It’s been a tough year for many consumers. The rising cost of living has people paring back personal and household spending. This makes marketing teams more important in the battle for customer loyalty and share-of-wallet. And, just like consumers, they are trying to do more with fewer resources. Doing this means ensuring maximum efficiency in their campaigns and media planning. That requires reviewing the martech stack and the bewildering range of micro-payments that vendors may charge.
So, what does a marketing technology review look like? How should teams go about finding efficiencies in the platforms they’re using? Here are some of the most common challenges faced when doing this, as well as tips for companies looking to evaluate their technology partnerships.
The challenge of a complex tech landscape
Despite the proliferation of touchpoints with consumers, there’s no way of achieving digital communication with a single technology partner. While this has long been true, the increase in privacy regulation means campaign measurement and activation will be more difficult than ever.
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As a result, brands may need new platforms for marketing measurement and activation. On the measurement side, there are platforms for multi-touch attribution, media mix modeling, web analytics, data clean rooms and brand verification. These platforms may force you to use reporting, business intelligence, ETL and data visualization platforms to centralize all this data and make sense of the full picture. In the activation space, brands are using DMPs, CDPs and everything in between. And, to top it all off, many brands already have more than one of a certain type of platform.
Under the surface, of course, there are practical reasons for platform overlap. The crowded industry has players with specific USPs, access to unique datasets that no others can boast of, and importantly, an interconnected ecosystem that makes it seamless to extend from a single platform to a full range of products. Unfortunately, this makes it even more difficult to painlessly cut ties with a platform in the interest of increased efficiency.
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What you need to consider
Although there’s no copy-and-paste approach to reviewing your tech stack, here are five key tips for the journey.
1: Be commercially driven. When marketing teams are challenged with cutting expenditures on their technology partners, they should first identify a prioritized set of commercial objectives. Once this is in place, it becomes more straightforward to justify investments or create a transition plan for cutting down.
2: Be ambitious. With today’s abundance of cloud capabilities and the right talent, in-housing operations are not as far away as you might think.
3: Be pragmatic. That shiny new platform may be attractive, but that doesn’t make it the right solution. Before adding a platform, thoroughly explore other technical solutions — especially processes using an existing architecture.
4: Be thorough. Large-scale changes require plenty of planning, onboarding and training. Don’t launch into a change in data architecture without fully thinking through the implications for all users.
5: Show leadership. Digital transformation can be uncomfortable for teams who are used to a status quo. Only by getting buy-in from senior leadership, and bringing all stakeholders along for the journey, can you set your organization up for success.
There will never be a “one size fits all” when it comes to renewing and developing the tech stack. The routes you choose to take can vary and inevitably rely on having key conversations about what is seen as a success, and what is the most effective solution for your business. Take time, explore all your options, and don’t be afraid to run multiple routes of action to ensure you’re making the most appropriate tech decision.
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In today’s digital age, marketing technology (MarTech) is an essential component of any successful marketing strategy. With the vast array of tools and platforms available, it can be overwhelming to determine which ones are right for your business. Evaluating your MarTech stack is crucial to ensure that you are utilizing the most effective tools to achieve your marketing goals. Here are some essential steps to take when evaluating your marketing technology stack:
1. Define your marketing goals: Before you can evaluate your MarTech stack, you need to have a clear understanding of your marketing goals. What are you trying to achieve with your marketing efforts? Are you looking to increase brand awareness, generate leads, or drive sales? Once you have defined your goals, you can determine which tools and platforms will best help you achieve them.
2. Inventory your current MarTech stack: Take stock of all the tools and platforms you are currently using for your marketing efforts. This includes everything from your website and email marketing platform to your social media management tools and analytics software. Make a list of each tool and what it is used for.
3. Assess the effectiveness of each tool: Once you have a list of all the tools in your MarTech stack, it’s time to assess their effectiveness. Are they helping you achieve your marketing goals? Are they providing the data and insights you need to make informed decisions? Are they user-friendly and easy to integrate with other tools in your stack? If a tool is not meeting your needs, it may be time to consider replacing it.
4. Identify gaps in your MarTech stack: As you assess the effectiveness of each tool, you may identify gaps in your MarTech stack. Are there areas of your marketing strategy that are not being addressed by your current tools? Are there new technologies or platforms that could help you achieve your goals more effectively? Identifying these gaps will help you determine which new tools you may need to add to your stack.
5. Evaluate new tools and platforms: Once you have identified gaps in your MarTech stack, it’s time to evaluate new tools and platforms. Look for tools that will help you achieve your marketing goals, provide valuable data and insights, and integrate seamlessly with your existing stack. Consider factors such as cost, ease of use, and customer support when evaluating new tools.
6. Make a plan for implementation: Once you have identified the tools you want to add to your MarTech stack, it’s time to make a plan for implementation. This may involve training your team on how to use the new tools, integrating them with your existing stack, and setting up any necessary processes or workflows.
7. Monitor and adjust as needed: After implementing new tools in your MarTech stack, it’s important to monitor their effectiveness and make adjustments as needed. Keep track of how the new tools are helping you achieve your marketing goals and make any necessary changes to ensure that they are providing the maximum benefit to your business.
In conclusion, evaluating your MarTech stack is an ongoing process that requires careful consideration of your marketing goals, the effectiveness of your current tools, and the potential benefits of new technologies. By following these essential steps, you can ensure that your MarTech stack is helping you achieve success in your marketing efforts.
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