Four Things to Consider Before Investing in a New MarTech

At any given point of time, marketing leaders are always evaluating, re-evaluating and measuring new marketing processes and martech capabilities in order to try newer ways to boost overall business and marketing ROI. In an evolving B2B marketing industry where there is now a stronger focus on having marketing teams contribute to revenue and function as performance marketers, the foundation of a good process begins with the choice of technology and martech stack, in many ways.

The best-fit platforms, that suit your particular team’s capabilities and immediate to near-term goals are key to allowing marketers different ways to optimize their data and scale campaigns.

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The choice of martech that a team may have needed upto 6 to 8 months ago might differ largely at a later stage if the business decides to assign new revenue targets or pursue new growth models. For marketers who are currently at the stage of rethinking whether or not to add/remove certain martech from their current martech stack or those that are simply thinking of investing in a new platform; here are a few pointers that can help.

How will your Organization Additionally Benefit from the Tool?

Most B2B marketing teams will already have a martech stack in place. When considering a new tool, it is important to ask the right questions: how much additional value will the new martech platform add to the overall marketing capability or tech stack of the team? Will it allow them to scale their efforts and campaigns within similar timeframes? Will it help boost actual ROI over a period of time: say 03 to 06 months.

Marketing leaders usually shortlist tools based on their near-term goals; before investing in a new tool, it is crucial to weigh the pros and cons and also consider whether your existing martech offers similar integrations or add-ons through which tasks that you hope the new tool will enable can be done. If there is a true benefit to investing an additional amount from your overall martech budget, it doesn’t hurt to adopt and then strictly measure what’s working and what’s not.

Do you have the right Marketing Ops Processes in Place?

A common challenge cited by marketers in everyday marketing conversations have often pointed to how marketers may have the best martech at their disposal but haven’t implemented optimum levels of marketing operations best practices and internal processes to ensure that every feature of their martech is used to the best of their capabilities; another common concern is the difficulty in unifying data and breaking down the key insights from it.

All of these translate into the need to build stronger marketing operations processes that align to new / existing martech investments. This involves having the right talent and staff to run the martech platform and having the right people to design campaigns and content for those systems and run regular analysis on how its performing.

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Is the Tool in Compliance with Latest Regulations?

We live in an era where customer privacy prevails and marketers need to acknowledge this. Data breaches are on the upswing on the one hand while on the other, data privacy regulations are constantly changing. This is where marketers have to understand how to build their data governance practices in compliance with regional laws (GDPR/CCPA/Others). A good data privacy practice can accelerate customer trust in your brand and serves as a win-win.

Separating the Essential from the Good-to-Haves

To achieve the basic fundamentals of B2B marketing like personalization, omnichannel messaging, etc, B2B marketers usually need an essential set of martech and tools and then there are the good to haves. Understanding where to draw the line between essential tools and good-to-haves are key to not only optimizing martech adoption and investment but also a key to maintaining a healthy martech budget.

How much priority a marketing team accords one tool over the other usually depends on the immediate to near-term marketing and business goals as well as current processes or strategies in place. An ABM-focused marketing team will for instance need a different set of essential and good-to-have platforms to drive efforts. A marketing team that has an event-heavy strategy at its core will need to adopt to the need for hybrid event models with a different set of event tech and martech for instance.

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The use of the right marketing technology tools and data processes can help ensure that your campaigns are optimized to achieve further growth. A new martech should ideally be looked at as something that can solve a current challenge and help drive output. With martech spends expected to increase, martech adoption trends will evolve further to meet newer customer trends and industry requirements.