Advances in digital technology have been increasing fast over the last decade, leading to businesses placing greater emphasis on these tools to support their growth. However, during the previous 12 months, we’ve seen an unprecedented spike in reliance on this technology. For example, according to McKinsey, the US experienced ten years’ worth of eCommerce penetration growth within just three months in 2020.
With this increasing reliance on digital processes, there is more noise than ever in the Martech landscape, with an ever-growing list of systems, processes, and analytics options. So, how can CMOs be assured that they’re maximising the capabilities of the tools available to get the most for their business?
We hear this question regularly from our clients and, although every business is different, many of the problems are the same.
A multitude of options is creating confusion
As brands seek to gain a competitive edge and drive improved efficiencies, the demand for Martech has escalated. In 2020, there were a total of 8,000 Martech solutions, up by 13.5%, as illustrated in Scott Brinker’s infamous infographic. This has created a market reportedly worth $121.5 billion worldwide this year. The increasing value placed on this subsector of the marketing industry is further illustrated by an average of 26% of a company’s overall marketing budget being typically spent on Martech in the US and UK in 2020, up 13% from the year before.
CMOs and marketing departments have been facing significant changes instigated by the pandemic over the last year. Not only have how teams work together, develop strategies and manage budgets changed massively, but so have buyer expectations and behaviours. To navigate this shifted landscape and ensure new strategies and processes are delivering, leveraging the right Martech stacks is essential. However, our conversations reveal that many businesses are struggling to see through the chaos of the numerous and increasingly complex options.
Martech stacks can support strategy across a range of marketing activity
Martech stacks is a term used to describe a collection of technologies used to maximise the ROI of a company’s marketing strategies, including improving team efficiencies and collaboration, delivering insight into markets, supporting delivery, and analysing and optimising performance. These technologies could include but are not limited to:
- Marketing Automation Platforms – optimising a number of account management processes, such as lifecycle marketing, emails, forms, landing pages, nurture programs, lead scoring, and account-based marketing (ABM)
- Content management systems and SEO – for the creation, storage, management and publishing of online content, such as web pages and blogs
- Advertising and engagement technology – covering several elements that manage areas, such as search ads, retargeting, social platforms and demand orchestration
- Data and analytics – tools to measure engagement and assess the success of digital marketing activity
- Customer relationship management (CRM) – online tools and platforms that track, alert and manage customer interactions, manage the lead lifecycle, ABM and the marketing impact on sales
- Webinars and event platforms – gained increasing familiarity over the last year, as businesses have sought to connect and carry out business activity online with clients, employees and stakeholders and run digital events for reasons such as increasing brand awareness, generating leads and networking within the industry
Unique business, shared problems
With Martech stacks having the potential to drive forward so many areas of the business, the sheer volume of options can be immobilising, impeding action rather than supporting it. Resolutions to issues are further hindered because many decision-makers are unable to identify where the problems lie. This uncertainty is a situation that we frequently encounter, especially when marketing leaders working at a higher level don’t have the targeted knowledge needed in each technology and process.
The good news is we don’t expect our clients to come to us having already identified what the issues are. Working with many clients in this position, we see that although every business is unique, many face the same overarching problems. Moreover, sometimes, these can be different from what they initially think.
We can help you navigate the waters, identifying the issues and developing effective strategies. We pride ourselves on the depth of our client relationships. Partnership lies at the core of our business and is, we believe, what drives both our success and the success we deliver for our clients. We are committed to:
- Getting to know you, your people and understand your business
- Understanding the commercial realities
- Asking the tough questions
Focus on your changing business priorities to ensure we stay in sync throughout the engagement.
By providing support in identifying the issues, we will then work closely with you to help navigate the noise, create processes, and optimise your Martech stack to make things simpler while ensuring the best marketing performance and value for your business needs. We’ll help you make choices on where to focus your resources and how to overcome challenges.
As technology evolves, we are there as your partner to adapt to the market shifts, maximise your marketing performance, and ensure the best ROI for your business.
At WoolfHodson we’re obsessive problem solvers united by a shared passion for delivering lasting change and value that sticks. If you would like to learn more about how we help navigate the noise around Martech, why not contact the team today at firstname.lastname@example.org.