Behind every successful company today is a streamlined martech stack, humming along behind the scenes.
Account-based marketing, personalization, email, brand management, lead nurturing, lead scoring – you can’t pull off a winning marketing strategy today without the right marketing technology.
Only 18% of B2B brands said they planned to reduce their martech budgets in response to the COVID-19 impact.
Even those cutting their martech budget are likely evaluating their existing stack for efficiencies and reducing bloat.
In fact, that’s a pervasive problem with martech: Most companies run bloated stacks (and budgets) with tools or features they never use.
That’s why today you’ll learn how to build a bottom line-focused martech stack and get everyone on board so none of it goes to waste.
8 Steps to Building (and Using) a Bottom Line-Focused and Bloat-Free Martech Stack
Building an efficient martech stack doesn’t require a ton of tedious details. However, you should put effort into developing a strategic plan so your stack stays bloat-free and scalable.
1. Audit What You Already Have and Set Goals
Most B2Bs already use at least one piece of martech already – like email, data collection, or social media scheduling.
Make a list of all your existing martech tools. Include all the features and costs of each one.
After you know what you’re already running, figure out your goals for martech. You’re not evaluating tools or features yet – just planning goals. Those goals might include:
- Improving lead scoring
- Running account-based marketing campaigns
- Improving communication with customers
- Keeping marketing and sales informed on key accounts
- Cleaning up your database
- Personalizing different touchpoints
2. Create a List of Features You Need from a Martech Stack
Once you know your goals for martech, you can build a list of features you’ll need to accomplish them.
Most martech tools market themselves as “all in one” or “full suite” platforms so it’s important to have a solid grasp of your goals and what you need before jumping into research.
You want to stay focused.
Also, bring your marketing, sales, and customer service departments into this step so they can let you know what features they need to improve upon their jobs.
3. Evaluate Contenders to Build a Martech Stack
Now it’s time to research the possibilities. Again, stay focused on the features and your goals.
Create another list or spreadsheet where you’ll include your goals, each contending tool, each price, and each tool’s features. It’s also smart to include a section for the learning curve involved with each tool’s implementation.
Remember, you want a bottom line-focused stack that you can put to work ASAP. Some training is inevitable but don’t get overly optimistic or your team might not use the tools properly.
4. Build a Martech Stack for Moderate Scaling
As you evaluate tools to build your martech stack, think first about your current needs so you don’t lose sight of goals.
However, your general goals might also include growth. Take potential growth into consideration as you evaluate potential martech tools.
Most martech tools can only handle a finite number of customers/subscribers/contacts/leads. Larger companies, for example, need martech tools with larger servers designed for enterprise companies.
Meanwhile, some tools may no longer be cost-effective once you outgrow the first tier.
Know each tool’s limit, where your company currently stands, and how you project to grow realistically.
5. Get Each Department Involved in the Process
Involving every department in the entire research process can get overwhelming and lead to roadblocks or bottlenecks.
Instead, get your list of contenders together first and ask for opinions from heads of each department. They’ll be the people using these tools every day so they should at least get a say in the final decisions.
The people using the tools will also have a better grasp of the learning curve involved in each tool.
6. Use Technology to Keep Departments Engaged and Unified
A contact relationship management system (CRM) is another piece of technology that can help unify departments around their common goals.
A CRM integrates all your sales, marketing, and customer service technology in one convenient dashboard. It also merges your customer data from multiple sources into one platform.
Each department can build a better understanding of how to approach each lead/customer/account at each touchpoint. With the right goals-focused approach, inter-department communication should improve.
7. Train Everyone on the Features of Each Martech Tool
Martech is a $121.5 billion industry worldwide. Businesses spend a ton of money on martech each month.
Surprisingly, many businesses also don’t take advantage of each tool’s full range of features. In a rush to implement martech and use the most important features, others go ignored.
As you build a martech stack, keep a list of each tool’s full set of features and which departments should understand them.
Set aside appropriate training time for each department. They might not need to use all the features immediately, but they’ll at least understand the full range of possibilities.
8. Build a Martech Stack and Evaluate it at Regular Intervals
Once you’ve built a martech stack with the right features to meet each goal, it’s time to implement it!
Check in with each department using the tools after a week or two. At the one-month mark, look at the effects a little closer. If all seems good, crunch the numbers after the first quarter.
Has team efficiency or productivity improved? Have you improved relationships with customers and prevented churn? Have you landed key accounts or improved lead conversions?
Evaluate the results and push forward.
Don’t Overthink Things as You Build a Martech Stack
Building a martech stack is one of those things where the longer you stare at it, the more complicated it gets.
Most martech tools are extremely advanced and loaded with a full suite of features. It’s easy to get overwhelmed and lose sight of the goal.
Stay focused on your goals for martech, evaluate the tools and features with your team, and put them into action.
Let’s connect over some marketing talk! Check out our upcoming virtual events in the Televerde Resources and Events Hub and RSVP to something that catches your interest.