You’re looking to the future – and the future of your marketing team lies with your technology. Research shows the marketing technology landscape grew 40% last year alone, with over 5,000 products to choose from.
While marketing executives are leaning into martech – 70% of execs reported they were increasing their martech investment this year – are they doing so in a way that drives the best ROI? Are you?
For a better ROI on your marketing technology, ask these three questions before you sign off on new martech:
1. Does it help you leverage data between your teams?
Your teams need to work together if you’re going to achieve the aggressive goals your C-Suite partners are pushing for. While you may only have one or two power users on your team, you need your technology to give you data that you can use across teams. The projects on your team’s plate aren’t siloed – your data shouldn’t be either.
2. Does it make it easy to extract value?
You don’t have time to be in the weeds with the marketing technology you invest in. But 81% of marketing executives report having to use 2-10 dashboards to get the insights they need. Who has the time?
When evaluating a technology or approving one that that your team recommends, make sure it can give you and your team high-level insights so that you can quickly turn them into actionable strategies.
3. Is the company behind it keeping up with innovation?
Marketing technology is an expensive investment – reports say as much as 33% of your marketing budget will go to technology. And budget aside, you (or your team) will have to invest the time it takes to learn the new technology. That means for your martech to really pay off, it will have to have a technology ROI equal to the time and budget expenses it takes to learn it.
Before you invest resources, you should feel confident the company is keeping pace with your fast-paced future goals. After all, if the company isn’t oriented to move with the times, you’ll never get the ROI you’re looking for.
One more thing to look out for:
4. Does the technology provide valuable customer insights?
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MarketingCharts reported that 62% of enterprise companies are investing in marketing technology to better understand the customer and prospect.
Your customer is complex – to keep up with them you should invest in martech that will give you insights into your customers and help you translate them into meaningful marketing strategies and tactics.