We've been talking about marketing technology stacks, or martech stacks, a lot lately. This is because they are such a crucial element of the marketing team within a company. A martech stack is like a building or block tower, carefully put together with marketing technology - like online tools and software - that works together to lead a potential customer through the buyer's journey.
One thing that every marketing technology stack should have is some sort of data management software.
What is data management software?
Every business wants to know everything they can about their customers, right? That's how you're able to create targeted marketing messages that get people to buy from your company.
The best way to learn and archive everything you can about your customers is with data management software. Essentially, data management software is a platform that houses all of the data you've ever gotten from your customers and customer opportunities and houses it in one place for you to easily access and understand.
For example, every click on your website, every email opt-in, every purchase, and every click on an advertisement can live within your data management tools for you to access and understand what makes your customers take action.
Why is data management important?
Data management is extremely valuable for any business. If a company is not paying attention to its customers and what triggers them to make a purchase, it's losing out on valuable information that could save it thousands and thousands of dollars every single year.
If your company is taking advantage of the data to which it has access, you can learn much about your customers and potential customers. You can learn what causes people to buy, as well as how far through the buyer's journey some customers get before stopping. This is important to know so that you can adjust your sales process to try to get those people all the way through, rather than losing interest or deciding not to buy yet.
This information can help your marketing team to create highly effective advertising campaigns and sales and marketing funnels that will increase conversions exponentially. After all, if you've learned what causes people not to convert and fixed those issues, there's absolutely no reason people shouldn't make it all the way through your funnel!
To sum up, data management is important because it can increase revenue and save your business money in wasted customer opportunities and failed ad campaigns.
How does data management software fit into your marketing technology stack?
Your data management software is the loop that takes you from the end of your stack back to the beginning. This platform records everything that goes through your martech stack and allows you to take a look at how it's working. You can make changes within your sales funnel, or even within the tools/software you're using in your martech stack to improve your conversion rate.
Then the data management software starts all over again to record everything that goes through the stack again. It records every single customer who goes through your sales funnel. It notices what pushes them away, as well as what reels them into making a purchase.
If you're interested in learning more about how data management software can fit into your martech stack, contact us for a free demo today!