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A few points worth making:
1. Real enterprise marketing stacks are larger than you think.
2. The app explosion isn’t unique to marketing — or marketers.
3. Total cloud services used by an enterprise are 10X greater. 4. The fundamental structure of software is changing.
5. Resistance to vendor lock-in is now a top 3 criteria.
6. Serious security and compliance implications abound.
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Growth in Internet population is slowing, but growth in online ads is accelerating.
Ecommerce growth is also accelerating.
Gaming continues to lead and shape the online experience.
Revenue in the music industry is rising again.
Digital health care is approaching an inflection point.
China is growing as a tech rival to the U.S.
Immigrants are core to the Valley’s DNA.
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Building the right marketing stack is imperative for every marketer today. In 2017, one big shift that Brinker alludes to is that most of the major providers have “shifted their strategies to embrace the ecosystem — becoming true platforms that make it easier for marketers to plug in a variety of more specialized and vertical solutions”.
This means that marketers can now more easily build their own best-of-breed marketing stack, and no longer need to choose between a suite that claims to do everything or a very specialized solution that doesn’t connect with other technologies.
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“I don’t think this hyper-accelerated situation we’re in where someone invests a new app for the marketer every five minutes is going to slow down. But I do think there is a bubble in terms of the technology that’s out there,” he said. “There are something like 190 social listening enterprise tools available right now. How many do you really need? Those companies are going to run out of gas, investors will get impatient, marketers will get frustrated.
“Across every category in martech, you’re going to see if anything, a bubble burst.”
What Lucas is counting on is marketers increasingly turning to open platforms that focus on wider engagement, such as Marketo’s, to meet their needs. He was quick to point out many of the vendor’s competitors still haven’t integrated core capabilities acquired in the quest to build out a Marketing Cloud proposition.
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Reducing manual processes through integration frees up marketers’ time to concentrate on more strategic – and creative – activity. Critically, this activity is now inherently measurable; digital marketing can be tested at every stage, with real time feedback on messaging and content to enable continual refinement. Indeed, this is the second key benefit of the marketing ecosystem: the speed of information flow is radically improved, enabling marketers to respond quickly to customer behaviour and actions, creating a more responsive and relevant customer experience and driving brand affinity.
In addition, linking up to a cloud based marketing ecosystem provides access to valuable third party data sources, information that a marketer is now in a position to effectively use having joined up the customer digital fingerprint to gain deep insight into the customer base. Combining data modelling to define the ‘best customer’ attributes with these anonymised third party data sources supports very effective targeting, extending the company’s reach towards the ‘right’ customer type.
And this is key: while tech overload is clearly a concern, marketing departments cannot afford to stop investing, discovering or innovating. But this innovation must be focused and relevant – with a single, joined up marketing ecosystem, a company can extend its reach far more effectively than simply adding new tools for the sake of it.
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- Machine Learning – Take large amounts of data and find patterns and actionable insights that just weren’t possible before. Machine learning is the ability for computers to learn without being explicitly programmed. Think of all the applications in marketing from improving campaigns to targeting the best-fit accounts.
- Account-Based Marketing – Target named accounts with the right message at the right time. With account-based marketing, marketers are able to proactively engage with accounts that haven’t come through the traditional channels.
- Customer Data Platforms – Marketing is more than campaigns to attract prospects. Marketers are now expected to help guide the entire customer experience from first touch to signing as a customer to renewing at a future date. Customer data platforms pull in data from all the customer facing functions — sales, marketing, support, customer success, etc. — and provide a holistic view of the account as well as next actions to take.
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1. Artificial Intelligence 2. Low Code 3. Attribution Modeling 4. Conversion Optimization
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Regardless of where a new tool or piece of technology fits in the overall landscape it is it is important to ensure that it is visible across the organization for a number of reasons:
- To manage the security risk of implementing new technology that accidentally exposes or corrupts customer data.
- To enable teams to learn from each other’s experience with any given technology and to increase efficiency by distributing product qualification tasks.
- To reduce spend by identifying redundant products or opportunities to lower spend by negotiating a single contract for the enterprise.
This is where the marketing stack comes in.
Marketing stacks showcase the technology in use across the organization and their relationship to one another. Stacks can be developed at the project, team, functional or enterprise level. They can be used to track products in use, in test and that have been retired.
There’s no right or wrong way to construct a stack — each stack ends up being unique to the organization and the objectives it serves. You just have to look at the Stackies submissions for the last two years to see how unique stacks can be. Stacks are a great way to audit and manage the technology in place and ensure technology visibility across the enterprise.
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The proliferation of robust marketing technologies available at reasonable prices has been instrumental in improving business-to-business (B2B) marketing. Many barriers to investing in marketing technology have dropped. Pricing models now are often pay-as-you-go, and ease of use has improved to the point where very little, if any, training expense is required.
Investing in inexpensive tools (often based on Software as a Service [SaaS], with low monthly license costs) to automate programs and gather insight into the elusive B2B buyer has directly impacted the performance of programs and the ability to measure return on investment (ROI).
13.8% of total marketing budgets in 2016 were dedicated to marketing technology. Broken down further, software licensing accounted for 50% of that budget, 25% was for the cost to implement and operate the apps, 10% was earmarked for analytics, 10% was allocated to infrastructure and 5% was set aside for IT expenses.
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- Syncing sucks: Your IT department will need to replicate and export customer data from multiple internal systems into the cloud vendor’s system. This is a complicated, time-consuming and expensive effort of transforming the data for the vendor’s platform, and then shipping the data, and managing the syncing process regularly between the cloud system and your internal systems.
- Real-time what? The company’s only going to upload a subset of customer data to the cloud—it’s just too expensive and time-consuming to replicate everything. Therefore, when a marketer wants to do something new, he may or may not have the data available in the cloud.
- Feeling insecure: Beyond the cost of storing and managing duplicative customer data sets, internally and in the cloud, there are security risks. This is not due to the cloud vendor having poor security necessarily, but the fact that duplicate data sets with differing security standards and policies is a risk.
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eMarketer: One issue there has been integration within the technology stack. Is that situation improving?
Brinker: The best-of-breed marketing stack has, for all practical purposes, won. For medium-sized [businesses] on up, it’s really hard to find a company now that isn’t using some sort of best-of-breed stack. It’s become a lot more feasible because the major platforms have gotten much better at supporting a platform ecosystem.The creators of more specialized marketing technologies have invested a lot of effort on their end to make sure they can plug into those platform ecosystems—and then you’ve got iPaaS, integration platform as a service, tools.
It’s not just for marketing. It’s for cloud-based and API-based systems across the entire enterprise, which is making it a lot easier for these things to connect to each other. Marketers want a best-of-breed stack because it lets them pick the right tool for the right job. And then the better integration is getting to a place where they’re not sacrificing a tremendous amount of connecting.
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Most companies use 6 or more martech tools or platforms in their marketing stacks, research finds. Fully 1 in 3 don't have a strategic plan for developing their stack. Check out more stats!
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People:
- Align Skills & Roles
- Invest in Training & Development
- Processes
Define & Document Your Process
It’s Not Always Perfect
- Success Begins with a Successful Implementation: Success with technology starts with a successful implementation. It’s important to hire the right implementation partner, align internal stakeholders, and secure executive sponsorship to achieve a successful implementation. Make sure that your unique business needs are going to be met and supported when implementing a new technology. An unsuccessful implementation inhibits success and results in frustration, setbacks, and the good chance that the technology will not be adopted.
- Crawl, Walk, Run: Companies don’t invest in marketing automation platforms to send batch and blast emails. Yet, oftentimes, this is all it is being used for. And it’s usually because either the people or the processes aren’t in place supporting the technology. Use a crawl, walk, run approach to become more sophisticated with your usage. Pick one project to start with and build from there.
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eMarketer: How close are marketers to getting a single customer view?
Brown: Marketers who have invested in operations like CRM [customer relationship management] or [data management platforms] DMPs feel like they’re further along, and they’re right—they are further along than not having any capability that gives them one unified view of their customers. But we’re a ways out from a world in which we have all the data we need available at any touchpoint, anytime.
The platforms available to help in these regards have come an enormous way over the past five years—the marketing-cloud-type website platforms like Adobe, Oracle and Salesforce; the platforms with that capability for online advertising; and the personalization engines. But the idea that you have one view of the customer and you have all of the data about the customer in one place, and available to all of those platforms simultaneously and in real time, is still far away for most of our clients. Frankly, it’s still a ways out for the technology capabilities that are out there today.
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First and foremost, a framework needs to align to business goals. A framework aligned to business goals ensures that technology decisions 1) will support your organization's critical objectives and 2) will support the other technology in your stack towards the goal of achieving your objectives.
Customer personas and journeys offer a great starting point for building a marketing tech stack framework. Here’s why.
They align to your goals: Personas and journeys are the compass that guides the who, what, why and how of an organization’s work in reaching and engaging the reason it’s in business.
The structures are timeless: While some of the details within a persona may change, the overall outline generally won’t. A good framework can stand the test of time, being leveraged for the long haul.
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eMarketer: How did you get to the point where you went from focusing on the stack, to focusing on what your organization wanted to do with the stack?
Schulz: The first step is discovering all the tools and getting everybody to be transparent about what they use—even getting procurement to tell you about purchase orders you didn’t know about. Until you build a framework for what you’re trying to accomplish for the corporation, you can’t actually build a stack.
We focused on developing subcategories [into which we could place our marketing technology tools]. Then we built a three-year vision. As you develop those strategies, operationalizing them is vital, or the strategies mean nothing. This has led to some organizational changes. Overall it has been evolutionary, as opposed to an intentional future organizational design.
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This article is a quick read covering five marketing technologies that CMOs prefer to invest in –
Marketing Automation Omnichannel Marketing Analytics and Tracking Optimization and Conversion Programmatic
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Last year, the Adobe Digital Trends report showed data-driven marketing to be the top priority for marketers, with 90% of survey respondents citing it as their number one choice.
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"Any marketing department will benefit from a common measurement architecture—a decision-making framework used across the organization that matches a set of appropriate metrics (and by extension analytical tools and techniques, such as response modeling, brand tracking, and competitive benchmarking) with the most frequent marketing decisions. The measurement architecture helps sidestep another common pitfall: the tyranny of random facts, a common corporate phenomenon in which different marketing managers each cite a fact or data point revealed by some unique tool or model as evidence of the great job they are doing. It’s not that the facts are wrong; they may be totally valid. However, there is no clear way to compare one fact with another or even to know whether they are appropriate reference points for the issue at hand. In our view, there are three types of marketing decision—strategic, tactical, and operational—that are typically made at different levels of the organization and according to different calendars. (See Exhibit 1.) Strategic decisions tend to involve the significant reallocation of marketing budgets and take place as part of the fiscal budgeting cycle. Tactical decisions typically occur many times throughout the year; they are course corrections for campaign spending levels, mix, timing, and messaging. Operational decisions, such as those concerning particular media or channels, can occur daily—or even hourly in today’s increasingly digital context. In addition, the availability of near-real-time data shifts much of a company’s focus to short-term operational priorities, which can upset the necessary balance between a short- and longer-term view of overall marketing strategy and objectives.
A measurement architecture provides marketers with a framework that defeats the tyranny of random facts by laying out which marketing decisions should be made at which time, based on which metrics, and fed by which tools and data. Once such an architecture is established, it becomes relatively straightforward to develop the analytical infrastructure to bring it to life across the entire organization. We find that many of our clients are increasingly able to focus on how to use software platforms to put data, tools, and insights into the hands of marketing decision makers at each level of the measurement architecture across brands and markets around the world."
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1) Marketing will be (technically) easier in 2017
2) Incentives will become more important
The maturing of marketing technology will affect what it is marketing departments actually do with their time. Instead of focusing on just getting things to work, brands will spend more time on incentives and improve the overall customer experience.
3) Marketers will use artificial intelligence (AI) to personalize the customer journey
Companies which do understand their customers' various journeys will use artificial intelligence (AI) to 'improve communication' with and 'deliver personalization' to their customers in 2017.
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Marketers are making leaps and bounds in their marketing maturity—from how they think about strategy to how they execute campaigns—and they are using technology to make it possible. This report, based on the responses from over 1,300 marketers, covers how marketers are practicing marketing today and highlights a few opportunities for them to act upon.
Download the report to get the full results of our survey, including how marketers:
- Structure their global automation strategy
- Plan their MarTech stack strategy
- Use and scale their marketing channels
- Measure their impact
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#MarTech #DigitalMarketing