Consider These 5 Things Before Investing In New MarTech

MarTech transitions are tough. It’s not a cakewalk for a business to invest in new marketing technology and perhaps remove an older one during the MarTech transition. No marketing or sales team invests in new MarTech with the goal to fail at it, still, that happens.

In situations like these, what steps can a business owner take to avoid such scenarios? How can you avoid wasting your marketing technology investment? And most importantly what makes businesses think of investing in new MarTech? Dig in to find out.

Why do businesses think of investing in new MarTech?

MarTech

In most cases, businesses are looking at a rather larger investment in the terms of time and money. The decision to start the process of a MarTech change doesn’t emerge out of nowhere. It’s a response to a situation or an issue that’s bothering the sales or marketing teams.

Probably, before contacting leads, the sales staff might wish to be able to learn more about them. Or perhaps a marketer wants to give the salespeople the information they need to better understand the steps a lead took to become a lead.

Maybe their sales and marketing teams are considering all the things correctly, but going beyond the basics is necessary to assure success. This involves not just addressing the pain area but also conducting a root cause diagnosis to identify its actual source, which can then be addressed once and for all.

Marketing technology has many trending things right now but if not implemented rightfully, a company can relieve some short-term hardships but inadvertently worsen the actual problem in the long term. This makes it more difficult to fix the issues in the future, but you’ll have to do it if you don’t want to spend the rest of your life only chasing the pain points.

Below mentioned are the 5 things you should consider when investing in MarTech.

5 Things To Consider When Investing in New Marketing Technology

Your long-term and short-term objectives should be supported by your MarTech stack strategies. Even if you may currently need to address some urgent business needs, will it reduce or amplify over time? Even though it can be challenging to predict your business requirements, doing so will help you avoid having to rip and replace your MarTech stack.

Talking to those in a similar industry who are somewhat further along in their journey can be a useful strategy for learning what to avoid, try, and plan for. Here are 5 important questions you should ponder before buying new marketing technology:

1. Do you use the proper marketing operations procedures?

marketing technology

Even whilst having the best MarTech at their disposal, marketers frequently complain that they haven’t implemented the highest levels of internal processes and best practices for marketing operations to make sure that every feature of their MarTech is being utilized to the greatest degree.

Another frequent complaint is the difficulty in combining data and extracting the most important insights from it. Both of the above result in the requirement to develop more robust marketing operations procedures that synchronize with new or existing MarTech investments.

Simply put, this means it is AB-SO-LUTE-LY necessary to reflect on how your employees handle the MarTech platform, plan campaigns and content for those systems, and carry out daily analysis of how it is performing.

2. What types of data can this new MarTech gather?

Focus on the specific ways in which the new MarTech will assist you in overcoming challenges once you’ve established why you’re investing. Think of how data will be collected and then applied? Because the data that is collected will act as the foundation for customer analysis and automation. So, it’s necessary that the platform you choose can collect the data you need, help in analysis, and enable you to make informed decisions.

Apart from this, it’s equally important to take into account the new MarTech’s drawbacks as well. Does this particular marketing technology have a chance of its data collection approach harming your marketing, will it hinder the performance of your website, or violate data privacy?

It’s quite easy to be ecstatic about what your new technology will do for you and your business. The thrill often results in marketers failing to take a step back and consider what nuances and new challenges may arise with the implementation of the technology.

3. Is the new MarTech satisfactorily user-friendly AND integrated?

MarTech

Your company will use this MarTech daily, so if it isn’t easy to use, you’ll either avoid using it or go ahead and waste time and money on hiring a professional who can. Ensure you keep an eye out for these important characteristics for a good user experience in any marketing technology you are considering:

  • Make sure your web platform can effortlessly communicate with other software, such as your customer intelligence/analytical tools. Many providers employ third-party technology to enhance their services, which makes sense if it’s the best available deal. However, if they’re utilizing different technologies, they must function in sync. The experience will be difficult and ambiguous if you have to manually upload data from one platform to another or log into multiple ones.
  • How simple are the metrics to understand? Are the metrics clear and simple to understand for others as well? Look at whether the technologies operate as a unified system or if they are distinct products branded as one to make sure the technology is simple to use. However, it’s not always the case as different platforms and solutions operate together without difficulties just because they are bundled and sold together. When evaluating such marketing technology, exercising caution is a given.

4. What are the expenses and the anticipated Return on Investment?

MarTech

Usually, new MarTech consumes a lot of effort and money. Make sure the investment will be profitable. What you plan to receive out of the MarTech platform should be made clear to the supplier, and you should seek them for guidance on what to anticipate.

When beginning a new MarTech partnership, it’s extremely important to have clear objectives and a strategy for achieving ROI, regardless of whether your goals are directly quantifiable in terms of sales or lead generation or more qualitative and intangible.

5. Does the new MarTech comply with the latest regulations?

MarTech

Marketers need to understand that customer privacy is a reality in today’s world. On one hand, data breaches are on the rise, while on the other, data privacy laws are evolving rapidly. Marketers must comprehend how to develop their data governance practices in accordance with local rules. A robust data privacy procedure is beneficial for all parties and can increase a customer’s trust in your company.

The market of the MarTechmarket of MarTech

MarTech has evolved a lot in the last decade and currently the market for marketing automation software is quite a large one and is expanding annually. MarTech product adoption has surpassed the breaking threshold. According to reports and researchers, a huge percentage of Marketing leaders now utilize a marketing automation platform. Of those who don’t, a pretty notable percentage intends to do so within the next two years.

In other surveys, it has also been indicated that marketing leaders are investing a good enough percentage of their expense budget in MarTech. This proves that the investment in marketing technology or MarTech will continue to increase.

Summing Up

Despite the substantial investments that are made, many marketers have trouble leveraging MarTech. Because they are burdened by the overall complexity of systems, lack an effective strategy, have insufficient contact data quality, and fail to focus solely on their customers.

It is important to clearly understand the role that marketing technology plays. Make a plan for training staff members who will be using the technology. To convince the rest of the team to adopt new technologies make sure your company has senior managers and lead users on board.

Consider ways to increase consumer reach, shorten the time between initial contact and sale, increase profits, cut costs, and expand the organization’s influence. Consider internal marketing technology strategies in the same way you would externally marketing campaigns. And last but not the least, make sure the product or service being sold is considerate of the “customer’s needs.”

 

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