Due to COVID-19, we’ve seen a great shift in B2B organizations who are focusing more intently on...
How does your MarTech Stack up?
A recent 2021 study published by CMP Council states that "while 66% of the brands surveyed anticipate growth in overall marketing expenditure, 70% are allocating more dollars to technology." The digital shift accelerated by eCommerce and COVID-19 restrictions have greatly emphasized the need for brands to invest in technologies to streamline their marketing processes to manage and analyze data, segment channels, increase campaign efficiencies and optimize the customer experience.
If you are thinking about building out your Martech stack with your organization or if you need to compare your current stack with other alternatives, we’ve got your covered. But first, let’s start with the essentials that your martech stack should have. According to Digital & Marketing Asset Management expert, Theresa Regli from Real Story Group, she suggests categorizing into the following four areas:
- Enterprise Data Foundation
- Major Marketing Technology Platforms
- Prototypical Marketing and Sales Services
- Major Channels
Let’s break down each of these and suggested partners you may want to consider.
Enterprise Data Foundation
Having an enterprise data foundation is exactly what you think it means. Implementing a platform that cross-functional departments such as sales, marketing, operations, customer service etc can all access for their specific digital data needs.
For instance a marketing organization may want to analyze and review prospect data to further segment for a retargeting campaign or your sales organization might be optimizing its account based marketing campaign and need to have a better understanding of their customer profiles. Whatever the use-case, a consistent, accessible and user-friendly platform should be evaluated when considering an enterprise solution. Depending on your digital data needs, we’ve put our suggested platforms below:
- Nielsen Data Management Platform
- Salesforce Customer Data Platform
- Adobe Real Time Customer Platform
Major Marketing Technology Platforms
This is what a marketer considers its“bread and butter”. Think marketing automation platforms, social media engagement and monitoring tools, webinar and event platforms and technologies and much more. Having a strong marketing technology platform stack will provide cost-efficiencies and drive your organization forward in streamlining processes to make your marketing strategy effective.
Below are some platforms our team members and clients have had great success with:
Social Media Monitoring, Performance, Engagement
SEM & Performance Dashboards
- Google Data Studio
- Google Analytics (Check out what you should be tracking here)
Marketing and Sales Services
These types of services help everything come together. Now that your growth marketing strategy is defined, and your major martech platforms have been evaluated and selected, you’ll need tools and networks to help with content distribution and provide a faster experience for prospects and customers.
Let’s take a website for example, according to a Neil Patel Report,“45% of consumers expect a website to load in no more than two seconds”. Page load time is extremely important when thinking about engagement and your bottom line. By having a well managed eCommerce service, content delivery network, self-service features and more will provide the scale and speed your organizations and customers are looking for. Below are some of the top players in these categories we suggest you research:
Content Delivery Network
And finally… the channels you will execute your growth marketing funnel strategies through. This final component puts a bow on top of your stack. By answering the 5 W’s (Who? What? When? Where? Why?) will help you determine the major channels that will best make sense for your prospects and customers regarding touchpoints and funnel stages, meet your organizational and commercial goals and support your content and marketing strategies and tactics. Below is just an example of major channel platforms we suggest. Of course this list could go on forever, but we want to give you an idea of certain major categories:
- TikTok (check out this article to see if TikTok is right for your organization)
OTT & CTV Advertising
- Clubhouse (more of an audio app, but definitely worth adding to your stack)
A strong martech stack is the foundation for a marketing team and sales-focused organization to make data-driven decisions in order to hit organizational and commercial goals.
As we are heading into the second quarter of 2021, now is a great time to make sure your current stack is stacking-up to what you want it to be or need it to be. Not sure how to get started or interested in a complimentary martech evaluation? Contact a growth marketing expert by visiting www.thegrovery.com.