Investment: Does the value the tool provides align with the expense?.Integration: How well does the tool integrate with mission-critical applications? Do you need to spend time maintaining custom integrations?.Adoption: How fully have people adopted the technology? Is it considered important to the team? Do they feel the tool to be vital to their mission?.Usage: Who is using the tool? How is the tool being used against marketing goals and objectives?.Impact: What impact does the tool have on meeting your marketing objectives, and is it redundant?.There are five main areas to consider for each piece of tech: Performing a general assessment of your MarTech stack is essential to reining in unnecessary costs and confusion, especially when new leadership arrives in the marketing department or new tools are up for consideration. This can become quite costly for a company. Only to leave it behind, sometimes with limited documentation about the purpose of the technology, if documentation exists at all. As people move from job to job, many introduce new technologies used in previous positions, adding to the complexity of the MarTech stack. Previous owners: The career path of a marketer can have many twists and turns.However, many marketers are overly focused on this ease of implementation - not on whether they’re the right tools for the job. These Marketing Automation vendors have developed native integrations with many MarTech tools that make it easy to implement new tools. Platform integration: Most marketing organizations use a Marketing Automation platform.Unfortunately, there is no silver bullet, and when Shiny Object Syndrome brings in unproductive tools, you create more headaches in the long run. In the world of fast-paced, competitive marketing, a cutting-edge tool can make a quick impact. Functionality: All too often, a slick, new tool comes out with a specific functionality the marketing team cannot live without.Below are some of the most common reasons teams add unnecessary tools: To untangle your current stack, work to determine why different technologies were chosen in the first place. There are many reasons for a MarTech stack to become disorganized and expensive but understanding why each tool has been implemented and what it does helps uncover its contribution and ROI. You can also join BDO Digital for a webinar on October 25 th, where we will be discussing best practices for assessing your Marketing Technology. When was the last time you took an in-depth look at the tools you are using today? To help you get a handle on your MarTech, we’ve put together an easy-to-follow list to guide you through performing your own evaluation. The Forbes Technology Council recommends evaluating any tech stack before adding new technology. During a time when businesses need to tighten their belts in other areas to avoid passing inflationary costs onto consumers, evaluating non-human components like your MarTech stack can help save money. Yet today, industries face another stumbling block: a downturn in economic conditions.Īdditionally, the Great Resignation and tight labor market continue to affect team structures, documentation of processes, tool adoption, which can be costly. Marketing budgets are slowly returning to pre-2020 levels, with 25.4% of spending dedicated to Marketing Technology (MarTech).
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