With too many martech solutions in the market, brands often make the mistake of investing in wrong stack that doesn’t yield the expected results.
Today brands across industries use a range of marketing technologies, solutions and online tools to optimize their marketing processes. Martech not only enables brands to automate their mundane tasks but also enables them to scale their marketing operations. However, with too many solutions at their disposal, it is becoming increasingly difficult for brands to make the right martech choice. This only gets more complicated as martech capabilities are constantly evolving along with business dynamics of acquisitions and integrations.
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Developing a near-perfect martech stack takes a considerable amount of time. It also requires marketing teams to evaluate their requirements and evaluate what their current stack doesn’t provide them. Therefore, before assessing the martech stack to optimize marketing growth, below are a few mistakes that brands should stop making:
Investing in many Martech Solutions at once
The current martech environment is flourishing with new innovations, partnerships, acquisitions and funding. Today’s martech platforms and solutions offer a wide range of plugins or integrations that enable users of different/ multi-platform capabilities within a unified system. But, as the martech landscape continues to grow and creates new solutions, brands end up making mistakes to invest in too many solutions at once. Therefore, brands should invest in a few core martech solutions that drive their core marketing efforts. They should enable the marketing teams to not only keep their information accessible and centralized but also strengthen their marketing operations and internal processes.
Before advancing with a new martech investment, brands should consider the top features they are buying it for, and question whether their existing martech solution can perform similar functions. Additionally, they should ensure that marketing objectives and future goals are in place before making any martech investments.
Lacking a Centralized Data Process and System
With a unified customer data platform or a CRM tool in place, brands can collect and organize customer data, insights and signals across multiple touch points and channels. However, many marketers do not unify them and do not allow multiple customer-facing teams the right to access analytics and metrics to improve their campaigns and processes, resulting in disjointed marketing efforts.
Having a centralized data system in place allows brands to organize and structure their customer data. In addition, it enables them to evaluate what works as per their current customer journey. Not having a data silos environment can also provide brands visibility into marketing performance and marketing impact or growth.
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Not aligning marketing goals with other departments
Often the goals of marketing teams are different from other stakeholders in the organization. Though it is crucial to have and achieve the marketing KPIs, CMOs should ensure they are in sync with the other departments. They should work with their counterparts to optimize internal collaboration and martech choices while also helping multiple teams to align their goals and critical information. This collaboration can also help the marketing team to create more impactful customer journeys and customer experiences.
Takeaway
There are many best practices that CMOs can follow to optimize their martech investments. However, the fundamentals lie in where to invest, what purpose their brand wants to achieve and assessment of whether their marketing team can efficiently use the martech, track the right data and better their marketing performance.
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