Successful Business Outcomes Require a Martech Roadmap

Marketing technology has increased in popularity as businesses strive to thrive in today’s ever-changing digital landscape. When building out a complex martech stack, the benefits of using a clear strategy roadmap can keep marketers a step ahead of their competitors.

Customers are now investing more time online than ever before. According to recent data from research firm eMarketer, e-commerce revenues increased by 18% in 2020, which means that brands will need to focus even further on their digital sales and marketing capabilities. It is important to engage customers with a specific offer or message at the right time. To do so, businesses turn to marketing technology (martech) to improve their skills and compete in this dynamic environment.

However, merely adding more resources from a current vendor or implementing the most cutting-edge technology on the market, such as AI-powered tools, will not suffice. The only way to get the most out of a robust martech stack is to clearly define the business objectives upfront and then work out the best technology solutions to help businesses achieve them.

Begin by creating a technology roadmap

Building a technology roadmap provides a structure for business owners to outline and understand the tools they have in place, ensures that those tools support their business goals, and develop a strategy to adopt and learn those tools.

A roadmap also ensures that key groups within the organization agree on who is responsible for what, where, and how. Documentation also helps to avoid martech ‘creep’. So, what are the components of an in-depth martech roadmap, and how does a company handle and construct one effectively?

Also Read: Marketers Fail to Utilize the Full Potential of their Martech Stack

Create a data plan

One of the most significant advantages of an efficient, results-driven martech stack is the ability to better understand customers through data. Businesses will have excellent customer service if their martech stack is completely integrated.

The martech roadmap comes into play here. When creating a roadmap, one of the first things marketers must do is decide on a data strategy. This is necessary not only to be data-ready but also to be data-powerful.

Businesses can provide a greater understanding of how to use data to improve consumer engagement by knowing where data is now coming from, what data touch points are lacking, how the data will be used, and so on.

Determine which marketing tools are needed

Once a company has determined its data policy, it must decide whether or not it has the necessary resources to support it.

According to Gartner, instead of using an all-in-one solution, more companies are opting for a best-in-breed approach while building out their martech stack. This is a significant shift from the single integrated suite, which has long become the industry norm.

Marketers can adapt their martech stack to their individual requirements using a best-of-breed strategy roadmap. With this in mind, a martech roadmap is essential for identifying pain points in the marketing plan and determining which tools are needed to better address them.

Time is money

According to data from Chiefmartec, there are currently over 8,000 martech tools available. This makes it difficult for marketers to determine which campaign resources they need and which are unnecessary.

With so much new technology emerging, it’s no surprise that many businesses are actively incorporating and deleting apps from their martech stack. Not only is this a time-consuming process, but it can also cost businesses hundreds of thousands of dollars.

Also Read: Why Growing Businesses Need UC to Scale Efficiently in 2020

A martech roadmap will help businesses save money and time by focusing on the organization’s strategic market priorities rather than the latest developments.

Companies are less likely to adopt the latest new technology that enters the market and a roadmap lets them realize the value and marketing strategy offers. Changing products also disrupt internal processes and can cause frustration for those who use the tools on a regular basis.