Identifying the “MarTech” sector
How machine learning and open data can provide a quantitative snapshot of a sector, and what that looks like for the UK’s Marketing Technology sector.
Strictly speaking, and using the first definition Google provides, the definition of “MarTech” (following the popular format of shortening traditional sectors and define innovation within) could be taken as:
Gartner Glossary Definition:
a set of software solutions used by marketing leaders to support mission-critical business objectives and drive innovation within their organizations. Martech solutions focus on content and customer experience, advertising, direct marketing, marketing management and marketing data and analytics.
Of course the devil is in the detail. If these “software solutions” are digital tools (and their application) designed to help those responsible for growing market share, then there is a lot of scope to consider. Each market, and the individuals operating within it, require different approaches (and technologies) for the best results. Compound this with the fact that exponential growth of digital tools, to drive efficiency and return, means that the responsibilities for meeting these “business objectives” have become the responsibility of “traditional” marketers, technical experts and strategic leaders and we are already losing sight on what this term can actually encompass.
Identify the Market:
With so many different perspectives it is impossible to draw a definitive line. As with any “sector classification” it is better to think of a system of interconnected networks that share defining properties in a “field” of data, that can shift and change depending on a specific query or requirement, rather than a drop-down menu of definitive results. That is why propose a new approach of sector definition that uses simple classification techniques using recursive iteration, to take a quantitative snapshot of a market using Machine Learning and Open Data.
Interested in how we do it? Here’s a video introduction:
Verify the Classification:
The most important aspect of any data led approach is ensuring strength of signal from the start. An integral part of the discovery phase, the ability to draw on the web content of 1m UK companies and use pattern analysis to create a field of networks operating within them means we can start to make more data-based decisions on how these relationships interact, and apply a classification system that reflects these findings — as follows:
Martech PRODUCTS — these are digital tools designed to facilitate the aims of the market, by offering access to specific on-line platforms, hardware or resources that allow users to achieve a variety of results. Typically a “general” resource that is adapted by the user for specific purposes.
MarTech SERVICES— these are specific outputs using digital tools in a processed fashion, often by experts within specific niches. These outputs can be physical (data capture) or abstract (lead generation) and represent only one part of a typical marketing “stack”. Typically a “bespoke” resource that addresses a specific need.
MarTech SOLUTIONS— this covers the provision of a variety of diverse outputs and services using a variety of processes to achieve them. This covers consultancies, “full stack” agencies and generalised auteurs / experts who provide all or the majority of a marketing function for an organisation. Typically a “complete” resource that takes responsibility for outcomes.
Interested in more definition we identified? Check out our Twitter.
Validate the Results:
Once the Classifications have been identified and the initial sector definition created, the final and most important task is to ensure that as much qualitative data can be gathered for further iterative feedback. It is impossible to think that our tools can remove the human layer within the sector we are looking to define. We can address this by acknowledging the data we have and verifying it further, by testing the response of the individual “archetypes” that make up this specific sector:
Technical — those within an organisation responsible for the function and security of a company, from the internal infrastructure all the way through to product support and ending with compliance and security responsibilities.
Business Development — those within a company that drive sales, generate leads, create strategies and ensure that the objectives in terms of what is best for the company are realised and achieved
Communication — those within the business who are responsible for the outward communication to the customer, current and future. This includes administrators, finance, customer service, PR and story tellers.
What are we suggesting here? Email us direct and we will discuss this with you further.
What Next:
As we map out the process of iteratively improving our targeting and classification of the MarTech sector we will be updating our findings across a range of platforms. You can see how our classification is developing through our Twitter channel, you can stay updated on our findings and observations through LinkedIn, and if you so desire join our Mailing List for a weekly update on our work, how it progresses and the different perspectives we will encounter along the way.
