As marketers, you’re probably aware that this year has been named MarTech 5000 – a term coined by Scott Brinker of Chief MarTec. This means close to ‘5,000 (4,891 on the last count) companies are now part of the marketing technology landscape – a huge leap from the 150 itemized back in 2011.’
It also means that there are more MarTech companies vying for the same business, thus, increasing competition. But as marketers, how do you decide which companies may be best suited for your business? How do you determine the most appropriate MarTech stack to use? And how do you judge the impact the stack has on your business?
Getting your Martech right is as much of an art as it is a science. Here are 6 best practices to help you leverage the most out of your MarTech.
1. Synergize business and marketing goals
To derive the maximum value from your MarTech, it is important to have a vision that you want to achieve. First, take a step back to understand what your business’ objectives and vision are and how best to align your marketing plan accordingly. By leveraging MarTech, you will be generating huge amount of data that can be potentially mined for valuable insights. Or, though marketing automation you can amplify/streamline your marketing campaigns. However, if you do not have a clear, measurable, and achievable goal, your efforts might not deliver the ROI or meet the organisation’s objectives.
2. Organize your data
Most MarTech platforms use, add to, or improve the data that you have. Therefore, it is important that you build a solid foundation to organize your data in a central repository so that it makes your analytics and reporting easy. You consider using customer relationship management (CRM) or automation technologies to do this.
3. Make your marketing ‘agile’
This popular iterative software development methodology is finding uses beyond software development. And, rightly so. Integrating principles of Agile in your marketing operations and strategy can reap huge benefits for you. Adopting the Agile methodology can allow marketers to undergo two-three weeks cycles to directly create, assess, and measure realistic goals and outcomes. However, there is one caveat. This iterative process requires immense commitment and unless there is unanimous buy-in at all levels of the team, it is unlikely to provide expected outcomes.
4. Fail fast, fail often
Failure is an important process in learning. You can generate just as much insights, if not more, from a failed campaign than from a successful one. But, the key ‘fast failure’ is that the earlier you fail, the earlier you will need to investigate and learn from those mistakes. This means that you must be constantly vigilant for signs of failure and must act swiftly once you spot any.
5. Don’t ‘Frankenstack’
As marketers gain increasing control and responsibility over a customer’s journey – from brand awareness to brand loyalty, they have a plethora of tools at their disposal to accomplish these goals. However, integrating these ‘disconcerted’ is important to create a holistic and unified marketing platform. As the CMO of Integrate, Scott Vaughan defines a ‘Frankenstack’ as glued together marketing tools and systems from different providers that end up as a ‘mish-mash’ of technologies that don’t really integrate. He [also] says that marketers need systems that allousers a central view of data and that can improve decision making.”
6. Create a MarTech culture
Simply building the right stack is not enough. Most often, organizations are preoccupied with outcomes and revenue generation. They generate large data and insights from campaigns. All this requires a shift in how the people within organizations leverage it. Take a look at some of the best organizations in the world – Netflix, Amazon, and Google. While they are known for their technological innovations, they are equally known for the data-driven culture they nurture within their organizations. This enables their teams to innovate consistently. From ongoing training, learning and education, a MarTech culture must be promoted across the entire business to demonstrate the value that MarTech can bring in contributing to business goals.
As the MarTech landscape evolves at a rapid pace, there is no one strategy that can lead to successful outcomes consistently. It is important to keep up with the evolution and advancements taking place and not just play ‘catch up’. What are some of the strategies you use to get the most out of your MarTech?