With the onset of measurable marketing technologies flooding the industry, it’s not uncommon to find the CMO of a reputed company simply oblivious to the tool the organization employs.
In fact, based on whom you question an individual from the marketing team is bound to react by naming a few popular data measurement platforms from an expanse of 3000 out there. This only brings us to question the haphazardness that entails the whole ordeal. Most companies claim to be employing some or the other technology that falls between the bracket of marketing automation, retargeting, analytics, testing and personalization. But how does exactly does it furnish results when it comes to revenue, no one knows.
To prove our point further, a report from the new CMO Council study, commissioned by Tealium says that an astounding 54 percent of senior marketers were oblivious to the fact whether their marketing technology investments were generating a tangible value to the business.
This comes as no surprise as we see marketing budgets grow sporadically with each passing year. Without rigorous tracking all this money is a clear waste. The reason for this ad-hoc approach has less to do with the efficiency and more to do with the overall structure of the business.
So, let’s take a look at some guidelines that would help propel those digital solutions in the right direction:
- List down your business goals
While this seems too obvious a statement we feel there’s merit in reiterating it. Before you chalk down an unquestionable marketing strategy, it’s important to review your business goals. This helps you ensure you are working in tandem, thereby avoiding last-minute overhauls.
The questions you need to be asking yourself are: Which technologies are ideal for your business? Can you accommodate them within your budget? Do they equip you achieve your business objectives across key categories like advertising, search marketing, social media, and content?
- Evaluate the processes already in place
Ensure you conduct an internal audit to keep a tab on your licensed applications and the effectiveness they rendered to your business. Are you churning out the desired revenue? Are they helping you in getting good quality leads? Can it be augmented to perform better? Do you think there’s merit in upgrading it, for instance, to serve a bigger audience?
While you may be taking most of these into consideration, don’t forget to finally ask yourself if you are equipped with the expertise required to harness the best out of these marketing automation systems?
- Review your technology strategy
Finally, when you acquire a better understanding of all these processes and have a defined roadmap to follow, you can go ahead and create an effective strategy that’s streamlines it better. At this point you should focus your interests on technology pieces like tag management, e-commerce platforms, content management, and which among these suits your target audience best. Also don’t forget to consider the resources you would need in terms of customer acquisition, conversion, retention and finally turning them into advocates for your brand.
Once you have addressed all these crucial pointers, you will have a clear perspective that will eventually draw tangible revenue out of your marketing technologies.
From MarTech Advisor