CMOs need to revisit their martech strategies and choices to utilize their brand’s data assets better, focusing on improving marketing execution to boost ROI
The whitepaper published by Which-50 and Cheetah Digital on “How marketing can avoid common technology pitfalls and drive real ROI” confirmed that – data is king, and no strategy can exist without it. The most prominent reason for marketers to revisit and change their martech choices is to get more accuracy and value from the data.
Marketers need to focus on the ROI, rather than the size of the investment, based on regular feedback and performance data.
Lowering the cost of marketing activities remains the least important consideration while deciding on the purchase, upgrade, or replacement of technology. Price still holds some importance while determining which solution to use.
Anyway, the cost of conventional systems currently does not emerge as a trigger. The lead driver is centered around the capability of aligning it effectively with the overall marketing strategy.
A range of other factors drives the final decision of making a martech investment. The functionality of the platform remains crucial, but the training provided by the vendor and the compatibility with other systems also feature in the other crucial factors.
Beyond cost and functionality below are the other important factors while a selection of a marketing technology vendor:
- 59% – Ease of training/use
- 51% – Security of data
- 50% – Vendor reputation
The issue of complete vendor support was confirmed as a significant trigger by the survey respondents. Many respondents also felt that their provider’s engagement level fell away considerably after the purchase, or that vendors were way too eager to push them directly into the partner channel.
Marketers drove their negative sentiments down to the fact that promises are not usually kept. Companies confirmed that they instead prefer investigating on how to drive more value from the current systems before deciding to change it.
Half of the marketers surveyed confirmed that they asked their vendors to provide additional training and support before going to market for a replacement. But, sadly, that didn’t happen. Especially, the C-suite executives always explore enough before bringing in an external party or an independent vendor to collaborate and help.
CMOs understand the capacity and the need for adopting marketing technology in order to drive top-line growth and engagement. They are also willing to invest in new technologies and systems to deliver that outcome. All they need is resolution and assurance from the vendors on the above pain-points.