For the last 5 years, marketing departments have been spending more on their technology stack than on paid advertisement! If that’s surprising, then this article is for you!
The growing importance of customer experience and the need for actionable intelligence including building a foundation that allows for intelligent ad spend versus the past pay and pray strategy. Previously, marketing departments would spend all of their money on advertising and marketing activities and wait for the sales numbers to come back to judge effectiveness. In today’s marketing climate, a team can not wait for sales to tell them if they are doing a good job or not. Obviously, sales is the ultimate litmus test but we no longer need to spend dollar after dollar on expensive campaigns to determine if our efforts are successful. This is good because in today’s instant-gratification society everyone is much more comfortable with seeing engagement results as a pre-indicator to sales success!
Marketing Measurement
First, let’s talk about making intelligent decisions as it relates to marketing efforts. Finally, marketing teams are realizing the fruits of their efforts with properly implemented technology stacks that have allowed marketing to be in the driver seat and stay there! Directing their departments limited resources into the right channels with the right message and implementing a continuous improvement program! However, this is only possible through a proper vision on what that tech stack should look like by first outlining the key-performance indicators (KPI) that will allow them to make intelligent decisions based upon data. When the proper technology is implemented it allows for the marketing trifecta intelligent spend, ROI analysis and increased forecasting of future sales. These three pieces of information arm marketing teams to prove their worth and provide not just wishful thinking to management but information that allows businesses to make better decisions, faster!
So what gets in the way? The average business does not have the resources or the organizational intelligence to properly implement the system because they don’t have the experience needed, even if you are able to hire a third-party help you get the implementation right, they will struggle to manage the absorbent amount of technology that is needed to effectively run a department because the implementation teams go away and most teams never get there!
In a recent article by Hubspot, a leading Marketing Automation platform stated that the average department has to manage 31 different platforms to manage their campaigns and data! Due to the depth and complexity of the tech stacks needed most are abandon, due to this reason this is why it is key to work with businesses like TheRiot Agency who has the institution expertise to help you architect the information needed, implement the systems required and stay on to use those systems to help your organization achieve success!
Effective Ad Spend
Let’s say that your business gets the platforms implemented and you know how to use them! WooHoo! The benefits are endless because now you aren’t just launching a campaign with a pay and pray strategy, your spending with a plan. The old adage applies, failing to plan is planning to fail! Launching an intelligent campaign backed with the properly technology stack that provides you with the data you need and puts you in the driver seat. Identify your objective, launch your campaign, watch the metrics and make adjustments as needed until you are getting the results that you deserve for your hard work! Measuring your cost-per-click and your cost per impression is critical in maximizing your dollars to drive the results that you seek!
Customer Experience
Ultimately, the biggest win for a brand is to get your customer experience right through the use of a seamless experience that drives value with every interaction. The proper tech stack can provide this to you by connecting your data, analyzing those experiences, providing the information your client desires when they need it. Everyone knows keeping a customer is cheaper than finding a new one and providing a world-class experience is critical to realize your retention goals, additionally providing closed-loop feedback provides your organization with the right information the constantly improve your experience!
So the benefits are endless with a properly implemented brand technology stack not only for marketing but organizationally. Identify your KPI’s, implement the system, drive adoption, leverage the platform, sounds easy right? It can be when you choose the right partner!
