Say what? — 3,874 marketing technology solutions in the market and they are all crammed onto one slide!
This slide is eye-opening, as the marketing technology landscape has grown two fold in the past year alone! Our friend Scott Brinker was able to fit 3,874 marketing technology solutions onto a single slide, making last years infographic outdated beyond belief. Seeing 3,784 marketing technology solutions on a single slide will give most small businesses a somewhat queasy feeling.
Scott Brinker‘s annual marketing technology landscape graphic is off the charts, and will continue to grow exponentially for the foreseeable future due to the successful MarTech industry. The extraordinary number of marketing technology software, platforms, and products that are offering in 2016 is hard to digest. Seeing them on a single slide gives you an appreciation for how extensive the industry has become.
Matrix Marketing Group references this incredible tool throughout the year to help guide our clients towards a customized marketing technology solution that suits their individualized needs. So we would like to give Scott special thanks for putting this comprehensive infographic together and updating it every year.
George Schildge, our CEO said "It wasn't long ago there were only about 1,000 platforms, and even less than that a few years ago. It's a validation that technology and big data are becoming more important to marketers. Companies are tired of not being able to attribute direct growth metrics to their marketing department and are looking for data-driven solutions for their problems. Matrix Marketing Group makes it our mission to be entrenched with the ongoing trends of marketing technology."
Keeping up with the speed at which marketing software and platforms are growing is a full-time job that most businesses don't have time for. So breaking down thousands of solutions into bite sized categories let's us make educated decisions around specific company requirements. Scott picked out six primary categories for this year's infographic:
- Advertising and Promotion
- Content and Experience
- Social and Relationships
- Commerce and Sales
These categories represent the different types of technology that often go into creating a closed-loop sales and marketing system. How do you cover your needs from inbound marketing to outbound marketing and everything in between? Which systems are right to help you create a predictable and scalable revenue growth model? To further segment and breakdown this down, the largest section in each category is:
- Sales Automation, Enablement & Intelligence (220 solutions)
- Social Media Marketing & Monitoring (186)
- Display & Programmatic Advertising (180)
- Marketing Automation & Campaign/Lead Management (161)
- Content Marketing (160)
Where does Matrix stand in all this?
Let me link this back to what I see in the small to mid-sized (SMB) marketplace. The key technology trend for SMBs (businesses with 1 to 999 employees) in 2016 and will make your business outperform your peers are:
- 29% of small and medium businesses (SMBs, with 1–999 employees) are “Leading Edge”. We've defined this as companies that view technology as helping them to improve significantly business outcomes.
- Leading Edge SMBs invest 29% more on technology than other SMBs; are 18% more likely to forecast revenue increases; and are more aggressively adopting cloud, integration, and analytics solutions.
SMBs are outgrowing their mom-and-pop shop and technology-laggard stereotypes. SMBs view technology as an important part of their overall business strategy, and they are using it to empower employees with new, more efficient ways to work; gain market and competitive advantages; better automation, and help improve business results. Although technology certainly isn’t the only priority for SMB decision-makers, those that underestimate its importance do so at their own risk.
So where are Leading Edge SMBs placing their technology bets?
The adoption of cloud computing (also known as “software as a service” or SaaS) is rising among all SMBs, Leading Edge SMBs outpace their peers in cloud solution adoption in several areas, including marketing automation, collaboration, and workforce management solutions.
SMBs are increasingly turning to the cloud because they believe it provides a more cost-effective, flexible and faster way to deploy IT solutions than traditional on-premises software. However, Leading Edge SMBs are more likely to view the cloud as a way to improve business agility and flexibility compared to their peers.
These benefits are intrinsic to the cloud model, enabling organizations of any size to deploy software to automate manual processes—and to keep pace with ever-more-demanding business requirements. Cloud computing providers take care of IT infrastructure, applications and ongoing management and support, helping to free up human and financial capital to focus on more strategic projects.
Today’s SMBs face many challenges when it comes to keeping pace with evolving business needs. As markets the change, SMBs must think more strategically about how they can apply technology solutions to improve business outcomes and gain competitive advantages. Technology solutions can help companies streamline their operations, become more agile and responsive to customers, make better decisions and move the business forward. But, SMBs rely more on technology to run their businesses, the requirements to secure and protect data has become more critical.
With thousands of applications and hundreds of vendors, the marketing technology landscape is tough to read at best and risky at worst. Can’t see the forest for the trees? You need a guide to get you through this jungle.
The Platform Supports The Ecosystem
Learn about the specific areas of marketing ecosystems that are most impacted by platform design. Here is a list of questions to ask your marketing technology providers:
- Can your platform test and optimize in secure areas like the sales funnel and pipeline?
- Will your platform handle concurrent campaigns across multiple websites and apps?
- How extensive are your personalization capabilities? How many attributes? Which data sources? What touch points?
The marketing technology industry has a lot to offer small and medium-sized businesses. But it's difficult, if not impossible to navigate the 1000's of options without studying them extensively. Let Matrix Marketing Group help you evaluate, and implement a marketing stack that suits your personal needs. Start with this free assessment. Reach out and schedule a conversation with us. We’d love to help you connect your technology investment to pipeline conversions and revenue growth.