July 25, 2019

Keeping Martech Aligned with Business Objectives for better ROI

In the past few years, marketing technology, popularly known in the digital marketing space as Martech has been on a steady rise. If you are a digital marketer or you run a digital marketing agency and you haven’t embraced the idea of Martech, then you need to get onboard and fast before you get left behind. Marketing departments are often cautious when it comes to spending money on advertising as they have no control over who sees the ad neither can they tell if the ad gets to their targeted audience, this would have been true some decades ago, not in today’s world where there are so many technological advancements.

With Martech, a company or business owner, or a digital marketer can look at the performance of a marketing or advertising campaign and deduce who’s seeing the ad and the impact it’s having or would continue to have on its targeted audience. Simply put, Martech enables and fosters continual improvement process in generating more leads, driving targeted traffic and reporting ROI back in the business in a transparent manner.

These days, there are a number of opportunities which companies can harness to hone and develop their marketing strategies with data. The goal of every marketing move is to achieve ROI; you want to get more than you have invested. With access to so much data, analytics has become easier and pinpointing strengths and weaknesses from analyzed data can ensure your strategies are more accurate and successful than ever.

Why do you need to align your business with Martech?

Marketing relies heavily on data and insight. As technology continues to advance, more and more data has become more available so also does the methods for mining, analyzing and using this data get more sophisticated. As such, marketers or marketing departments need to have a clear idea of what they have and where they are going. Nevertheless, before you purchase a new marketing technology, ask yourself a few questions:

How can you and your team leverage data with it?

How cooperative is your team? Are you people working together to achieve your marketing goals? It is okay if you have one, two or three power users on your team but you should consider a technology that works across the team. Projects and processes are not isolated from each other; your data should not be either.

How easy can you extract valuable data?

There are presently more than 3000 products to choose from to achieve your marketing goals. At a glance, your dashboard should tell you the insights you need. Time is of the essence. When approving a technology your team needs or recommends, ensure it can deliver high-level insights for proactive actionable strategies.

How Innovative is the Company behind it?

If you chose to go with a particular technology, ensure the company that builds it makes efforts to keep up with innovation otherwise in a short while, your strategies would quickly become outdated. Studies reports that technology takes as much as 33% of a marketing budget, this excludes the time personnel have to invest in learning it. What this implies is that for your Martech efforts to pay off, it needs to have a technology ROI which surpasses the budget and time invested in it. So before investing in resources, ensure that the company can keep up with your future marketing goals.

Valuable Customer Insights

Your customers are complex and in other to understand and keep up with their behavioural patterns, you need valuable customer insights which you can further deduce meaningful marketing tactics and strategies.

The concept of Martech is not new and when fused with the right marketing strategies, it can increase your business growth which in turn reflects on your ROI. If you choose to ignore the benefits of Martech, it means that that you are ignoring the continual improvement of your business marketing process and positioning your business at a disadvantage to your competitors.