In today’s marketing ecosystem, where marketing technologies are rapidly increasing while budgets are shrinking, it is time for CMOs to look beyond the traditional feature function aspect of a martech stack purchase.
Over the last year, the explosion of marketing solutions and technologies has made it difficult for CMOs to choose the correct martech stack. This problem has only been exacerbated due to the budget cuts, making it even harder for CMOs to experiment with the latest marketing technologies to check their compatibility with the present martech stack. Therefore, before making a martech purchase, its implementation, and ensuring its successful usage, CMOs should consider certain factors. Instead of relying on the traditional approach of just weighing the features and their needs, CMOs should consider components, potential vendors to purchase from and much more.
Here are a few factors that CMOs should consider before choosing a new martech stack:
Knowing the ultimate goal of the martech stack
The list of goals for choosing the right martech stack will vary depending on the needs of the brand and the current industry landscape. CMOs should take the time to understand how the martech suite will integrate into the current ecosystem. Additionally, they should ask questions such as will it provide a comprehensive customer understanding, will it be able to orchestrate journeys or just blast the campaigns? Does it account for customer data from privacy, compliance and regulation perspective? Asking these questions will simplify it for CMOs and will keep them on the right track to choosing the right martech stack.
Will the brand require a niche or full-stack?
Having a martech stack in place that is not enterprise-scale and doesn’t integrate with upstream and downstream marketing technologies can lead to several challenges for the marketing and technology teams. Additionally, it also makes data movement difficult, which can get in the way of seamless business operations. To make their martech integration successful, CMOs should rely on collaborations with various departments across the organization. They should consider an integrated or full-stack suite approach that relies on a single vendor for multiple interconnected capabilities.
Checking the proficiency of martech and its data collection
Today’s rapidly evolving forms of data make it a challenge for CMOs to effectively collect data and manage it. Not having a solid customer data foundation also constraints brands from optimizing the usage of their martech stack. While considering the factors that immediately affect the success of martech, CMOs should evaluate the robustness of data and the analytic capabilities of the martech suite they wish to implement. If not, they may end up making additional unnecessary martech purchases.
Checking the effectiveness of the suite’s analytic capabilities
Having a martech suite that will outgrow modeling, optimization, advanced decisioning within a short span of time even as the brand’s marketing use case evolves, can hamper the marketing efforts. Therefore, CMOs should take time to perform an audit of the analytical capabilities included in the stack when compared with the ones they need.
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