The role of the CMO has grown considerably in recent years. Marketing leaders are expected to oversee creative campaigns, product launches, brand strategy, and the countless new technologies designed to accommodate these needs. As such, marketing departments are increasingly turning to external partners and vendors to manage these tasks. The most recent Gartner Marketing Technology Vendor Guide outlined some of the challenges and opportunities for modern marketers, and the partners that serve them.
“CMOs feel pressure to advance their team’s martech maturity, but only half of marketing leaders feel they’re acquiring and using martech effectively. Most organizations have more martech than they know what to do with, including overlapping solutions or tools not being used to their full potential.” – The Gartner Marketing Technology Vendor Guide, 2018
Sprinklr’s own CXMO Grad Conn echoed the sentiment of Gartner’s report. “CMOs are responsible for their teams’ successes, but every decision ultimately goes back to the overall efficiency of the organization,” he said. “Understanding each part of the martech stack is so important in cutting down on organizational waste.”
Adding to the stress of competing priorities, CMOs are dealing with decreasing tech budgets and overlapping martech tools that aren’t being used to their full potential. No matter the size of the company, every leader understands the importance of sticking to a budget and making the most of investments.
Large, single vendor suites are gaining larger share of marketing techstacks. Volatility in the digital sector has led many marketers to seek out more established providers. Larger martech providers provide stability, while simplifying the entire marketing process. Rather than having to keep track of multiple, small-scale providers, marketing leaders can select one platform to manage multiple processes.
Deployments over the next 2 years will be focused on creating meaningful engagement. As many marketers have learned, digital media adoption is about more than creating a few social media accounts; it’s about how those accounts are used. Over the next two years, the focus for brands will be creating meaningful experiences and opportunities for personalized engagement. Relating to customers on a human level will be a central feature of marketing strategy for years to come.
Audit existing tools to identify gaps and overlapping features. To get the most from martech investments, it’s important to know what tools are currently being used (and paid for), and what they do.
Leaders may find that they have multiple point solutions that serve the same functions or have overlapping features. Rather than continuing to invest in dozens of products that fill the same roles, look for one platform that can handle most, if not all, tasks. Similarly, see where there are gaps in coverage and which features are necessary to get full campaign insights.
CMOs and other business leaders have more responsibilities than they can count. Why complicate marketing processes even further with dozens of singular marketing tools and overlapping capabilities?
Below are just a few of the benefits of choosing a platform rather than point solutions:
Choosing an all-in-one marketing platform to plan, execute, manage, and track campaigns saves time and reduces confusion. It’s easier to see what actions are taken, which agents are on the case, and what results are realized. As Gartner’s Marketing Technology Vendor Guide has outlined, CMOs and other stakeholders need solutions that can not only pull their own weight, but also prove their worth. In these areas and more, platforms beat point solutions.
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