Why Every CMO Should Have a MarTech Roadmap
There was a time when marketers started wondering if technology could solve the problem of marketing teams working independently with separate data, reporting and assets. CMOs were on the lookout for an operating system to run the whole of marketing.
The fact is, even today there isn’t a centralized technology that can run complete marketing functions – from advertising to reporting. What we have instead, is a stack of marketing technologies to extract the necessary data. The reason is that companies are simply too diverse to have a one-size-fits-all solution.
This is why CMOs need to have a roadmap to conceptualize and manage the martech stack.
Let’s discuss the importance and steps to create your martech roadmap.
Laying the Groundwork
Before running a marketing campaign, you have to rely on multiple data platforms and data sources to make the demand generation team’s vision – a reality!
Think of it as a coming-of-age story – with a database. Your entire database might have been an Excel filled with customer information. In the future, it might increase to tens of thousands of contacts sending your customer acquisition costs sky high.
In such as case, how you improve the efficiency of your database?
When do the tools for email automation and serving ads become necessary?
This is where a roadmap for effective utilization of martech stacks come into picture.
Let’s look at how to establish the roadmap and how to efficiently use reporting and attribution.
Establish the Roadmap
If you have a business that revolves around a small market, say you sell luxury stuff, your focus should be on gaining deep insights on smaller contact data sets.
This strategy would not fly with large companies that casts a wide net to gain customers and focuses on demand generation.
As we’ve discussed above, companies drastically vary in their marketing strategies. Hence martech stack’s evolution depends on whether you lean towards account-based marketing or demand generation.
While establishing a roadmap, most companies adapt a hybrid approach that requires a CRM and basic automation tools. Later, when they expand, they create complex nurturing campaigns and advanced marketing automation platform to satisfy their goals.
Reporting and Attribution
Whenever a company’s marketing budget grows, performance and attribution technology becomes an integral component of the martech stack.
With complex nurturing campaigns along multiple channels, marketing operations needs to consider an optimal reporting process. This process should tie together customer touchpoints data and report on metrics like opportunities, revenue and closed-deals.
How do you know whether you’ve reached this stage? Consider whether optimization strategies and size of marketing spend calls for transparency and accountability to metrics like revenue.
At later stages, budgeting and allocation becomes necessary as spending hits impressive numbers. Channel mix and channel variety is huge, requiring a bird’s eye view of spending.
Much like the high level chart of Federal spending, enterprise stage companies utilize some budgeting and allocation technology to plan and report big budget line items.
It doesn’t matter where your company is – having a marketing goal is closely related to a martech roadmap.
What technology to use? What do I need to implement in the coming quarter?
These are some questions that help us draw a martech roadmap.
As we’ve discussed before, there is no operating system for marketing. CMOs need to understand the tools and solutions to achieve their quarterly goals.
Have you used a martech strategy yet? Let us know in the comments.
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