Tapping into the Marketing Ecosystem (Part 1)
At first sight, the last decade has been incredibly exciting for marketers.
Yet look beyond the headline benefits offered by each new tool and the reality is tech overload. With 3,874 Martech vendors, operating across 43 categories, and providing over 20 marketing solutions across multiple silos, it is no surprise that a typical marketing department will be juggling upwards of 17 different applications.
While each offers a solution to part of the marketing puzzle, without being able to connect the disparate parts marketers are failing to successfully realise any of the key objectives of customer experience, accountability or efficiency. It is the ability to leverage open cloud platforms to link these technology investments that is key to realising the efficiency benefits of marketing automation and consolidating the customer’s digital footprint to gain true insight into the customer experience.
Sylvia Jensen, Head of Marketing EMEA, Oracle Marketing Cloud, insists, although growth can be seen by investing in the latest, greatest software, it is just as important to take a step back and start gaining real value from the solutions already in place by tapping into the marketing ecosystem organisations already have.
Marketers have been presented with an array of compelling technologies in recent years. From automation solutions that can significantly reduce manual processes to data capture designed to inform the customer experience and metrics to prove the increasingly important return on investment, the marketing technology stack is becoming ever more complex. But are marketers truly leveraging this investment to realise increasingly challenging objectives?
Web analytics. Predictive analytics. Email Marketing. Tag Management. Optimisation. Where is the priority? Marketers are spending more and more time managing technology and making decisions about technology investment – potentially at the expense of realising marketing and company business goals. The challenge of finding the right tool for the job is exacerbated by the apparently conflicting objectives facing marketing teams: while CMOs want to invest in providing a great customer experience, the CEO is looking for tangible Return on Investment (ROI).
Simply adding more tools to the digital marketing mix is adding complexity, not necessarily sophistication. How can a marketer keep track of existing and new technology, determine which tool will support the Customer Experience goal or help meet the ROI target? Organisations need to step back and determine how best to make the existing solutions work harder and deliver more value. And that means making them work together – not just to drive better efficiency but also to transform the customer experience.