If you’re searching for new Marketing Technology, you’ll find no shortage of available options. On April 4th, chiefmartec.com released the new Marketing Technology Landscape, and it lists more than 2,000 new marketing technologies that didn’t exist when last year’s report was published (the list is now at more than 7,000). So how do you know when it’s time to add to your MarTech stack?
Here are five things to consider when you’re evaluating new technology:
1. Do you know what’s in your MarTech stack?
Don’t just assume you do! Parts of your marketing department may make purchases on their own, and it’s entirely possible that those technologies haven’t been fully integrated into the rest of your stack. Your best bet is to get an exhaustive list and map out all of the technology that’s available to your team today.
2. Are you fully utilizing your existing technology?
Yes, something out there is going to look like it will work so much better than what you currently have. You also may not fully understand the capabilities of your existing MarTech stack. Before FOMO takes over, take the time to explore whether or not your existing technology can deliver the feature(s) the new tech is promising. You may be pleasantly surprised to discover that you can leverage what you already have to get the results you want.
3. Where are the gaps?
Once you know how to optimize your existing technologies, take time to sort out your stack and determine where the holes are. Once you’ve identified the gaps, ask why (and if) you need to fill them. You may have gaps that don’t need to be filled because the business requirements don’t exist at this point. For those that don’t fall into that category, you can flesh them out with the next step.
4. What are you doing that’s super time– and labor-intensive?
Is there something that everyone has a rough time with? Is it a manual process, or — even worse — does it live in a massive Excel spreadsheet loaded with pivot tables? If so, it’s time to consider a technology that will make your team’s lives easier and free up some bandwidth so they can focus on other responsibilities.
5. Can you make room in your budget for new technology?
We get it. More often than not, budgets don’t have much wiggle room for new tech. However, if you can effectively convey how this new technology will improve efficiency and deliver a solid ROI, you’ll have a better chance of winning approval. Identify the concerns you have with the current gaps in your MarTech stack and explain how they could be addressed with the new technology. Demonstrate how it will solve a real pain point for your marketing team, and advocate for the new solution before they get to the demo. The decision-makers will be more inclined to approve the purchase if you can clearly demonstrate how the new technology will improve marketing efficiency.
The Revenue Pulse team has helped many leading organizations build out their MarTech stack. To see our preferred MarTech vendors, click here. If you have any questions about new technology that you’re considering, contact us at any time.