Gartner’s CMO Spend Survey 2015-2016 shows marketing technology represents 33 percent of the budget. As Scott Brinker calculates, this translates into larger companies spending more on marketing technology than advertising this year.
To echo Brinker’s reaction – “Whoa!”
That’s a large portion of our budgets being spent on #martech. Brinker offers this suggestion as to why: “The explosion of marketing technology is a direct result of marketers striving to stand out in the market, keep up with market changes, drive more revenue, and be more effective with fewer resources.”
As CMOs strive to prove the value of their marketing programs and of their marketing technology, here are strategies to maximize your #martech investment.
Find Solutions that Align to Corporate Strategy
“Given the proliferation of marketing automation software, marketers have a wealth of options to choose from in improving their marketing technology stack. The challenge is finding the best possible series of software solutions that align with broader corporate objectives, supporting market’s strategic direction.” – Read more at Forbes.
Envision the Implementation in Your Environment
“Speak with your system administrators and IT department to get a clear understanding of what applications will be affected—including tools in use by other functions and departments. When a vendor says setup is “quick and easy,” that rarely applies to any environment other than a generic one. You need to understand the subtleties in your systems and processes that could affect setup and installation of the new technology, making the process go from “quick and easy” to “slow and complicated” (and costly).” – Read more at MarketingProfs.
Look at Success Stories
“It’s a good idea to step away from the software – and look for examples of how companies are actually using the systems on your shortlist. From the trade press to case studies, you can see who’s using it, for what, and the value it returns in those areas. Why is this useful? Because it’s a place Marketing and IT minds can meet: the success stories where a specific marketing technology strategy delivered.” – Read more at CRM Technologies.
Develop the Right Internal Expertise
In Real Story Group’s survey, “executive opinion was split as to whether their firms had the necessary internal expertise to process the data produced by such marketing technology efforts, with opinion tied at 49% agree and 49% disagree. This concern surrounding the lack of internal knowledge about marketing technology also translates into executive doubts as to whether businesses are using such software to its fullest potential. When asking marketing technology practitioners if they were leveraging the full potential of purchased technology, 61% either mostly or somewhat disagreed with the statement.” – Read more at eMarketer.
Choose a Martech Evaluation Method
“Evaluating martech is like grading a homework assignment. There should be a threshold for passing and a clear way to tell the difference between an A grade and C grade. This part is up to you. You can choose more quantitative or qualitative evaluation methods, but either way you should be clear in your thinking on what you consider passing or failing.” – Read more at Business 2 Community.