Technology

MarTech: A tale of an average yet effective technology

According to a survey done on 500 marketing executives in 2018, 70% of the marketing executives plan to or actually spend more on marketing technology than they did last year. There are probably uncountable MarTech tools out there which you can choose from and improve but the doubt on MarTech being average still remains.

The same survey reveals that an astonishing 80% marketers bring in at least one up to five new marketing technologies each year. That number, according to the surveyors, is likely to increase as the use of technology will also increase. As everyone is doing this, we can just help you with a few insights.

That said, here are three things that might sort out your MarTech crisis.

  1. Implementing new MarTech tools

Now, do not go with the name of that subtitle. Implementing new tools doesn’t necessarily mean trying each one of those 5000 tools out there. Many organizations fall to the new tool trap. It is not necessary to use a new tool almost every year to freshen up. It is good but getting the next thing on the market is not smart enough.

First and the foremost thing while introducing a new technology is to see whether you need it. Once you have figured that out, take into consideration the resources you have at your organization. Then compare the two and see if the resources you have would go with the technology or not.

When you have done all that, just remember, your resources aren’t ducks and the technology isn’t water, so they will take time to get used to the new technology. Being patient and having a plan is key to implementing new MarTech tools.

  1. Leveraging MarTech

Marketing and Sales teams have given up their fight and have joined hands for the greater good. They have teamed up to achieve a common objective and that is to generate revenue. Like most of the B2B organizations focus on sales, a marketer’s job has been mostly narrowed down to helping the sales execution.

However, Gartner Blog Network thinks that Sales and Marketing funnels will be replaced with revenue funnels if they haven’t already done that. And these two funnels will unite for a greater objective as mentioned previously.

Bringing these two teams together is of the larger picture. If we carefully look at the tools marketing has in its hands and if they can be leveraged in an intelligent way to rescue the sales with clients in the picture, then it becomes a win-win situation.

  1. Knowing the value

A marketer’s job is to find a good return on investment when there is one in the field of marketing technology. However, many of them have a job on their hands to evaluate the solution or even a platform for that matter. 69% of marketers say that marketing ROI is the main thing when it comes to strategically placing the technology at least that is what blogs.oracle.com thinks.

While many think CRM and marketing automation is game-changing, they are actually not. Almost all of them outside of the categories mentioned have failed miserably. Only 12% of marketers have had a significant return from these technologies.

The investment required to instill new shiny tools, a big buy into MarTech must enable certain things; saving money, improvement in processes and contribution to strategic goals are some them.

 

– Unmesh Phule

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