Marketing leaders, marketers, and businesses in 2023 must create a strategic approach to the marketing technology stack. They can do it by optimizing efficient marketing technology
The rapidly expanding marketing technology landscape demands a calculated approach to help them invest in marketing technology stack tools. However, before investing in new tool integrations, they require intense marketing technology optimization to help provide a precise stack value.
Marketing Technology Optimization (MTO): A New Model
Marketing technology optimization (MTO) in 2023 and beyond emphasizes on:
- Detecting gaps or lack of technology stacks
- Assess current marketing technology platforms and tools
- Making data-driven decisions on eliminating reductant tech solutions or implementing new marketing technology solutions.
Adopting smarter marketing technology stacks will help companies and their overall businesses to streamline customer experience goals, aligning efficient tools that drive real ROI.
MTO integrates ongoing optimization to maintain the MarTech stack, preventing marketing leaders from unnecessary spending and promoting maximum utilization of the tools. Marketers can avoid the pitfalls of the existing technology stack and focus on optimizing with advanced versions of tools and platforms to drive results.
MTO Benefits the C-suite: Beyond Only Marketing
CMOs can find advantages of marketing technology optimization in driving ROI and offering customer experiences. For CFOs, the optimization allows effective budget allocation planning for the required tech tools, ensuring optimal marketing performances. Furthermore, appropriately allocated budgets lead to cost savings, reduce resource usage, and foster team collaboration to advance marketing efforts.
In addition, MTO supports compliance with industry regulations and data privacy laws. It empowers CMOs to adopt a proactive approach to compliance instead of reacting to data breaches or regulatory violations.
Strategies to Nurture MTO Culture
Building a marketing technology optimization culture requires effective management and changes to the existing process. Here are the strategies to foster MTO culture and drive growth:
Consistent Benefits Communication to Employees
Expand marketing technology optimization advantages with stakeholders to build a robust platform for effective marketing. Sharing the advantages with employees is also essential to boost performance, resulting in more leads, improved efficiency, customer engagement, and revenue generation.
Provide Valuable Training and Support
Companies must prepare team members with the latest skills and knowledge of marketing technologies to manage and use tools effectively. Business and marketing leaders must look up continuous training investments and support employees in managing well-framed workshops to stay abreast of the current MarTech landscape.
Establish Clear and Tangible Business Goals
Establish well-defined goals aligned with businesses. Tangible goals can help marketing leaders to prepare budgets for stacks. The goals will foster the purpose of establishing the culture and gaining more business value among customers and the marketplace.
Include Stakeholders in Decision-making
Marketing technology optimization requires the active engagement of all stakeholders to assess the strategy development process and the implementation of technology usage policies. Only then will it lead to better decision-making for future marketing plans.
MTO: Growth Stack That is Right for Businesses
Building the right marketing technology stack and optimization requires the following components:
System integration is essential for adopting advanced marketing technologies and seamless data distribution between tools to increase efficiency. Yet ensuring proper integration is a challenge.
Integrations play a vital role in optimizing the marketing technology stack. Begin by prioritizing integrating technologies that suit business needs. It will require centralizing fragmented data sources to align with marketing communications, and for this, there is the need for a modern customer data platform to help effectively unify customer databases.
Putting Customer Experience at Center Stage
When optimizing the marketing technology stack, focusing on Customer experience (CX) is essential. Technology investments and integration processes should add value to the growth of the relationship between brands and their customers. Tools and data integration must focus on customer interactions and engagements across various touch points. Adding more functionalities can enhance the customer experience by understanding and filling the gaps. The increase in the customer satisfaction level will deliver the highest return on marketing investment.
Taking a Round of Existing Tools
Businesses must improve their marketing technology stack while focusing on existing tools to clarify what functionality is needed, avoiding duplication of tools that may overlap functionalities, saving costs, and investing only in tools that help to boost marketing efforts.
Hence it is crucial for CMOs to audit the existing technology stack thoroughly, identifying the technologies, the functions of each tool, and the kind of value they deliver or may pose as challenges, and then consider marketing technology optimization.
Measuring the Success of MTO
Marketing leaders need to track vital performance indicators (KPIs) and metrics to measure the success of MTO initiatives and determine revenue generation. Success depends on the organization’s overall marketing plans and customer experience goals. Marketing campaign performance, MarTech stack efficiency, system integration and data quality, data security, and compliance are some key KPIs helpful for measuring the success of marketing technology optimization.
Marketing Technology Optimization is Worth Embracing
Adopting the framework of optimizing marketing technology is essential as businesses evolve in advancing the digital marketing environment. By optimizing MarTech stacks, companies can continue improving their marketing efforts and getting valuable leads, thus converting into customers with ease. Continuous optimization also leads to easily adopting cutting-edge technologies as trends change, thus resulting in better ROI generation every quarter.
Furthermore, focusing on agility, efficiency, and alignment with business goals will help marketers unlock the potential of their MarTech stacks, maximizing and enhancing the customer experience.