On the face of it, the statistics may be misleading, showing that brands are experimenting with MarTech platforms. However, we believe that may not be the case.
Ever thought about why, among two different brands having access to the same MarTech stack, one generates tremendous value whereas the other finds it incredibly challenging to put the stack to use?
There are three key reasons why we believe in this gulf, and those could well be the reasons why brands keep shifting from one stack to another.
It is critical for businesses to understand what technology is needed to meet their marketing goals and what is not. More importantly, integrating the standalone platforms, connecting data sources, and maintaining them on an ongoing basis will assist businesses in finding their way. The wrong choices and poor integration with appropriate data sources and surround systems will lead to slow systems. As a result, businesses will not be able to reap the expected ROI from MarTech investments.
Before investing in any MarTech apps, businesses must be clear on the marketing goals and outcomes they want to achieve with their MarTech investment. But, at times, even after making the right choice, businesses fail at it. The key reasons behind it are poor product mastery and a lack of grasp of transforming a marketing objective into an actionable activity on the tool so as to get expected results. As a result, businesses end up wasting several thousand dollars and are forced to restructure their MarTech stack and switch vendors.
Errors in introducing the relevant tools into the workflow cause process gaps. Most businesses have multiple systems handling various functions. However, not everything is linked, and everything is handled in silos. It, in turn, prevents businesses from converting business goals into actionable plans. Correspondingly, it leads to the underperformance of MarTech tools and businesses inability to extract full marketing value from their MarTech investment.
On top of all, businesses must find the right experts to manage their MarTech platforms. Be it identification, implementation, integration, or management of MarTech platforms. The reason for this is that businesses may develop incorrect perspectives of the MarTech platforms in which they have invested if they make poor choices in the technicians who handle their MarTech tools. This may cause businesses to waste money and move on to the next set of MarTech tools without fully understanding the potential of the stacks.