Martech (marketing technology) is a $122 billion industry that is growing, on average, by 22% year over year with 70% of CMO’s increasing their investments in it.
At ScaleHouse, we work primarily in the marketing technology and services sector, both advising companies in this vertical, as well as advising firms outside of it on best practices for selecting and optimizing their martech stack.
Given the number of martech options available, companies often run into issues selecting the proper tech stack, which can result in astronomical costs associated with improper implementation and mis(or dis)use. Platform selection errors are further compounded by making decisions about a potential tech stack in a bottom-up process, whereby the availability of systems and data drive the use cases chosen instead of the use cases’ driving the data and tools chosen. Bottom-up approaches often result in tools and data that are misaligned with the business objective or unable to provide relevant insights.
In a recent article from Harvard Business Review, authors Carl Mela (Duke University) and Brian Cooper (Juniper Networks), map a martech platform selection strategy they refer to as “the three D’s” that…..
Deconstructs the customer journey into key phases and chooses objectives for each
Decomposes the marketing strategy for the objectives into tactics, and then….
Designs how the technologies supporting those tactics will function as a system, looking for gaps and redundancies.
Without a doubt, marketing technology and the ability to harness multiple data streams to drive company growth now commands the attention of every major organization. However, firms should be aware of the risks of buying too many third-party tools without proper internal coordination or a strategy for their use.
Read on to ensure you’re building a martech stack that’s more likely to drive sales UP and costs DOWN.
Don’t Buy the Wrong Marketing Tech
Interested in learning more about the martech platforms we recommend to drive growth? Reach out to us.