Despite the numerous unrelated martech solutions in an enterprise stack, a clear understanding of the available system of cluster solutions can help enterprises
Over 60 percent of marketers plan to increase their marketing technology budget asks soon. The ‘Rising Above the Fray’ report by The CMO Council also stated that the top martech priorities would include marketing analytics and performance attribution, content marketing, and marketing data along with data enhancement. Brands are hopeful to leverage the tech vendor solutions and increase their business revenue. However, a majority of the enterprises end up being disappointed.
A recent survey conducted by Brand Maker revealed that only 10 percent of CMOs are completely satisfied with their marketing technology stack. The remaining 90 percent struggle to make their technology investments successful. Several experts believe that operational efficiency and business strategy are not efficient among most enterprises.
With the plethora of technology available today, it is surprising that enterprises struggle to take full advantage. A closer look at the situation revealed that among the 8000 and more vendors that occupy the martech space, most of them offer solutions with limited growth potential. Many vendors did not live up to their promises, and several CIOs and CMOs buy the solutions without thorough research on the success rate.
Meanwhile, several other enterprises claimed to be frustrated managing several siloed point solutions at a time. A Chiefmartec report revealed that many enterprises juggle over 90 unconnected solutions. Experts opine that it is not surprising as vendors have the capability of overselling their solutions. There is a reason why the vendor market has dramatically multiplied in just under a decade. As a result, over 90 percent of companies are dissatisfied with their martech stack.
For an effective digital transformation, enterprises should focus on their operations maturity. It’s important to understand the simple statement- an enterprise stack is not an automatic solution. It requires maintenance, effective operations, and management.
Technology experts recommend brands to understand that the siloed solutions might work in harmony, provided, they understand the six main clusters of the vendor solutions that include data, content and experience, and management. Each cluster revolves around a digital marketing and digital transformation sphere that can aid enterprises to address their business challenges. The perfect alignment of solutions from each of the clusters, depending on the available funds, the type of business, and company priorities can accelerate growth and ROI.
Both business and technology experts predict that the industry is entering the next wave of digital technology where the martech stack of a company plays a pivotal role. Several organizations might have to double their efforts to get the most of their siloed solutions and arrange them harmoniously. An agile and connected operation that follows the cluster priority strategy gets their enterprise stack orchestrated with a 360-degree workflow approach and avoids having blind faith in vendors over promises can create impactful opportunities for themselves.
For more such updates follow us on Google News TalkCMO News.