A lot of marketers are under pressure to yield a return on marketing investment or ROMI. But then again, in general, they don’t feel ready that’s why they are performing less well. In addition to that, a number of marketers have misleading beliefs when taking on Digital Marketing services. In fact, there had been a report which says that more than 70% of marketers reveal that they are mostly bothered as regards determining and showing the return on Marketing investment.
When a certain brand is without Marketing systems that are working with basic tracking of data, like consumers by product or industry, expectations must not be high but only at a realistic level. This is because, without Marketing Technology, there will also be no comprehension as to the point of reference contrary to the results that will be evaluated. As a result, that brand’s capability to compute ROMI will be paralyzed.
One of the many leading lights of a business is the strategic use of Marketing Technology. However, there are situations that hinder businesses from having control over this significant factor. Several establishments do not have the financial capacity or the knowledge to get marketing technology. As a result, these organizations run on old-fashioned Marketing systems. In more advanced companies, they have excellent Marketing systems set up, but they are still not well incorporated. In both situations, those businesses lack Marketing efficiency. That is, they both do not let their workers carry out their jobs efficiently.
Gaps in Marketing Technology
The attention of marketers is being called to take the lead in choosing, establishing, and controlling of Marketing Technology solutions. It has been forecasted by Gartner Inc. that in the future, a Chief Marketing Officer will pay out more on IT than a Chief Information Officer would do, which is ironic. But actually, this is reasonable when the selection of Marketing Technologies, which is necessary to create and determine business success, which are:
- Google Analytics
- Tracking phone leads
- Managing the creation and revision of web content (CMS)
- Improving brand preference and strengthening customer loyalty (CEM)
- Managing the company’s interaction with present and prospective customers (CRM)
- Buying and selling of products and/or services through the Internet
- Sending proposals to potential clients
- Using internal social networks
- Automation of repetitive tasks
- Planning and executing teamwork to achieve a common goal
Marketing software is a rapidly increasing area that is being powered and operated by investment funding, procurements, initial public offerings, and mergers. As the funds speed up innovation, it also forms opportunities for marketers to plot a course.
However, while the numbers of channels and devices increase, it turns out more challenging for marketers to build related customer experience. In fact, they are frequently torn between opting for all-in-one solutions against best-in-breed, as well as going for widely-used systems opposed to the latest ones. Ideally, with the capacity to decode and share information, Marketing Technology systems must be incorporated.
A Marketing Technology foundation that is well-built is required to push and lead performance. In fact, completely-assimilated Marketing Technologies increase effectiveness, boost productivity as well as return on investment, and generate gains and benefits. But then again, a lot of businesses still underutilize or do not have fundamental Marketing Technologies.
As a matter of fact, 53% of companies do not use call tracking, which allows them to supervise and report offline conversions. In addition to that, 41% of businesses do not have internal social networks, which make corporate cultures, employee relationships, and internal communications easier. Lastly, 20% of establishments do not utilize Marketing analytics – meaning they have no awareness regarding online behavior, page views, as well as time on site.
The absence of compromise and agreement may possibly be associated with adjustments and changes in budget, business size, location, industry, plus a number of issues. Also, this may possibly draw attention to an increasing technology gap, where marketers are without the know-how and the capacity required to successfully concentrate on activities as well as to apportion resources.
Both technologists and marketers ought to know more and understand Internet usage statistics, trends, and data, as well as have an idea as to what percentage of global Internet traffic is mobile.
A lot of gaps in Marketing Technology, as well as Marketing strategy, are bringing about the weightiest gap of all, which is the performance gap. Actually, marketers are certain that measurement is vital. However, most of them are facing difficulties to execute them well – contacting, securing, and persuading customers, determining campaign performance, and showing marketing return of investment are what bother and affect marketers the most.
Hence, you are certain that you are not the only one if ever you are feeling overpowered, unready or unripe, shorthanded, as well as stressed to be able to deliver and execute. In fact, both your associates as well as your rivals cope with the same Marketing gaps. What must be done is that Marketing Technology and Strategies must go forward.
How to Bridge the Gap between IT and Marketing
The industries of IT and Marketing have team-specific goals all the time. Actually, they are both concerned about making the most of investments. Both marketers and technologists must have each other. Still, it appears as they keep on operating in two, unlike domains.
Just like most difficulties, the problem starts at the pinnacle. In fact, a Leapfrog Marketing Institute research discovered that only 30% of Marketing Executives believe their relationship with IT to be cooperative and beneficial. In addition to that, an even lower percentage of 13 actually agree. Still, 20% of marketers think that collaborating with their IT colleagues has improved, and only 4% of their IT coworkers agree.
What do you think could bridge these gaps in technology? The answer is their shared objectives as well as incentives. As mentioned earlier, both IT and Marketing will have team-specific goals; and there is one factor that these industries must focus on – to get the most out of Marketing Technology investments.
To make the difference smaller between these two industries, businesses must have to know what challenges their departments have to deal with and eventually surmount to achieve shared success. Check out this article from MarTech Series to know more about effective Marketing Technology.