Martech - a sea of options
With over 5000 choices in the growing world of marketing technology how do you pick the right solution for your business? Martech can help your advertising, content, social strategy, commerce, data management and overall business strategy. I have worked several clients on all sides of the industry (buying and selling services.) My lessons came the hard way, by failing and from experience. I do believe that the use of smart technology can provide a ccompetitive advantage. Ultimately martech will better impact your brand’s customer experience and improve your results.
This is not a is buy it and forget it decision. The investment is too much. According for Forrester research, Martech represents over 1/5 of marketing spend in 2017 and they expect it to grow. (http://blogs.forrester.com/category/martech) Leaders tend to regulate these decisions to those in the trenches and that is where mistakes or missed opportunities are made. Take the time to better understand the space. What is available. What is new. How platforms work together or not.
Harness what you have then build. According to a 2017 CMO survey (https://cmosurvey.org) marketers are using barely a third of the data they have currently. I have seen this countless times. “We don’t know what we know”. Mine what you know then add; use technology and resources to help you mine and build a platform for more. Questions to ask: What can help you turn data to insights (technology, people and process); How can you integrate these findings with your existing marketing stack and process.
One vendor cannot do it all. I have seen many alliances made with certain preferred vendors that unfortunately hurt the business. All technology has an expiration date. You need to understand and evaluate what is available and when to add, pivot or change. The rate of innovation has made it impossible for any one vendor to deliver everything that every marketer needs in a digital world.
Technology is not a marketing strategy. You need to use martech to make your strategy more impactful. This requires a framework and an integrated process, with an eye to resources as well as technology. Planning martech in a vacuum does not work.
I believe there are no unicorns in technology but old tactics will continue to dwindle in effectiveness. Collaborating with experts and people that understand how to solve problems will help you to gain valuable insights and understanding. Find people with skills and depth and stop looking for unicorns.