Martech is continuing to grow as companies allocate more dollars toward new technology that they can add to their marketing toolboxes. According to Gartner’s CMO Spend Survey last year, martech accounted for 29% of the average CMO’s total marketing budget. As it’s becoming more essential to have a set of martech tools your company can use to help grow the business, the first task is determining which tools to invest in. In our last blog post, we talked about what martech is, how it’s different, and why it’s important as well as the different categories of martech tools. In this second part of our martech series, we’re going to explain how to efficiently choose the right tools for your business.
It All Depends On…
We’re often asked to recommend marketing tools, and as simple as that question sounds, the answer isn’t clear cut. Each company is different, so you shouldn’t expect your martech stack to look the same as someone else’s just because you’re in the same line of work. The tools you choose are dependent upon a few things that are unique to your organization, including:
● Team size and experience
● Company goals
● What platforms you’re using (WordPress, Drupal, etc.)
To help you build the perfect martech stack, we’ve compiled a list of questions that will help you choose the right tools.
What Are Your Goals?
There really is no one-size-fits-all when you’re building a martech stack. The tools you choose should help you accomplish your company’s goals. If you haven’t established those goals, then that should be your starting point. Set clear goals and then start thinking about who will be using the tools and what you need those tools to do. Martech tools can help your team be more efficient by automating portions of their daily workflows or making your campaigns more customer-focused and personalized. Whatever your goals are, the tools you choose should help you accomplish those goals.
How Many Tools Do You Need?
There’s no rule about having a certain number of tools in your toolbox, but sometimes companies subscribe to too many and don’t use them to their fullest potential. The takeaway here is that sometimes simpler is better. If you have too many tools in your stack, then you run the risk of siloing your data which can be counterintuitive. And, at its core, martech is there to help, not to add extra work, so choose your tools carefully. Again, this is the time to think about how these tools will help you reach your goals.
What Tools Make Sense For Your Business?
A good place to start evaluating is by looking at your current customer journey experience. This will help you understand how a potential tool can fit into that model and help you move your customers through the sales funnel.
Example: If you’re offering a free resource for download, you may need to collect an email to enter it into an automated drip campaign. In this case, you’ll need an email marketing automation tool.
You also don’t want to invest in tools that only work for one specific sector of your business. Ultimately, these tools are supposed to help your team see the whole picture, so they should be helpful across teams.
Example: A CRM system collects customer data and it helps the sales team qualify leads, but it also assists the marketing team in determining if their campaigns are effective and delivering the right kind leads. Of course, not all tools will be used by everyone, but they can be helpful to others as well.
You’ll want to invest in tools that are going to be fully utilized. Many times companies buy tools and their team only uses 25% of the tools’ capabilities, which will affect the company’s bottom line. So, make sure the tools you choose are absolutely necessary or look into all-in-one tools and save yourself some money.
Do the Tools Meet Your Needs?
Many martech tools are an investment in time and money, so be sure to request as many demos as you need. Make sure to always test drive those tools with several potential scenarios before you commit. Sometimes they don’t do everything you need them to do or have certain limitations that you wouldn’t have caught unless you tested them first. Keep track of all the tools you tested and then rank them. Think of this as an interview process and assess the positives, negatives, and the potential; much like you would when hiring a new employee. Another thing to keep in mind is how they integrate with your current platform whether you’re using WordPress, Drupal, or something similar. There’s nothing worse than paying for a tool that doesn’t easily integrate with your CMS. Something else to consider when making a decision is whether the tool is scalable. Everything starts small and grows, so think about whether those tools will be able to support your business in the next few years and not just in the next month or two.
As you grow your martech stack, always re-evaluate your current tools because you don’t want to pay for more tools than you need. Your martech stack doesn’t have to be extensive as long as it accomplishes the goals you’re trying to reach. Think about your goals and whether those tools will help you get there and strategize on how to implement the best solutions that are going to benefit your business overall. Collaborate across departments and think about how the tools will be utilized and hold your team accountable for utilizing them to the fullest.
As a digital agency, we thrive on innovation and work to help our customers reach their goals with lead generation, marketing, development, or technology solutions. Need advice? Contact us, and we can help you choose and integrate the right solutions for your organization.