Marketing technology takes up a colossal chunk of a company’s marketing budget. Spending is increasing as the world becomes more digital, so it’s important to take a look at what tools you’re spending your money on. You might be paying more than you should. Let’s find out how your company can save big time!
A Quick Definition
Marketing technology refers to the technological tools that marketers use to plan, implement, and assess their marketing campaigns. A company’s set of tools is its MarTech Stack. The Stack includes layers of different types of tools. There is no “go-to” Stack, as your Stack is unique to your company.
Current MarTech Spending
Marketing technology makes up about a third of total marketing budgets, accounting for the largest percentage of the overall budget. That percentage is expected to increase by 27% over the next four years, ultimately reaching $122B spent on marketing technology. Here are the four biggest spending channels eating up the marketing technology budget in order:
• Searches: 11.2%
• Analytics: 8.9%
• Websites: 7.6%
• Email: 5.9%.
Just four areas take up 33.6% of the marketing technology budget!
Why Does It Matter?
If your company is a small to medium-sized business, odds are you’ve found that the technological tools that would greatly benefit your business come at big enterprise prices. Let’s make the most of lesser known (and cheaper) technologies and software programs. No matter the size of your company, you can have the best resources the digital marketing world has to offer!
Remember the four biggest spending MarTech channels? Searches, analytics, websites, and email. Let’s go through each one individually and find the #1 MarTech tools!
The Best Budget Tool for Internet Searches
Searchmetrics offers SEO tracking tools to help your company’s website become as visible as possible on search engines. Its Global SEO tool can help you get a step ahead of your competitors by assessing keyword sets and rankings. The Local SEO tool can maximize your company’s visibility specifically to people searching for similar local businesses. Plans start at $69 per month, while comparable plans around this rate only offer local tools.
The Best Budget Tool for Data Analytics
RDBMS software can cost you between $10K and $15K for just 1 TB of data. A much cheaper and comparable software is Hadoop. Hadoop is a software program that can store massive amounts of data and run an almost unlimited amount of analyses at the same time. It features Excel reporting, which is great for small businesses because it gives them access to big data analysis that they wouldn’t be able to afford otherwise.
If you already use Google Cloud Storage to store your data, guess what? You can connect Google Cloud Storage to Hadoop to run analyses on the data. There is, however, a downside. Although Hadoop is a free open source application, the server you need to run it is between $1K and $2K per TB. Although Hadoop cuts your analytics spending down to about 10% of what it would be with RDBMS software, this might not be doable for very small businesses.
Maybe you opt for the most popular free option: Google Charts. Google Charts is visualization-driven. What if I told you that you could have an analytics tool that is both data-driven and visualization-driven? You can!
The Best Budget Tool for Website Analytics
Winner: Crazy Egg!
License fees for good web analytics software can quickly drive up your marketing technology spending. Maybe your company uses Google Analytics to drop web analytics spending altogether, but you’re forfeiting an actual software program. There are some great tools out there that are near-free and can provide you with a ton of features.
Matomo (Piwik) is one such software program, and it’s downloadable as an application. It features tracking, Facebook Ads, Yahoo search marketing, Google AdWords, Bing ads, funnels, heatmaps, and more. The software is free, but the potential problem with the net cost is the cost of a server since this is necessary to run the program. If you already have a server, it’s a fantastic program. If not, let’s look at another option.
Crazy Egg is known for its heatmap and for eye movement tracking. This eye tracking feature is particularly cool because of the correlation between eye movement and mouse movement. You can essentially track where a user is moving his/her mouse. The basic plan is only $24 per month.
The Best Budget Tool for Email
If you’re looking to amp up your email automation game, use GetResponse. The basic plan is only $15 per month. In addition to email marketing, it includes autoresponders, unlimited landing pages, automation templates, forms, surveys, Facebook Ads, and more! You’ll also gain access to a boatload of free educational content if you aren’t sure where to start.
The Final Point
The most important MarTech budgeting strategy of all is to make sure that the tools you use suit your company’s specific needs. What’s your marketing strategy? The tools you choose should support this. Don’t buy tools solely because you’re “supposed” to have them. Spend your money on the tools that your company needs.