Do We Have A Martech Stack Problem?
Optimising martech – managing and coordinating disparate platforms and interfaces – has become more vital than ever. Industry experts share their views on why it is vital to optimise the martech stack. In breadth and complexity, marketing technology is evolving exponentially. Thousands of platforms offer solutions for email, CRM, mobile, social, content, web analytics, and […]
Topics
Optimising martech – managing and coordinating disparate platforms and interfaces – has become more vital than ever. Industry experts share their views on why it is vital to optimise the martech stack.
In breadth and complexity, marketing technology is evolving exponentially. Thousands of platforms offer solutions for email, CRM, mobile, social, content, web analytics, and much more. And businesses are investing significant money and time in martech tools to engage with customers for their businesses to scale. At the same time, in a challenging business environment, marketers are under pressure to optimise their tools and prove a return on investments (ROI).
According to Martechvibe State of Martech 2021, close to 23 per cent of CMOs said investment in martech will increase over 30 per cent this year. But the challenge is optimising the use of technology – managing and coordinating disparate platforms and interfaces in the martech stack and providing an amazing customer experience across multiple channels.
Close to 46 per cent of CMOs say that they have to constantly train their teams on the latest tools and solutions, while 24 per cent said finding a skilled workforce is a challenge when it comes to using innovative solutions.
“Business environments are undergoing a massive change, thanks to the large-scale digital transformation that has increased demand for easily accessible information. Seamless and personalised experiences are key elements for this change, while having a clear and direct path of communication with customers enables time and cost savings for companies,” said Robbie Kearns, Senior Regional Vice President Salesforce.
“In a modern, all-digital world, connecting marketing, servicing, and commerce teams with an optimised martech stack is key, as it enables organisations to deliver informed, inspired and personalised customer experiences.”
It’s also common, however, for marketers to have an incomplete view of the technology capabilities they have, and therefore not use everything they’ve paid for.
Gartner research shows that marketers use only 58 per cent of their existing technology capabilities. Extracting their full value comes with costs such as upskilling marketing talent or investing in workflow management applications.
“Marketing budgets have been at their lowest levels in years. Therefore, it is of utmost importance to reassess existing martech stacks and resources for businesses to remain competitive and efficient. Having a clear and well-defined martech roadmap requires a cognitive effort and alignment across departments, rather than simply purchasing new tools when the need arises. The investment in both time and resources will surely be worth it,” said Rami Deeb, a seasoned marketing professional who manages Talkwalker’s digital marketing efforts for the MEA.
Clearly, for the marketers, the rapid growth of martech systems and reassessing the budget has necessitated an ever-greater focus on optimisation and integration of the martech tools.
“Business environments change quickly. The last two years have taught just how different the playing fields can be in a matter of weeks. Investments in an efficient Martech stack help you de-risk your demand gen, keep prospects engaged, and most of all, retain customers in an otherwise unpredictable world,” said Jay Dalvi, GM, META at CleverTap.
More than ever, for businesses, it means optimising value and avoiding wasted resources, eliminating underutilised technologies, and adopting ones that drive an ROI.
Is this the end of the “build your martech stack” phenomenon, then?
“I would say it’s the next logical evolution of how a martech stack is built. As business functions become increasingly dependent on consumer data, we’re going to see martech stacks built in close collaboration with other departments like sales, human resources, customer success, and even product development,” said Deeb. “Cross-departmental collaboration and qualitative feedback among teams will be key determining factors in how martech stacks will be built, in addition to budget.”
According to experts, when SaaS vendors provide integrated martech stacks, businesses should focus on customers and solve use cases challenges instead of building a tech stack to solve a problem. No two companies operate the same, so no two businesses should use martech the same way.
With customers interacting with brands on multiple channels and expecting a seamless experience, businesses must acquire the right set of customers at a low cost of acquisition, engage, retain, and maximise their lifetime value.
For businesses to be able to achieve this, the traditional approach towards technology investments do not suffice. They need new tools that can help navigate complex customer journeys.
“Today, customers are more tech-savvy and digital oriented, which is evident by the surge in brand websites and apps, and online marketplaces in the last two years, while the recent pandemic has changed customer experiences permanently,” said Kearns. “Keeping this in mind, brands need to increase investments to unify the physical and digital to further streamline and simplify the customer experience.”
“In a modern all-digital world, connecting marketing, service and commerce teams, with an optimised Customer Data Platform is key as it enables businesses to deliver informed, inspired and personalised customer experiences,” added Kearns.
Without a roadmap for integrating martech tools and solutions for the frictionless data flow across their stacks, marketers stand to be at a competitive disadvantage. Consumers switch seamlessly among channels and devices rapidly, and for marketers, it’s vital to engage with them effectively and react as quickly as customers move.
“Having an omnichannel strategy and ready insights into previous customer purchases and access to digital inventory enables them to promote, sell and ship products from anywhere in-store, making the overall experience more informed and convenient,” said Kearns.
Personalisation is critical for consumers today, and so it must be vital for the brands that want to build relationships with them. Market changes are creating new purchasing patterns and complex consumer behaviour. For businesses, having an optimised martech stack is the bedrock upon which it can create a truly customer-centric organisation.
“Your martech stack will need to be aligned with your overall sales stack, customer success stack, and so on. Upon using those tools, you can then determine what value they brought and how you could maximise it.
“In the end, it’s not only about ‘getting the best deal’ out there, or using cutting-edge tech. Fundamentally it’s about future-proofing oneself while remaining agile in face of unexpected market changes and megatrends,” added Deeb.
If you liked reading this, you might like our other stories
What’s in Your Stack? B2B Enterprise Tech Edition
Martech Lessons from the Middle East’s Leading Brands
