The use of Marketing Technology (MarTech) is essential to growing a successful business.
Many consumers are drawn to online marketing, shopping, and services, and not being able to address or advertise to this market is a pitfall that modern businesses cannot afford to fall into. Digital marketing is different enough to traditional marketing to require its own platforms (and there are many), systems, people and processes, however, the core goals are ultimately the same.
So, with 7,040 companies in the 2019 Marketing Technology Landscape Supergraphic - all building technologies that help us engage with our customers, how do we know when our stack is working for or against us?
Using a number of different platforms across channels is well proven to generate success, but what we’re seeing is that businesses are now looking down the barrel of a ‘Frankenstack’ – with so many systems hanging together they don’t really know which is providing the most benefit to the business, and which ones are just costing money.
To help businesses answer this question, we have put together a MarTech Sense Check, which will help businesses visualize the number of systems and platforms they are using for several different purposes, including:
Planning & Collaboration
CMS & Web Experience
Campaign & Lead Management
Events, Meetings & Webinar
Reporting and Analytics
Feedback & Chat
Payments & Logistics
Is it time to consolidate your MarTech Stack?
By moving your MarTech onto a single integrated platform, marketing and technology teams can better manage customer experiences across different platforms where previously silos existed. There are a few reasons why you should consider consolidation:
Back to strategy
We see many companies picking technologies based on what they think they should be using. Maybe their competition uses the platform – or they’re just trying to quickly fill a gap. Rather than being reactive in integrating your stack, marketing teams need to think more strategically and focusing on what their objectives are first, and then finding a tool that can be the catalyst for them in achieving not only their goals, but the wider business goals, too.
A single view of data
The more platforms you’re using, the more platforms you have to access to get accurate reporting on your business goals, and the more ‘views’ you have on that data. Consider how many platforms you need to access to get the data you need to report to your manager, or better understand the success of your team. How many of your team members are looking at the same data but reporting slightly different metrics?
Consolidating your reporting and analytics into one platform – allowing you to measure web and campaign analytics, social media engagement and site performance, SEO and advertising (to name a few), will mean that you have a single repository of information that is shared by all, getting everyone on the same page and working towards with right things based on the same information.
Remove the things you don’t need
Think of it as spring cleaning for your MarTech stack. Having too many platforms hanging together, with disparate and sometimes overlapping features will dilute the core value proposition of your technology – and the reason you invested in the first place. Just because a product has more features than another, it won’t matter unless that product is helping you deliver on your business goals, or solve for the core challenge your focused on. By picking a single integrated platform, you will have access to the features as you need them – and if you have a managed service partner, you will also always stay up to date on the latest platform with access to all the features and benefits you need from one vendor.
Do you have to consolidate your MarTech stack?
No, you don’t have to.
If you would like to save money, increase efficiency and productivity, get your teams talking and working on the same goals based on the same information though, then we would recommend you do.
Not sure if you’re at the point of consolidation? We’ll help you decide - so get in touch.