The number of marketing tech stack providers is increasing around the globe, creating a challenge for the B2B presales teams to choose a scalable solution and a reliable vendor.
The marketing tech stack market size is booming at an exponential rate. According to recent research by Emergen Research titled “MarTech,” the MarTech market size in 2021 reached approximately USD 254.64 billion. The market size is expected to reach approximately USD 6,612.60 billion by 2030, with a CAGR rate of 44.4% during the forecast period from 2022-2030.
Marketing technologies are evolving to streamline the growing complexity of the B2B marketing landscape. These tech stacks are expensive and have a tremendous impact on the presales workflows. It is crucial for B2B enterprises to make a strategic investment in marketing technologies that helps them to achieve their goals and get the desired ROI. Here are a few strategies CMOs can consider to ensure they do not invest in the wrong MarTech stack:
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Avoid hoarding unnecessary data and getting lured by the latest tools in the market.
Hoarding irrelevant data creates several challenges for the organization that can be avoided. Enterprises that collect data on every client touch point will increase the irrelevancy of data and distract them from getting valuable insights from their databases. Moreover, it is not a strategic, goal-oriented approach that even predictive artificial intelligence will not be able to overcome. The cost of acquiring, storing, and processing irrelevant data can drain an organization’s financial health.
Many agile marketing tech startups compete in the market with industry leaders that might impact organizations with the ‘shiny new object’ syndrome. With so many options available to select from, the CMOs might find it difficult to select the right tools that adapt to their B2B marketing workflow. CMOs should thoroughly evaluate the tool to understand whether the solution will assist in solving the organization’s specific challenges or not.
Embrace the top-down approach
CMOs should consider taking a top-down approach that includes a three-step framework to avoid selecting the wrong marketing tech stack.
Break down the customer journey
B2B marketing teams need to break down the customer journeys into major phases in the customer lifecycle, right from first presales contact to aftersales activities. Furthermore, they need to determine desired outcomes and metrics for evaluating each phase of the client journey. For instance, in the initial phases, presales teams might want to focus on spreading brand awareness, which they can evaluate through a survey or number of website visits. Breaking down the customer journey will assist the marketers in understanding where they need to integrate the marketing technology stack to enhance the customer experience.
Decompose the marketing strategy
Once the presales team breaks down the desired results and strategies to achieve them into core marketing techniques. These core techniques to achieve presales goals are where the MarTech stack plays a crucial role in scaling or automating the process. If the B2B enterprise wants to improve the brand awareness in the target audience, a good strategy is to embrace the inbound marketing tech stack.
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Develop a marketing tech stack
This is the last phase in the three-step framework, wherein the B2B marketers have to choose the right tools to support the core marketing techniques. The CMOs should consider exploring, evaluating, and choosing a robust MarTech stack that streamlines and automates the process. Mapping out which tool assist which core technique helps to clearly understand how the tools work together to achieve the organizational goals.
Embracing a top-down three-step framework will ensure the decision is proactive and not reactive, which will result in enhancing efficiency and reducing operating costs.
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