Last updated on December 28th, 2019 at 01:02 pm
When you face any challenge related to marketing today, there’s always a possibility that marketing technology exists to provide solutions to every issue. On the other hand, with a huge number of products available, the varied options available can make it hard to tell where to begin.
All things considered, how should you select a marketing technology suitable to your business needs?
Regardless of whether you’re looking to fill a specific gap or in the market for a complete stack, here are some of the things findings that would enhance the martech-buying experience.
- 1) Identifying the Pain Points
- 2) Determining a Budget for the Right Solution to Overcome the Pain Points
- 3) Use the Right Activations, Integrations and Real-Life Use Cases
- 4) Make Sure That the MarTech Solution Is Continually Innovating and Upgrading With You
- 5) Setting Realistic Implementation Timeline
- The Bottom Line
- Watch DSIM Trainees Celebrating Last Day of Batch
1) Identifying the Pain Points
Regardless of the pain points affecting the CMO or an individual core member, it is fundamental for you to identify the foundation of the issue being referred to. Furthermore, it is essential to consider facts such as the gaps in productivity, the time taken to solve a problem, or if the pain points are compounding over one another, resulting in an even bigger problem.
If your team already has come up with a solution, it is better to identify the missing points and prepare to evaluate the software options that will, in turn, enhance your product experience and ROI. Expectations should be realistic and around how much more a new software with added capabilities would cost.
The new tool should be ‘well-trained’ to show how it will save your team the time and expense that is at present being spent compensating for what your current technology falls short to provide.
2) Determining a Budget for the Right Solution to Overcome the Pain Points
When you’ve recognized what your potential technology stack needs to have, you can set a spending limit reflective of a particular technology in the stack. Not certain what a reasonable price range is for the martech you need?
Research well and ensure you have room for adaptability. Try not to compromise; just because the cost of a solution looks lower than you expect doesn’t mean it reasonably speaks to the pattern of what that technology solution in the industry should cost.
In the case of marketing technology, you get what you pay for. Better technology solutions commonly cost more, however, it will also save you additional time and money in the long run.
3) Use the Right Activations, Integrations and Real-Life Use Cases
Client testimonials are tremendous in showing value, and they help to show you the degree to which you can use and tailor the solution to fit your needs. You can visit a website of a tech solution provider and see the logos it integrates with, however, APIs are considerably more significant.
The product should be capable of integrating with your other tech solutions and solve the pain points you have now and those you’ll experience later on. The technology you choose shouldn’t make you feel that it is actually going to cause a nuisance. There’s nothing more regrettable than a disconnected martech stack!
4) Make Sure That the MarTech Solution Is Continually Innovating and Upgrading With You
This one is very important and should be particularly paid attention to. Look for a solution that is very advanced in terms of its features and benefits. Try not to settle on a solution that is standing still; rather, pick a solution that consistently puts resources in product development and the individuals that support it.
Make sure everybody you address in the team has an in-depth understanding of the product roadmap, and be certain the product is always innovating dependent on real customer feedback and changing the needs of marketing.
Request instances of how they do this. Their team should plan to constantly inform and help you with new discharges and help you strategize on the best way to get the most value. They should see your business as a partnership, not just a deal.
Your tech stack should lessen your outstanding task at hand — and ceaselessly improve your efficiency over time.
5) Setting Realistic Implementation Timeline
Identify and plan for what you’ll need from your martech solution’s team to get successful results from the implementation timeline you set.
What does their onboarding process look like? How do their professional services contributions work? Make sure their implementation process coordinates your onboarding needs and timeline.
The Bottom Line
It’s typical for stakeholders to invalidate the initial solicitation, however, that doesn’t mean you have to give up. You should clearly express the pain points or shortcomings and how this martech solution will solve them — with a focus on what you anticipate the outcomes to be.
Ensure you’re focusing on how the martech solution will improve your functions and profit the business today and later on.
Praveenkumar holds a degree in MBA(marketing), currently 4+ Years of experience in DigitalMarketing (StraitsResearch), also a freelance journalist based in Pune City. while having all industry research experience and provides marketing and branding consulting to Fortune 500 Companies. while for images you can put as per your branding need.