The success of digital marketers depends on martech but we need to be better at measuring value.
Technology by itself does nothing but as digital marketers our success depends on it. How you utilize and measure your martech determines how successful you and your organization will be.
When measuring their martech providers, be it multichannel marketing hubs or standalone best-of-breed solutions, most organizations look at the wrong metrics. This means your martech vendors can fill their remit and succeed while you fail. That is an absence of accountability. If I am going to give a martech provider $1MM or even $1 they should be intimately invested in my success.
We need to be on the same page and making sure that happens is on martech leaders. When martech vendors are informed of an organisations’ overall success criteria and connected to them we see them making amazing contributions in a wide variety of ways.
As a marketing leader, I am measured, and employed, to deliver successful outcomes. In these unprecedented times it is critical that I drive efficiency, effectiveness, and the needed impact. These outcomes are not tactical metrics like opens, number of sessions or click through rates. Outcomes are the strategic measures that drive business values such as product line revenue, market share, and profitability.
To underwrite and achieve these outcomes organizations license, integrate, and deploy a marketing technology ecosystem. This ecosystem connects to my outcomes as follows:
- Technology delivers features and functions
- Features and functions create capabilities for my organization
- If I activate those capabilities, they should productively drive my desired outcomes
Today marketing leaders often begin assessing the applicability and opportunity of martech based on features and functions. This is manifested in the lists of features and functions that are commonly seen in RFPs. Yet by themselves features and functions do nothing and so we can engage with vendors who deliver tactical criteria but not my outcomes.
Additionally by starting at the bottom with feature lists and building up to outcomes organizations limit their opportunity to learn of better ways of achieving their outcomes. Vendors you invite to your selection process work with hundreds of clients every day across multiple industries and regions to deliver use cases similar to yours. They possess significant IP and delivery know-how to help you achieve success. To prevail, you must leverage your potential vendors’ knowledge and IP so they can better articulate how their solution can help your organization succeed rather than ask them to simply check off a list of technology requirements.
By starting at the top of the hierarchy sharing outcomes and then capabilities to ask what features, functions and opportunities exist marketing leaders can accelerate their success, outperform competitors by better meeting customer needs and move forward in difficult times.