Marketing technology, also known as martech is on the upswing. It’s expected to register even more growth in the future with its estimated market value being $122 billion by 2022.
This significant increase is attributed to the ever-increasing pace of digitization in the corporate arena that has left businesses with no option but to adopt newer technologies in a bid to gain a competitive edge.
Despite their increased spending on martech, it’s disappointing to know that most businesses are unable to make the most out of these solutions. This is due to several factors shown below
Reasons behind Martech Failure
Even though the future of martech looks bright, most organizations are unable to make the most out of the solutions they deploy due to factors such as
- Lack of Skills
Most companies have been proactive in investing in martech. This is good as it proves their willingness to keep up with the ever-changing business landscape. It’s, however, vital to note that for a martech solution to be effective, the company in question needs to do more than invest. It requires an experienced and skilled team of marketers who can use the martech solution to develop a cohesive yet productive marketing strategy.
In other words, technological innovation is only useful when the targeted market does the most to realize its full potential. Unfortunately, most organizations today have accidental marketers. These are the kind of marketers who have little to no formal training. While they are talented in doing their jobs, their skills no longer fit today’s market. They lack the necessary expertise to utilize newer marketing technologies.
According to a survey conducted by Econsultancy, approximately 64% of businesses have already taken the step to invest in martech solutions but lack the necessary skills and expertise to deploy them effectively. Thus, even though the range of marketing technology solutions available today boast revolutionary potential, they make no difference due to the shortage of implementation skills. .
- Adoption of Inappropriate Martech solutions
The increasing market value of martech has seen the number of solutions popping up every day skyrocket. On the one hand, this is great as it forces the minds behind these solutions to come up with even more innovative marketing technologies and gives businesses countless options.
On the flip side, however, it is one of the main reasons behind martech failure. How? Well, thanks to the market being saturated by a broad range of marketing software, businesses are often unable to make the right choice. Hence end up adopting solutions that aren’t aligned with their objectives and goals.
Other Reasons behind martech failure include
- The automation of flawed or already outdated marketing processes
- Inability to adapt to changes efficiently
How to Make Martech Implementation a Success
Given the above challenges, one would assume that businesses will take a step back first and go slow on martech investments. However, this isn’t the case because as noted earlier, the market value of martech is currently on its all-time high. Why? Well, while a majority of companies today are unable to implement martech appropriately, some have successfully deployed martech and are reaping huge benefits. That said, how can your business get the most value out of martech?
- By Recruiting the Right Teams
As stated, one of the most significant barriers to successful martech implementation is the lack of skills. That said, one of the secret ingredients to getting the most value out of your martech investments is to recruit the right marketing teams.
By this, we don’t mean firing your entire marketing department and bringing in a new team of super marketers. We mean supporting your existing team through reskilling so it can be well-versed with the changing marketing technology solutions. You can do this by investing in training programs. On top of that, consider hiring a tech-centric CMO so he/she can set the pace and guide your team towards martech success.
This is not only cost-effective but is also advantageous because your current team already boasts in-depth industrial knowledge. Thus by reskilling, you’ll end up having a team of marketers who will combine the vast industrial understanding they have with the newly gained martech skills to propel your entity to success. Also, instead of trying to bring in pros, in future, hire employees who have great agility and quick learning skills.
- Investing in Ideal Marketing Technology Solution
You cannot make the most out of something that’s not tailored for you. That said, besides recruiting the right team, you also need to ensure that you’re investing in a martech solution that perfectly aligns with your organization’s goals. With the plethora of solutions available, finding the right one can seem quite daunting.
To make it easier, start by ensuring that all your processes from customer mapping to content creation are well-defined. Also, consider your objectives. By considering these factors, you’ll choose a martech that makes process integration easier and at the same time helps you make your objectives a reality. Having a tech-savvy CMO is an added advantage as you can leave the task of finding the ideal martech solution to them.
- Support the Change
Changes can be costly. Training your current team and bringing in a martech-savvy CMO will not be a walk in the park for your bank account. But at the end of it all, it’ll be for a good cause. Thereby instead of viewing your marketing team as a cost-center, consider it a profit center.
For instance, consider the new CMO you just hired as a component for your company’s success as he/she will lead your marketing team to success. You can do this by allocating sufficient resources to enable your marketing department to implement whatever’s needed seamlessly. Failure to do so means you’ll end up like the many entities that invest in costly martech only to fail.
The goal of marketing technology has always been to add value. But with the wrong technology and a staff unfamiliar with how to use and engage with it you are just wasting money. You can protect against this by hiring individuals with martech skills who can evaluate your organization’s needs and find the best solutions for them and by investing in educating your team.
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