Marketing technology is an essential part of business today—no matter the brand.
As a global industry, martech surpassed $121 billion in value in 2019.
Since martech plays such a crucial role in daily marketing activities, CEOs should prioritize their own understanding of how it works and how their own organizations can use it most beneficially.
Martech for CEOs: What You Need to Know Before Building a Stack (and Investing a Ton of Money)
“Martech” is an umbrella term that applies to everything from social media posting and WordPress plugins to data analysis and lead generation.
You should assume your competition has a fully optimized martech stack and a team fully qualified to use it – even if they don’t have the best marketing presence.
How you use martech can be the differentiator between exceeding revenue goals and beating competitors, or driving your numbers into the ground.
1. More Isn’t Always Better
Lots of organizations are under the impression that they need a martech tool for everything: sales processes, lead generation, lead verification, social media, email, etc.
Martech isn’t cheap. Monthly and annual plans are costly, especially for enterprises.
Only 18% of marketing teams plan to reduce their martech budgets in the wake of COVID. The ones reducing their budgets have probably realized they’re running a bloated martech stack (and budget) with overlapping features.
First, audit your current martech stack. Run an analysis and side-by-side comparison of each martech’s features and monthly cost.
You might be able to accomplish your goals with what you have already or even trim some tools from the budget.
2. Make Sure Your Team Knows How to Use It
You wouldn’t believe how many organizations are running huge martech stacks but aren’t using all the tools’ key features.
Most teams don’t go through proper training and onboarding as new tools enter the fray.
Proper martech strategy should include training and briefing across the team so everyone knows the best ways to use each tool.
3. A CRM Can Help You Squeeze Results Out of Martech
A customer (or contact) relationship management system serves as a one-stop dashboard for putting all your martech tools into action.
You can completely customize your CRM based on whatever martech tools you’re running for email, lead gen, nurturing, and more.
Integrating all your tools into your CRM also helps you squeeze more insight from your data. Half the benefit of using martech comes from the analytics it provides.
4. Search Out Tasks Ripe for Automation
Once you’ve figured out that you indeed need more technology, analyze your daily operations.
Don’t seek out martech problems to solve, that don’t exist.
Replacing humans with martech is absolutely not appropriate in some cases. For example, copywriting and chats still demand human ingenuity and creativity.
Instead, look first for areas where your team is bottlenecking. Email marketing and general social media posting are two great tasks to automate.
Lead verification technology is also useful for keeping your database clean and updated. Meanwhile, lead scoring tech can detect subtle changes otherwise unnoticed by humans.
5. Decide What You Want to Achieve from Adding Martech
Once you’ve cleaned up tedious marketing tasks, move onto martech for growth.
Again, don’t create problems where none exist. Map out general marketing goals – both short-term and long-term. Get ambitious but make sure your goals are specific.
Do you want to:
- Prevent a certain number of customers from churning?
- Generate a specific amount of leads each month?
- Build an account-based marketing strategy?
Set your KPI and metric ranges for each of these goals.
Once you have goals, you can start shopping for martech solutions that meet these goals and KPIs.
Strategizing in this way is key to avoiding overloaded martech budgets.
6. Talk to Your Team
Chances are, someone on your team feels like their voice on martech is going unheard.
Involve every member of your marketing team when you discuss martech. When you have an extremely large team, include a few workers from each level.
Your team members deal with marketing tactics first-hand. They have no shortage of ideas on what to automate, what to keep human, and what kind of tech to use.
Martech is also a great opportunity for CEOs to align sales and marketing. Sales data and feedback come in handy when choosing technology for lead nurturing, generation, and scoring.
7. Look for Areas to Improve the Customer Experience with Martech
Martech is one of the best ways to improve your website and customer experience.
Your visitors, whether B2B or consumers, use martech every day on websites like Amazon, Target, and Spotify. They expect similar personalized experiences from every website.
Artificial intelligence can create the hyper-personalized experience they demand at every touchpoint.
Martech for CEOs: Always Strive to Do More with Less
CEOs should know that martech can be an extremely affordable way to generate leads, communicate with customers, nurture leads, prevent churn, and enhance branding.
While it’s true many organizations overdose with their martech (and martech budgets), that’s mainly due to a lack of planning, strategizing, and auditing.
Your goal is to accomplish more with less time and effort. Your team knows what they need to boost efficiency.
Boost your knowledge of martech for CEOs and how to use it in your daily operations by checking the Televerde Resources and Events Hub.