67% of all global companies today employ between 1-5 tools in their marketing technology stack. This may sound to be a lot, however it's actually not so if you think about the many tasks that marketers have to do in the present. Unfortunately, there's no "one tool" that can handle marketing automation, social listening and web analytics as well as content performance, keyword research, media buying , and audience analysis.
The positive side is that CMOs know the significance of technology in marketing and the reasons why it's necessary to remain relevant and competitive on the market. However, it's crucial to ensure that you're making the most of your investment in technology and investing prudently.
Here are five reasons you should improve your marketing technology stack when you prepare for 2022:
#1. Increase Your Operational Efficiency
Despite the benefits of adopting the latest marketing technologies 82 percent of marketers and salespeople remain losing five hours a every week (give some) in managing multiple applications, such as logging into, out of and forgetting passwords, setting passwords, and exporting huge databases. Marketing is a time-based an important factor, and many will agree that time is better spent creating an income pipeline and delivering engaging, creative content that converts well to viewers.
Here are a few things to think about in optimizing your technology for effectiveness in operation:
- Does it integrate? Integration can streamline the apps you use so that you can have one one source of the truth for your information.
- Does it provide speed to understanding? How much data mining required to answer questions?
- Does it offer an API that is open? APIs enable sharing of information between programs. APIs that are API that is open API, also known as a public API lets developers outside the API to develop applications that make use of the API's capabilities.
- Does it actually bring value or is it simply enjoyable to make use of?
- Does it enhance the collaboration or detract from it?
#2. Optimize How You Use Your Data
It's important to examine you technology stack to determine whether you're optimizing usage and improving adoption throughout the marketing department. It's important to ensure that you've got the right customer data that can provide actionable information and boost sales at a massive scale. The great thing about the use of marketing automation can be that it can do exactly what it's meant to accomplish. It's a motor that can boost sales and demand repeatedly. It's easy to switch the engine on, then walk away and it'll continue to run.
The issue is that it performs exactly what it's supposed and it does nothing more. The information and insights gathered by marketing automation have to be made available to all marketing organizations to benefit everyone. The information will be used to provide more business value than only campaign value.
#3. Align Disparate Teams
Many marketing teams operate in silos inside the organization, which results in lower efficiency, lower ROI and sometimes emotional hurt. Marketing technology can to bridge the gap. Examine your technology stack to determine which automation and intelligence capabilities can be shared in order to improve the efficiency of the entire sales cycle more efficient, and your conversion rates more effective.
Here are some basic illustrations of how to incorporate the two from a technical viewpoint:
- Determine the proportion of leads generated by marketing that were followed-up by sales. the percentage of leads that have been turned into sales (an indication of the value of leads). Keep track of the results on an analytics dashboard for marketing and share it the sales and marketing teams.
- If your sales team needs more opportunities to engage with customers find out if there's divergence in the message that is being delivered at the stage of marketing. An analysis of social conversations that maps to the buyer's journey is a way to accomplish this.
The most effective method to connect disparate teams is to establish completely integrated marketing strategies.
#4. Reduce Your Software Spends
The cost of building and maintaining your technology stack can eat up an enormous portion of your budget. On the other of the other hand, you'll need consider how well your software fulfills your objectives of meeting targets in streamlining workflows and offering the best user experience.
Also, you should think about these things:
- Do you want to decrease your number of customers? Through marketing technology, certain pricing plans are able to vary based on the amount of users.
- Are there any tools you could eliminate? Check your technology stack to determine if you're currently using software that performs the same functions.
- Are you making use of more data than you should? It's possible to join a lower price plan if it's possible to remove data that's obsolete or no longer of use. With a lot of social listening providers charging by the use of data, and this can quickly add up.
- Are there alternatives that are less expensive available on the market? You might be able to get more efficient solutions in the near future than prior to.
#5. Get a competitive edge through Innovation
As your business begins to expand, you'll need to utilize modern and innovative technology for every aspect of your marketing team , whether it's SEO and social media or performance marketing. The way that customers behave and the ways they act changes continuously. Technology is also constantly evolving. If you're not keeping pace with your customers, you could quickly lose your position.
Innovation can help you become more innovative in your product offerings to break through the stagnation, and increase the effectiveness of your marketing budget and investments. However, innovation doesn't have to be required to come from the outside.
Make sure you meet regularly with your marketing and sales teams, and encourage creative solutions with rewards plans. Everyone becomes invested in the process of the process of innovation as it flows down from the top.
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