Businesses need a robust set of tools to handle complex data to resonate with the dynamic needs and behavior of the customers. A solid MarTech stack helps create a digital presence that will help the businesses move prospects down the funnel and generate more business.
An optimized MarTech stack aids in engaging existing customers and assures retention. As per a recent report by Gartner, “Disruptions Derail Progress in Martech Utilization: 2022 Marketing Technology Survey Insights“, marketers only utilize 42% of their MarTech stack capabilities. Here are a few strategies to help businesses maximize the value of the MarTech stack.
Assess the Marketing Channel Strategy
Understanding numerous marketing channels that will help companies achieve their business goals is crucial. Businesses must analyze their marketing strategies and select appropriate channels that leverage the marketing technology per the requirements. Marketing channels can be chosen by analyzing objectives, audience, and competitors. This strategy will allow businesses to amplify their audience reach and boost conversions.
Also read: Achieving Marketing Efficiency with Digital Marketing Transformation
Identify the Current MarTech Stack
Only some marketers can utilize the complete capabilities of their existing MarTech stack. Marketers need to take an inventory of the current tools and use them to maximize the ROI rather than hunting for new technology or tools. Organizations need to audit the existing platforms to assess the underutilized platforms. This strategy will enable marketers to evaluate trade-offs and build versus buy decisions.
Choose Right Technology Tools
Marketers need to strategize the features and capabilities necessary for the business before investing in high-budget tools. Organizations need to identify the challenges with the MarTech stack and involve the stakeholders to understand the use cases and whether the means used significantly align with the business requirements.
Marketers need to utilize tools that can resolve multiple challenges and are easy to use, resulting in lower deployment costs and license fees. This will minimize the risk of investing in unnecessary features, restricting the utilization of tools that need to be more robust.
Select an Appropriate Vendor
The company’s approach to finding the right owner must be shaped by the business’s need to serve customers better. Marketers must ensure that the vendor is transparent and stays true to the long-term costs. Additionally, vital evaluations for any hidden implementation and configuration costs are required. Businesses must ensure that the vendors are stable and likely to support and improve the company’s product.
Also read: Leverage Data-Driven Insights Align Marketing Strategy Goals in 2023
Foster Alignment of Sales and Marketing Teams
Efficient alignment of sales and marketing teams is critical for a smooth buying process and positive customer experience, ensuring organizational efficiency and accurate revenue attribution. Fostering sales and marketing create automated workflows to move prospects to the bottom of the funnel. Businesses need to create automated workflows that aid in bridging the marketing and sales tools to get better insights into the customers at every touchpoint. Companies also need to identify metrics and KPIs. At the same time, syncing the data bi-directionally will be effective.
Maintain Consolidation
Maximizing ROI on each software purchase is the goal of building the stack. Diminishing redundancies can ensure efficiency with the streamlined data flow. Marketers must avoid point solutions and opt for technology with better functionalities in numerous areas of operations.
The key to an exceptional MarTech stack is understanding the current and future technology landscape and where the needs fit. Organizations well-equipped with the MarTech stack can deliver the right experiences to the right customers with a high engagement rate. Adhering to a successful management strategy helps to build an efficient MarTech stack.
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