CMOs say that major organizations depend on strategic value and operational efficiency for proper implementation of martech
Marketing leaders point out, that for any organization, data is a critical discipline and an important part of the currency. The same way, customer-related interaction is the cornerstone of the business itself. CMOs say that transactions are a mutual and in-process value exchange process between brands and their clients.
Major organizations often effectively block the relationships that their competitors try to have with their clients, and win as well. Organizations like to own the relationships with their clients. This includes predicting the needs well in advance and also having the capacity to customize/bespoke customer experiences. A special focus at each stage of the customer lifecycle ensures a symbiotic relationship that encourages loyalty and long-lasting value between the vendor and the client.
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CMOs say investing around 20-30% of the budget on new marketing technologies can be beneficial to drive customer engagement, single customer view, and digital transformation. They say that prioritizing between the factors for guaranteed business growth is often complicated.
Marketing leaders point out that organizations often spend years sorting out the most relevant and successful martech for their requirements. A considerable amount of time is spent in the evaluation of new vendors and tools, auditing the present technology stack, comparison of core differentiators, and feature sets. Deploying trial versions to detect potential issues also take up a considerable amount of time and effort.
Assessment of martech is critical to the organization for understanding and helping transform the client relationships. The most frequently overlooked areas include customer-facing engagement and proximity of data, elimination of dependencies, liabilities, and inefficiencies to increase time to market, better business resilience and agility, and effort and time required to shift from insight to action.
Effort and time required for moving from insight to action
CMOs say that marketing success requires a balance of both science and art. Marketing departments needs to be provided with data in the timeframe and format that they require. This helps them to perfect the art and combining it with tech (science) for the best results.
Better business resilience and agility
CMOs point out that the pandemic was a reminder to all C-suite leaders to ensure that they have a set of tools and resources that are flexible in uncertain scenarios. This allows for a speedy response to most unprecedented situations. Most marketing leaders have encouraged doubling up on customer engagement and interaction, to ensure increased revenue.
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The proximity of customer-facing engagement and data
CMOs believe that marketers should be provided with tools when they engage with brands and big clients to ensure immediate and uninterrupted access to actionable and collated first-party data, in other words, access to single customer view customized for marketing requirements. Marketing leaders say that dependence on third-party data should be reduced, and there needs to be more focus on consented and transparent first-party data collection.
Elimination of liabilities, dependencies, and inefficiencies to increase time to market
CMOs point out that dependence of martech on other factors like data science, marketing operations team, agencies, internal IT department, etc., often creates unnecessary obstacles to data access. This may be in the form of cost, inflexibility, or even time. As a result, they are pushing for better and comprehensive access to accurate customer data that improve marketing productivity and performance.
