How to get more out of your martech stack
Which is the best approach for a successful martech stack? Another vendor or an all-in-one solution?
From dealing with legacy technology to deciding whether to adopt a software suite approach or best-of-breed strategy, dealing with the increasing complexity of marketing technology should be a major focus for every organization.
Simply put, the martech stack determines the success or failure of an organization. But combining the right tools and technology can be a challenge for his CMO today. With so many targets moving around the rights and availability of customer data in the industry, the task can be overwhelming.
Acxiom Chief Strategy Officer David Skinner said:
This approach enhances free-flowing data exchange between legacy and new tools, systems, and channels while allowing companies to easily add, remove, or replace martech tools to meet their changing needs.
Legacy stack as a living organism
“It is helpful to view the traditional stack as a living, breathing platform rather than a static tool,” said Skinner. It’s a collection of software, services and systems.”
He pointed out that as with all tools, consistent maintenance is a must.
“By prioritizing regular stack audits, CMOs have a clear picture of what is working today and can determine what changes might be needed in the future. As we grow and new tools emerge, including those available in the cloud, CMOs will gain critical insights to streamline and modernize their stack to meet current and future marketing needs .”
Asim Zaheer, CMO of Glassbox, explained that there are many new technologies and features recently introduced that have the potential to significantly improve the efficiency and influence of CMOs.
“The challenge is that there are so many martechs available today and so many vendors offering very specialized niche solutions that it can quickly become very overwhelming and confusing. “The biggest challenge is to have a clear understanding of the martech landscape of solutions. , to understand how much it will cost.”
From Zaheer’s perspective, CMOs should start by building out the core components, customer relationship management (CRM), marketing automation, and website infrastructure. “Make sure you have core functionality…covered and well integrated.”
From there, you can assess your business requirements and build stacks for email, social, retargeting, sentiment analysis, analytics, and more.
“Base your rating on simplicity to integrate with core components, time and effort to implement, and ability to manage seamlessly,” says Zaheer.
Related Article: 5 Insights on the 9,932 Marketing Technology Landscape
IT, sales activities among major martech players
Mr. Zaheer explained that IT and sales operations are key stakeholders that should be incorporated into the process of defining business requirements and evaluating technology.
“It’s important to be sure to anticipate technical issues related to integration and security, as well as changes that may be required in the structure of the data flow between systems and databases early on,” he says. I was.
Skinner agreed that input from various stakeholders is important in building an effective martech stack.
“Externally, advisors across multiple marketers can bring a wide range of perspectives,” he explained. “Internally, the CMO should consult with the Chief Revenue Officer on sales targets to drive greater ROI and efficiency within the stack.”
The team also works with the Chief Data Officer and/or Chief Analytics Officer to ensure that the organization is using the best data and appropriate metrics to measure what is working and what is not. You must make sure that you have
Skinner added that CMOs should also reach out to chief privacy officers to define ethics and protections around data collection and use. Finally, the marketing team should work with the Chief Information Officer/Chief Information Security Officer for strategic planning around data security and future technologies.
Best of Breed vs. Single Vendor
When considering whether to use different vendors for different technologies and services, or trigger one giant suite of services from a single vendor, Zaheer said he recommends a “best of breed” approach.
“There are many new innovations that no single vendor can offer,” he said. “And the level of integration between vendors is improving.”
He added that it’s important to get a grip on Martech now. Otherwise, you will be left behind by your competitors. “Companies in all industries are changing rapidly, especially in the digital world we live in.”
He noted that everyone is looking to gain a competitive advantage through data, more precise targeting and faster responses to potential leads. , it’s important to determine if they improve your marketing performance. Start with the core and build from there.”
Skinner said most large brands are opting for leading martech, ad tech and data management vendors.
“When it comes to choosing a best-of-breed or suite approach, it depends on the brand’s situation, resources, and existing martech stack,” he explained. increase.”
Skinner says point solutions are great for being on the cutting edge and trying new things, but they still need to be connected. “Stacks should be built on functionality and flexibility, and integrate easily for a frictionless experience. For long-term success, we need a strategic partner who can help us connect and manage our stack.” please look for it.”