CMOs acknowledge that a large part of the marketing budget is spent on martech rather than the staff.
Organizations point out that over 7000 marketing software solutions have been marked as essential requirements for marketing plans today. Over $121.5 billion has been spent on such martech solutions even before the pandemic. With the pandemic situation, marketing leaders are considering reducing the budgets allocated to the department.
Enterprises have to list out now which platforms are required for continuing inbound marketing plans, the necessary platforms to ensure the journey of projects from inception to deployment. They have to leverage analyst insights to identify inefficient spending and less than optimum ROI and build solutions to remedy the situation.
New tech like humanoid chatbots, authentic customization, and accurate attribution is critical for marketing and sales departments. CMOs do believe that, but in the current scenario, organizations do not have the luxury of budget or time to further their acquisitions. They are now focusing more on the bare necessities.
Read More: B2B Advertising Spend – How the Pandemic Is Impacting the Marketing Budget?
The pandemic certainly delivered an advantage – most of the deployed martech and other conventional practices were put on a stress-test during this period. This filtered out the inessential tools form those critical to the organization. CMOs are now tasked with creating a remote marketing team efficient in advertising and marketing campaigns that will be much more relevant to the current situation.
Efficient project management
CMOs believe that good team works when there is a clear project management methodology. That has to be followed even in the remote work environment. It enables marketing teams to outline, delegate, and direct projects without a chain of annoying endless emails. An efficient PM solution ensures clarity on resource planning and also project timelines. With the right project management tools, employees can easily define the strategic purpose and scope of projects before the organization invests resources in it.
Seamless messaging apps
The remote work environment meant that employees could not turn to colleagues over the cubicle or behind them for advice. Organizations have leaned heavily on instant messaging to replace face-to-face interactions. Such messaging platforms are suitable for immediate feedback, team bonding, and regular check-ins.
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The only disadvantage that employees seem to face is that instant messaging could prove to be a distraction at times; however, the same is minor compared to its upsides.
Marketing automation
Marketing automation is an advantage, especially for B2B enterprises. Deploying inbound strategies becomes more comfortable with marketing automation. While the organization has been dispersed but the system already has been uploaded with successful email campaigns and customized content. Organizations simply need to generate relevant leads to enable the sales team to run campaigns successfully.
Analytics
CMOs believe those analytics play a critical role in tracking and analyzing ads, content metrics, and email campaigns to identify the most successful ones in the past couple of months. Conventional campaigns are no longer relevant to the current conditions. Analyzing the metrics will be an excellent way to identify which areas can afford to have budget cuts.
Read More: Marketing Automation- A Critical Tool for B2B Marketers
Digital Asset Management
Marketing leaders are partial to digital asset management (DAM) platforms. It provides marketers with graphs, templates, photos, and videos required to attract and engage the client as well as the audience. DAM platforms and Product Information management (PIM) solutions are deployed by physical product enterprises to expand the business.
