Best Practices for Digital transformation with MarTech
Table of Content
- The MarTech Stack Takes Care of It All
- Best Practices for Digital Transformation with MarTech
- Benefits of a good MarTech stack
By now, we may have all realized that the driving factor for successful technology implementation is innovation. In nearly every industry, there is a strong push to upgrade its current technological incorporation. This is because the practical implementation of smart technologies have increased productivity, efficiency, and have been developed for some degree of automation. Similarly, marketing technology has witnessed a huge disruption in the last decade. The rapid growth in technology has forced software companies to adopt new marketing approaches and evolve with the times to leverage the best results of marketing technology. These new marketing technologies, though very helpful in several ways, can become overly-complicated. In order to thrive in this super-competitive industry, organizations need to digitize their marketing system, upgrade it as needed and become aware of the latest trends in marketing technology (MarTech).
This digital transformation has increased the scope of businesses in nearly every sector. With added innovation through technology, organizations are trying to become more productive. In this collective push, the marketing industry witnessed a massive disruption. Unfortunately, it isn’t as simple as solely promoting your business. The modern digital marketing landscape is vast. It includes integrated sales and marketing channels, database research, targeting, automation, and CRM systems. This isn’t even counting inbound/outbound lead generation, lead scoring/nurturing, as well as sales qualification.
The MarTech Stack Takes Care of It All
MarTech stack is the assortment of advanced and related marketing technologies and tools that help streamline your entire marketing process by offering a logical and functional format. MarTech stack is the backbone of your organization’s marketing technology infrastructure and strategy. The goal of implementing MarTech is to yield enhanced results by integrating cutting-edge technology into your digital marketing campaign.
A MarTech platform is used across multiple digital channels such as; CMS, CRM, web analytics, and advertising platforms. These are then deployed at different stages of an organization’s customer journey for an efficient digital marketing campaign. MarTech stack offers 360-degree monitoring and control of the marketing data management, analytics, automation, and CRM processes.
MarTech stack also focuses on the challenges that a buyer might face and rationalizes the problem areas. This is achieved by helping your organization retain, nurture, and increase their customer base. Moreover, the MarTech stack provides you with actionable insights from the data collected, aiding you to make informed decisions with the help of the right technology and skill set.
Best Practices for Digital Transformation with MarTech
As the technology solutions for every marketing function have multiplied, it has created a challenging situation for marketers to find the right tool from a list of thousands. The digitized version of marketing strategy involves a lot of procedures such as; customer relationship management, project management, artificial intelligence incorporation, developing personalized content, social media monitoring, and analyzing marketing metrics. While MarTech tools can provide competitive advantages, any wrong decision while selecting new marketing technology can lead to a huge loss to the entire organization. Thus, marketers need to be sure which technology might fail and which will create a scope for better ROI.
From deciding the purpose of the new technology, selecting the right vendor, to the integration of the right tools; marketers can’t afford to make any mistakes. Unable to keep pace with the sprawling MarTech innovations, marketers often fail to make strategy-driven choices. Therefore, before you invest in an expensive MarTech, your team should make a continual evaluation of the new marketing technology you are planning to incorporate. To help you get the best ROI from your marketing investment and to gain a competitive advantage in the industry, here is a list of guidelines on building your organization’s MarTech stack:
Ensure the new marketing technology integrates with your existing marketing stack
Upgrading to new technology does not mean that you have to leave behind everything that your marketing team has built over time. Rather, all your old customer data and past achievements play a huge role in building your new MarTech. Thus, you need to analyze the areas, if any, that can create a bottleneck in merging your old marketing technology with the new one. The new marketing technology provider should also understand your business’s objective and tailor digital marketing services accordingly. It should support your unique use cases efficiently and for that, you need to be very transparent about your business needs. To avoid challenges down the line, you need to ensure that the new marketing technology smoothly integrates with your existing system.
The new MarTech should be able to seamlessly integrate into the core existing technologies such as marketing automation platform, CRM, and content management system. Also, is your existing technology capable of handling the promises of the new marketing technology?
Decide if you want MarTech for the long term or for a short-term
Pre-deciding your marketing objective term and your unique needs help you select the technology provider accordingly. If you are aiming towards a long term objective, is the new marketing technology you are planning to adopt compatible with your plan? A long-term marketing objective will need post-service customer support facilities and not all MarTech companies may offer that. It is ideal to make sure if the new marketing technology will support multiple projects or is developed for short-term marketing strategies.
Make sure you have a team to implement the marketing technology properly
If you are outsourcing a marketing technology service provider, there is a high probability that you are assuming the implementation of the tools will also be done by them. But that is not always the case. Some marketing technology agencies just provide you with the tools, and the rest depends on you. If your team is well-acquainted with the latest technological developments in the marketing industry and is confident about implementing them, you need not worry. But if you are a software company with zero digital marketing knowledge, you may get lost in the complications of the new marketing technology tools.
Look for privacy protection
The advancement in technology has also increased the rate of cybercrimes and while incorporating any digital service, keeping a check on the security side is very important. Not all marketing technology service providers offer privacy protection and some offer them with a hidden cost. Since that entire marketing process revolves around customer data and financial transactions, any breach in the system can create a negative reputation for your company within your pool of potential customers. Your new marketing technology should provide complete security to all personally identifiable and transaction-level data.
Monitor marketing metrics
The most important benefit of digital marketing technology is its ability to generate and provide your marketing campaign’s success metrics. Marketing metrics such as open rate, conversion rate, and more; determine the efficiency of your digital marketing campaigns. Based on the results, you can modify your marketing strategy by working on the flaws. But, analyzing the metrics can be a difficult task, and fixing it can be more difficult. So make sure that your new marketing technology automatically deals with the metrics analysis process and offers you suggestions on how to tweak a certain strategy to create better results.
Automate your marketing system
With the increasing workload and the rapid innovation in technology, it is time to share some of our workloads with machines. Automating the marketing system’s possible areas helps you create more leads in less time and develops better customer relationships. A well-developed marketing automation tool not only focuses on building enterprise-grade power but, also on consumer-grade ease-of-use. By constructing your MarTech stack around automation platforms, you can easily analyze the stored customer data, which in turn can help you produce a customer-centric marketing campaign. Moreover, creating great customer experiences keeps you ahead of your competitors in the industry.
Never tamper with your marketing strategy
With the availability of so many marketing tools and the pressure of success, one can easily get carried away to a point so as to change the entire marketing strategy. This might create confusion in the system and turn out to be a massive digital marketing failure. Thus, always remember to stick to your strategy first and select technology that fits your marketing strategy. To achieve your business objective, you need to build your MarTech stack around your sales and revenue-driving strategy. Remember that strategizing the entire process took a great amount of effort since it was built, keeping every perspective under concern.
Segment and document all the data collected
If your business is going on the right track to success, your data center must be overflowing with uncontrolled and oversaturated data. Because that’s what a modern, booming business looks like, but only till a point when all the abandoned data gets misconstrued due to lack of documentation of the ever-evolving data. To maintain long-term success and to avoid data integrity issues, you need to label all your customers, as well as business history. This offers easy access to the data whenever needed and is also easy to understand for new employees.
Give your strategy the highest priority
Build your MarTech stack in a way that it easily collaborates with the rest of your team and will continue to do so in years to come. Even though you will have to keep upgrading your system with the innovations in technology, you cannot frame your MarTech stack based on your short-term goals because switching systems can be expensive. You need to make a prior analysis of how each of your movements might mark the future of the business and develop the MarTech stack accordingly. Also, there is no point in wasting time looking for the forever-technology, since we all know that the concept of forever-technology is a farce. So ideally, you must opt for technologies that will sustain your business till the next disruption.
Run an Audit
Technology can create wonders, but similarly, even a small overlooked error can cause great damage to your entire plan. Thus, before stacking marketing tools and technologies, it’s important to run an audit of everything, including marketing automation, web analytics, conversion rate, sales enablement, social media platforms, and paid media. This helps you analyze how accurate your final MarTech stack will be and also gives you a scope to mend any issue detected.
Benefits of a good MarTech stack
- It offers faster and more accurate information to the users, that too in real-time. It also prompts any action taken by the user to keep a chronological track of customer movement.
- MarTech stack provides better security to customer and business data by monitoring how and by whom the database is being used.
- Provides you with a stronghold to the centralized data by collecting all information at a single platform where it gets recorded and analyzed with the help of business analytics tools.
- Eradicates the extra burden on your IT team to develop custom integrations, with the help of the built-in data infrastructure tool.
Since the standard of marketing defines the success rate of a business these days, overlooking or ignoring any area of digital marketing can result in a lack of impactful promotion and client satisfaction, and gradually leading to degrading ROI. But the challenge in building an ideal MarTech stack is to select the right technology from a list of thousands, making them user friendly and setting them up in a way to leverage the best possible benefits.
The disruption in marketing technology has developed complicated procedures that get more difficult to manage with the growth of the business. But that can’t be a reason for you to deny a great chance of success. So if you are motivated to gain your business objective, build a MarTech stack that will help you embrace a methodical approach towards marketing for simplified operation. Once aligned into the system, your MarTech stack will engage more buyers and drive higher revenue. Honestly, this is the best time to leverage the benefits of technology to drive organization growth.