Our Guide To Making Wise Marketing Technology Investments

1. The Current State of Martech
2. Pitfalls in Martech Investments
3. Strategic Technology Roadmap: An Introduction
4. Deconstructing the Customer Journey
5. Decomposing Marketing Strategies Into Tactics
6. Designing the Martech Stack
7. Evaluating Vendor Capabilities
8. Managing Implementation and User Training
9. Building an Internal Case for Martech Adoption
10. Organizational Structure for Martech Management
11. Achieving Stakeholder Buy-in

The Current State of Martech

Martech, a fusion of marketing and technology, has become an essential component in today’s business ecosystem. It facilitates efficient data sourcing, archiving, integration, and feeding into algorithms, thereby boosting marketers’ productivity. From revolutionizing advertising and content marketing to streamlining sales management and commerce, martech has left its footprint on various aspects of business operations.

However, as enticing as the benefits of martech seem, its adoption has its share of challenges. The rapid proliferation of martech tools and vendors, combined with the increasing complexity of technology decision-making, often leads to purchase regret. Therefore, it’s crucial to approach martech investments strategically, focusing on solving specific business problems rather than merely acquiring new technology.

Pitfalls in Martech Investments

Two common pitfalls often lead businesses astray in their martech investments—data hoarding and the “shiny new object” syndrome.

Data Hoarding refers to the practice of accumulating and storing data indiscriminately with the belief that it might prove useful someday. This approach is not only inefficient but can also result in overlooking the essential data while getting swamped with irrelevant information.

Shiny New Object Syndrome is the tendency to get enamored with the latest technology tools without considering whether they address the company’s specific problems. Both these pitfalls stem from a bottom-up approach, where the availability of systems and data drives the decision-making process, often resulting in misaligned tools and irrelevant insights.

Strategic Technology Roadmap: An Introduction

To avoid these pitfalls, businesses should adopt a top-down approach, where the business objectives guide the selection of data and tools. This strategy involves creating a strategic technology roadmap—an enterprise-wide plan outlining the organization’s technology strategy and the technology requirements.

Deconstructing the Customer Journey

The first step in creating a strategic technology roadmap involves breaking down the customer journey into its major phases, from initial contact to post-sales activities. For each phase, define a desired outcome and metrics for assessing it. This step helps identify the areas where martech can add value by improving outcomes.

Decomposing Marketing Strategies Into Tactics

The next step is to decompose the marketing strategies into core tactics that will be scaled up or automated using martech tools. These tactics should be linked to the desired outcomes identified in the deconstruction stage.

Designing the Martech Stack

After defining the core tactics, the next step is to identify the tools that can support each tactic. This involves creating a Martech Matrix that maps which tool supports which tactic and how these tools should work together.

Evaluating Vendor Capabilities

Before choosing a vendor, it’s crucial to evaluate their capabilities thoroughly. This includes checking customer testimonials or case studies, understanding the after-sales support and training they offer, and considering the vendor’s reputation.

Managing Implementation and User Training

After selecting the appropriate tools, the next challenge is managing the implementation process. A smooth implementation requires adequate user training and preparation, a phased approach to implementation, and a clear understanding of the time and resources required.

Building an Internal Case for Martech Adoption

Before implementing new technology, it’s crucial to build a strong internal case for its adoption. This involves considering two key questions: Will the insights from the technology alter the decisions we make, and will the benefits outweigh the implementation costs?

Organizational Structure for Martech Management

Another critical factor in successful martech adoption is the establishment of an appropriate organizational structure. This could involve creating a centralized function that manages all martech tools or implementing a hybrid matrix organizational approach.

Achieving Stakeholder Buy-in

Stakeholder buy-in is crucial for successful martech implementation. This involves ensuring that intended users have significant input into the design and implementation of solutions and that there’s an organizational commitment to resourcing and training.

In conclusion, making wise martech investments requires a strategic approach. By understanding the business needs, devising a strategic technology roadmap, and ensuring stakeholder buy-in, businesses can avoid regrettable technology investments and maximize the value they get from their martech tools.