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A marketing technology or martech stack is a grouping of technology platforms that enables marketers to manage, execute, deploy and analyze their marketing activities. Conceptually speaking, the idea is to make it simpler and easier to track efficacy, capturing data to make optimization more insightful.
If you are unfamiliar with the term, it is an amalgamation of website providers, digital search technology (search engine optimization and search engine marketing), email platform management, reputation management, social media management, customer relationship management, artificial intelligence (AI) personalization and, ultimately, data insights and analytics.
According to a recent survey, spending on marketing technology is down this year, after a steady year-over-year upward trajectory.
There are a couple of possible ways to look at this shift. Budgets are increasingly scrutinized. Marketing departments are moving competencies in-house. Media planning and buying for national and franchise brands continues to get more fractured. Attribution is becoming more essential. Teams are facing greater and greater demands. Data is getting overwhelming and unmanageable.
The real reason, we posit, is a lack of cohesion, which creates inefficiency. Programmatic solutions for multi-location brands are growing exponentially every day and it's getting to be too much.
Most brands have around six to eight different companies and platforms in their martech stack that don't integrate with one another.
This leaves marketers with different dashboards, statistics, reports, metrics and analyses. It's up to the marketer to piece it all together and figure out what's working and what needs to be optimized. And typically, there is a paucity of time to manage all of this with the rest of the workload; creating a lack of efficiency.
Programmatic for multi-location brands is -- simply put -- a solution that can be created by technology without hoopla.
Unless martech companies can provide more comprehensive and cohesive value to the marketing department, we believe the trend moving forward will be more limited agency and martech spend, with brands increasingly moving things in-house.
Everyone talks about omnichannel communications, but think what it actually means to orchestrate and execute synergistic national and local media. Layering on different platforms, or stacking platforms, isn't using technology to its fullest to improve this process. Marketers - especially those juggling local marketing for franchise brands or multi-unit brands - should seek out technology to provide a comprehensive suite of solutions.
There is only one technology company that can provide brands with media buying, media planning, and location marketing management for national and franchise brands. And that's Silvercrest with our proprietary Local Marketing Automation Platform: LMap.