...Marketing Technology, Marketing Technology, Marketing Technology!
In the marketer’s world it seems like this is all anyone talks about. For good reason — this area of marketing has boomed over the last 10-15 years. And while many people first think about Marketing Automation and CRM when MarTech comes to mind, there are almost 4,000 marketing technologies available (as made famous by Scott Brinker). For marketers, these technologies range from revolutionary, to helpful, to overwhelming, to sometimes disappointing.
This range of “usefulness” speaks to the fact that within marketing departments, technology is rarely the means to success, but rather the enabler for success — and ultimately, improved marketing performance. Of course, this improved performance is dependent on the marketing department fully adopting the available technology and the marketing ops team properly integrating each system. When these needs are met, the marketing department is in a position to use their tech stack to its fullest and ultimately drive more revenue.
The idea that technology can help improve marketing performance is validated by the results of Allocadia’s 2016 Marketing Performance Management Benchmark Study. After analyzing data from over 200 marketers, it clearly shows that organizations that see budget and revenue increases have a more disciplined approach to their overall marketing technology stack.
Join our webinar on January 31st with Debbie Qaqish, Chief Strategy Officer at The Pedowitz Group, to learn How the Best Organizations Run the Business of Marketing and Drive Growth. We’ll share how modern-day marketers maximize their current technology to improve marketing performance.
Integrated Marketing Technology Leads to Better Marketing and Company Performance
Our study shows that marketing departments that consistently integrate their technologies have higher revenue growth. The chart below highlights this point, showing that 57% of companies expecting 25%+ revenue growth have strong technology integrations, such as syncing their marketing automation and CRM systems. Only 13% of companies expecting flat or negative revenue growth report the same.
This rate of nearly 4x, emphasizes the point that when you purchase technology you must have a strategy for not just how marketers will use it, but also how it will integrate with the rest of your tech stack.
Expert Marketers POV: Chris Vitti, VP of Digital Marketing & Marketing Operations, Intralinks
“I take an organized and structured approach when bringing on new marketing technology.
First, there are applications that you can’t function without. Think of these as “tier 1.” Examples include a Content Management System (CMS) or Marketing Automation Platform (MAP). Once those technologies are in place, then comes “tier 2.” Allocadia and Workfront are good examples here as they enable organizational structure and efficiency. Implementation, integration and adoption are critical with all of these systems.
Finally, as a company matures you can go one step further and layer in additional technologies that supplement these first two foundational tiers — predictive analytics and campaign attribution are good examples at this stage.
Regardless of what tier or layer you are buying or building, you have to consider the strategy behind the technology. For me this means long term scalability. I always ask the question, “can this technology support the type of growth my department and company are projecting?” An important factor in answering this question is whether the new technology can integrate with other systems across the company, not just marketing systems. I have learned that integration is a necessity if you want to scale.
With all of this said, it’s not always about the technology — sometimes it’s about the data. When working with multiple technologies, especially across departments, adopting data standards is very important. If you’re using the same lists and values (e.g. countries, states, industries, etc.) consistent data will make integrations much easier. ISO, NAICS and SIC are standards that are widely used and should be seriously considered.
When you have a technology stack that’s well-planned, scalable and integrated the benefits are huge. You’ll definitely spend less time trouble-shooting and tracking down issues. A strong integration also means less maintenance, and that’s a good thing for both marketing and IT. All of this will lead to a more effective marketing department, a better customer experience, and greater performance.”