… and only 20% are implementing one!’ This is the headline of a report we have just received from Demand Lab, a technology focused marketing consultancy.
It may be an exaggeration, but there is some truth here. Many B to C marketers have made their decisions about purchasing Martech in a very piecemeal way, and ended up with an extensive but uncoordinated marketing toolkit.
Each technology item has been purchased on its own, to do a specific job, without adhering to an overall strategy.
And their difficulties are compounded by the way that the Martech vendors usually present themselves:
– Confusing websites that don’t explain fully what the technology does
– Opaque pricing arrangements
– Features, not solutions focused descriptions
– Little explanation about how the systems are to be configured
– Or what level of internal IT support you need to make them work
We believe that the overall Martech strategy for most medium sized companies does not need to be over complicated.
There are some core components that should be the foundation of any Martech strategy, such as these:
We have marked some of these boxes yellow because most marketers have these already; the problem often is that they don’t naturally join together.
The email service provider may not know what is going on in the website. The call centre doesn’t know what the mailing house has sent out to Mrs Smith when she calls in. The retailers don’t know what kind of customers they are dealing with.
This explains why we decided to go into the customer data platform (CDP) business. To integrate all this customer information and build a comprehensive picture of every customer you are in contact with.
A CDP works best when it’s set up in conjunction with, or has built in, personalisation technology that automates individual messaging via your website and your email service provider.
The personalisation has much more meaning when it is based on knowing what type of customer you have been in the past. Not just on what you have looked at on the website in the last few seconds.
The CDP can then also segment the customer base so that the offline mailing house or call centre send out relevant targeted messages.
But the CDP does much more as well. Having all your customer data in one place, you can measure the effectiveness of every marketing activity as well as track how your customers are performing in terms of value and loyalty over time.
It can inform your recruitment strategy by showing you how different channels bring different types of customer. Show you how they are working in combination. That way you can escape from last click order attribution and attribute the correct value to the role each channel performs.
Every company is at a different point in their journey to getting the Martech that is right for them. If you would like to chat to us about where on your journey you are now, and where you need to go, we are here to help at no cost to you.
UniFida is the trading name of Marketing Planning Services Ltd, a London based technology and data science company set up in 2014. Our overall aim is to help organisations build more customer value at less marketing cost.
Our technology focus has been to develop UniFida. Our data science business comes both from existing users of UniFida, and from clients looking to us to solve their more complex data related marketing questions.
Marketing is changing at an explosive speed, and our ambition is to help our clients stay empowered and ahead in this challenging environment.