital marketing strategies. Tools with overlapping functionality should be consolidated, and new tools should be tested to cover gaps.

Must-Have Elements in Every MarTech Stack for Startups

There are dozens of digital solutions to consider when establishing a marketing technology stack for your business, whether you simply require email software or all the bells and whistles to aid you with everything from lead generation to retention.

Must-have elements that your martech stack definitely needs:

Customer Relationship Management (CRM)

CRM systems assist organizations in improving all elements of the customer journey, from lead generation and initial contact to retention. A CRM tool’s objective is to centralize all customer data to streamline and track contact points and enhance overall connections with prospects and long-term customers.

Salesforce and HubSpot are two of the major players in this sector, allowing everyone from sole proprietors to enterprise clients to experience the impact that a CRM can make to their day-to-day company demands, and benefit the company's growth

Website Analytics

Marketers tend to use website analytics to acquire a better knowledge of their consumers. You may enhance your growth and income over time by monitoring the success of your website, content, marketing, goods, and campaigns.

Both Google Analytics and Hotjar are free analytics tools. Their different functions complement one another to provide a comprehensive picture of your consumers' activity, and they are an effective addition to your marketing stack.

Email

Email is vital to operating your business and is perhaps the most important component of any MarTech stack. As there are so many competing email providers on the market today, it might be tough to choose the ideal software. It will be determined by the number of consumers you have, the type of functionality you want (for example, comprehensive segmentation or A/B testing your drip campaign), and, of course, your budget.

Email solutions such as GSuite, ConvertKit, and ActiveCampaign are prominent examples, with plans to meet the demands, sizes, and marketing objectives of most organizations.

Content Management System (CMS)

A CMS manages all parts of a company's content marketing in order to assist teams in managing their blog, website, and other content requirements as part of their overall growth plan.

WordPress is one of the most popular options in this sector, with a staggering 60% market share for content publication. CMS systems, unlike the other essential components of a MarTech stack, require their own technological stack, such as LAMP, to work correctly.

Fortunately, most hosting providers now give one-click installs for popular CMS systems, which means you no longer need to manually develop a technological stack (or even consider it) to establish a fully functional CMS application.

Social Media Marketing

If you utilize social media as part of your marketing plan, you've probably heard of Buffer and Hootsuite. These applications, as well as many others, link with the most prominent social sites, including Twitter, Facebook, LinkedIn, YouTube, and Instagram.

This software, which is part of a marketing technology stack, allows you to schedule, monitor, and evaluate the success of your campaigns, saving you a ton of time and allowing you to become more flexible with your social marketing.

Search Engine Optimization (SEO)

Optimizing your website for organic search is a critical step in obtaining that coveted free traffic. Many businesses consider SEO tools to be a vital component of their digital marketing technology stack.

Companies that specialize in these tools, such as SEMrush, MOZ, and Ahrefs, provide marketers with a competitive advantage in their business.

Conclusion

Every business needs a robust marketing campaign that engages leads, fills the pipeline, and prepares prospects to convert to customers. This can have a great impact on the growth of a new company. A laser focus on consumers and how to connect with them efficiently will go a long way toward ensuring a smooth ride on a wave of succes

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Sources:

1. Sep 20, J. Hempel, "LinkedIn Top Startups 2020: The 50 U.S. companies on the rise", LinkedIn, [available online], available from: https://www.linkedin.com/pulse/linkedin-top-startups-2020-50-us-companies-rise-jessi-hempel/

2. n.d., Z. Capers, "Startups Are Adopting Marketing Technology in Droves—But How Effective Are Their Stacks?", GetApp, [available online] available from: https://www.getapp.com/resources/marketing-technology-stack/