Modern marketing is becoming increasingly reliant on new technologies and automation processes, which has resulted in an explosion of MarTech products. The MarTech landscape is vast, and the industry is likely to develop even more in the coming years with a large range of accessible solutions.
While the flashing lights of a new dashboard can be enticing, the sheer choice of MarTech available can be confusing and overwhelming, causing marketers to focus on solutions for specific departments rather than the entire company.
To truly be the solution to a marketer’s needs, MarTech should assist them in breaking down departmental silos, allowing all areas of the organization to own and use it. After all, what good is it for marketing managers to have a gleaming dashboard indicating that their campaigns are successfully attracting new consumers if regular customers are leaving in droves over time?
So, what can companies do to break down the barriers to success and make the most of MarTech? How can they align tools to get a complete picture of how their marketing actions affect the entire company?
Also Read: Three Strategies to Focus on When Shifting to Outcome-Based Marketing
Abandon siloed thinking
Managing cross-departmental marketing operations is a difficult task for large companies, and as marketing grows more complicated and data-driven, the task becomes much more difficult.
As a result, many companies allow departments to choose their own marketing tools, and these decisions are frequently based on more superficial aspects like appearance rather than selecting the best tool to help the company’s bottom line. This is frequently the case with solutions like Multi Touch Attribution (MTA), which pitch themselves as fast and appear ‘simple’ at first glance. They provide immediate feedback and results, but what is the campaign’s long-term impact? How is it beneficial for the brand?
The risk is that many solutions overpromise; they may produce appealing dashboards, but they are ultimately limited to specific business segments and only enable short-term results. Organizations must abandon siloed thinking and start looking at all touch points to be successful. This is where a holistic approach to MarTech can help by gathering and combining all data from a business in one place, and then using it to create a model of the entire company and its business drivers.
Consistency is crucial
It is frequently easier said than done, but it cannot be overstated: putting strategies into effect in such a complicated context necessitates commitment from all parties involved – something that is all too often overlooked or misunderstood. The successful implementation of MarTech is dependent on more than just the technology. Even before the strategy is addressed, getting all teams and departments to agree on platforms and software can be difficult.
As a result, active change management and the participation of all stakeholders are critical. In the end, the entire company, not just one department, are needed to achieve the organizational objectives.
The decision-making process in the organization is more likely to be accepted when the results are based on data as well as ‘external’ studies – for instance, when it comes to budget allocation. As a result, all pertinent regions are included and given equal weight.
Also Read: Embracing the Flexible Future of Marketing
The need for the right kind of data
When it comes to consumers, tracking them throughout their journey may never be practical, especially as the industry moves toward omnichannel and more restrictions and guidelines are put in place to protect their personal information. If the right data is employed, technology can aid with considerably higher consumer awareness and a holistic marketing plan that aligns and optimizes activities with customer needs and demands.
However, the amount of data available to businesses today is virtually incomprehensible, and many businesses succumb to the sheer volume of data. Furthermore, the demise of third-party cookies is inconvenient because marketers rely on them for targeting and effect analysis.
Many businesses are looking for an alternative to the cookie, which can be problematic. There will be no immediate substitute. In fact, in the future, a variety of solutions will be required, including cohort formation, contextual advertising, and the development of first-party data.
As a result, in order to run more successfully in the future, companies must finally rely on additional data and more holistic data analysis.
For more such updates follow us on Google News TalkCMO News.
