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Marketing Technology (MarTech): A Strategic Approach to Drive Business Value

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Each day, technology makes more impact in more areas of our lives - marketing is no different. Marketing technology (MarTech) allows companies to better understand and talk with their customers. Furthermore, it enables new customer experiences that Marketers couldn’t have fathomed just few years ago. As much as technology is changing the world, it is also forcing leaders to change how they think about their businesses. With thousands of marketing technology solutions available, managers struggle to prioritize investments, build teams with the right skillsets, and find tools that are both bleeding-edge and stable.

Lenati, in partnership with Scott Brinker of chiefmartec.com, spoke with CMOs and VPs at both enterprise and high-growth firms—including Adobe, Microsoft, Hilton, SAP, VMTurbo and more—to understand how some of today’s leading marketing minds are making MarTech work for them. We’ve distilled select insights from these discussions and shared them here.

Download this presentation to learn how leading Marketing Executives:

• Take strategic approaches to investment decisions
• Build MarTech stacks that allow them to innovate and scale while maintaining reliability
• Drive smooth implementations that result in widespread adoption
• Build teams that balance technical proficiency with business acumen
• Stay up-to-date on the most innovate tools in the market

Note: This presentation is a compilation of research conducted by Lenati.com and Chiefmartec.com. For more detailed research findings, download “Marketing Technology as a Strategic Asset" at www.lenati.com/martechstrategy

Published in: Marketing
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Marketing Technology (MarTech): A Strategic Approach to Drive Business Value

  1. 1. MARKETING TECHNOLOGY lenati.com | lenati.com/blog | @lenati | info@lenati.com A Strategic Approach to Driving Business Value LENATI 2412 7th Avenue West #101 Seattle, WA 98119 info@Lenati.com In partnership with Scott Brinker, chiefmartec.com
  2. 2. COMPANIES NOW SPEND MORE ON MARKETING TECHNOLOGY (MARTECH) THAN ON ADVERTISING. 2 Source: chiefmartec.com
  3. 3. 96% OF B2B MARKETING EXECUTIVES BELIEVE THAT THE PACE OF CHANGE IN MARTECH WILL KEEP ACCELERATING. 3 Source: toprightpartners.com
  4. 4. 4 Lenati and chiefmartec.com spoke with leading senior marketing executives across industries and at different growth stages to understand how they take a strategic approach to marketing technology. Select learnings from these interviews are shared in this presentation. FEATURED CONTRIBUTORS
  5. 5. KEY THEMES 5 Four steps help lay a foundation to get the most from marketing technology: 1. THINK BIGGER 2. PLAN YOUR APPROACH 3. GET YOUR TEAM READY 4. STAY ONE STEP AHEAD
  6. 6. 6 1. THINK BIGGER 2. PLAN YOUR APPROACH 3. GET YOUR TEAM READY 4. STAY ONE STEP AHEAD
  7. 7. MARTECH IS PART OF YOUR STRATEGY – NOT A SET OF TOOLS. 7
  8. 8. WE WERE HEAVILY FOCUSED ON OPERATIONAL KPIs IN THE PAST. GOING FORWARD AS OUR STACK MATURES, THE DOMINANT CONSIDERATION FOR NEW TOOLS IS: DOES THIS IMPROVE THE CUSTOMER EXPERIENCE? 8 Jenn Chick, VP of Marketing, Hilton “
  9. 9. LOOK AT YOUR MARTECH STACK HOLISTICALLY. 9 Make MarTech part of your strategy by taking an end-to-end look at how it influences, and is influenced by, your business. Consider: Organizational Goals How does MarTech support higher- level company goals, like creating more personalized sales relationships? Team Agility What is the appetite for change? How long and rigorous is the decision- making process? Customer Experience How will your customers be impacted? Will they be receptive to change?
  10. 10. BUILD YOUR MARTECH STACK LIKE AN INVESTMENT PORTFOLIO. 10
  11. 11. WE CONTINUOUSLY REVIEW OUR MARTECH STACK AND REMOVE ELEMENTS THAT DO NOT WORK OR SCALE. 11 Rishi Dave, CMO, Dun & Bradstreet “
  12. 12. PLAN SIMULTANEOUSLY FOR STABILITY AND INNOVATION. 12 You can achieve both by viewing your MarTech stack as a portfolio of core components and point solutions, then investing accordingly. Core Components Highly integrated solutions that provide foundational marketing capabilities. Focus on: • Stability • Scalability • Strategic vendor partnerships Point Solutions Solve specific challenges. Focus on: • Experimentation • Innovation Consider Xerox Chief Marketing Technologist Duane Schulz’s 70/20/10 approach, which balances these needs through an intentional mix of MarTech investment dollars:* • Core platforms (70%) • Adjacent solutions integrated with core platforms (20%) • Edge point solutions (10%) Notably, the number of investments is the inverse of dollars spent, with 70% in point solutions and 10% in core platforms. *Source: chiefmartec.com 70/20/10 Investing
  13. 13. PREPARE TO PLAY THE LONG GAME. 13
  14. 14. IN OUR RAPIDLY CHANGING ENVIRONMENT IT’S HARD NOT TO SEE THAT THE SINGLE MOST VALUABLE MARKETING CAPABILITY IS AGILITY. 14 Scott Brinker, Editor, chiefmartec.com “
  15. 15. DON’T LET VENDOR CHOICES LOCK YOU IN. 15 You’ll likely need to change each component in your stack at some point. As you consider vendors, think about: How flexible are vendor contracts? How easily can each solution be removed or replaced? Who owns the data flowing through each solution? If you removed or replaced any solution, what would be the effect on other components in the MarTech stack? FLEXIBILITY IMPACT
  16. 16. 16 1. THINK BIGGER 2. PLAN YOUR APPROACH 3. GET YOUR TEAM READY 4. STAY ONE STEP AHEAD
  17. 17. A SMOOTH ROLLOUT DOESN’T HAPPEN BY CHANCE. 17
  18. 18. [IMPLEMENTATION] CAN’T TAKE A QUARTER, AND WE HAVE TO KNOW THAT WE HAVE PEOPLE READY TO TAKE ADVANTAGE OF THE TOOL. 18 Geeta Sachdev, CMO, VMTurbo “
  19. 19. DON’T ASSUME ROLLOUT WILL GO SMOOTHLY. 19 Discovery Business Requirements RFP Proof of Concept Rollout • Outline high-level workflows • Document all impacted systems, teams, processes • Identify necessary resource adjustments, including personnel • Identify vendor shortlist • High-level vendor demos • Build rollout plan • Map out detailed workflows • Review rollout plan with stakeholders • In-depth vendor walkthroughs based on unique workflows and requirements ILLUSTRATIVE KEY TASKS IN EARLY PLANNING AND PROJECT PHASES INCLUDE: Even if you’ve been promised an easy rollout, think through how a tool will be used. Early identification of dependencies and impacted teams, systems, and workflows will help you foresee risks and create an approach that works for your organization.
  20. 20. INVEST IN CHANGE MANAGEMENT. 20
  21. 21. IF THE PEOPLE IN THE ORGANIZATION DON’T BELIEVE IN THE VISION, THE TECHNOLOGY IS USELESS. INTERNAL COMMUNICATION SHOULD BE THE BIGGEST PRIORITY WHEN NAVIGATING CHANGE INTERNALLY. 21 Maggie Fox, Global SVP of Marketing, SAP “
  22. 22. Having a deliberate approach to change management helps build project momentum and ensure people can and will use new tools. TECHNOLOGY IS WASTED IF NOBODY USES IT. 22 Build an approach that includes at least these four key components: 1 Craft a Vision A motivating vision inspires people into action and provides direction. 2 Engage Stakeholders and Build Momentum Stakeholders not only provide input on project direction, but can also build momentum within their own teams and departments. 3 Clear Barriers Large rollouts will almost always face internal resistance. You may need to work with people 1-to-1 to negotiate and address their concerns. 4 Focus on Measurable Results Establish quick, measurable wins to help prove the value of your project and buy time to complete it.
  23. 23. 23 1. THINK BIGGER 2. PLAN YOUR APPROACH 3. GET YOUR TEAM READY 4. STAY ONE STEP AHEAD
  24. 24. STOP LOOKING FOR MARKETING UNICORNS. 24
  25. 25. OUR TWO BIGGEST CRITERIA ARE: ARE YOU A MARKETER BY BACKGROUND, AND DO YOU UNDERSTAND TECHNOLOGY? 25 Steve O’Brian, VP of Marketing, Chronus “
  26. 26. If you’re hiring for the long-term, don’t overemphasize experience with a collection of specific tools you use today. Those skills can often be readily taught, and you may be using different tools next year. Instead, focus on hiring employees who are: HIRE FOR ADAPTABILITY AND A HUNGER TO LEARN. 26 Avid Learners Modern marketing requires constantly building skills in new channels, technologies and techniques. This makes the ability to learn more valuable than the tactical skills a new hire has when she starts. Marketers often need to wear many hats – look for team members who are able to jump in and contribute in a variety of ways. Adaptable Those with a passion for marketing and technology won’t settle for the status quo, and will push your team to do more. Hungry
  27. 27. A TEAM IS LIKE A PUZZLE – IT LOOKS MUCH BETTER WHEN THE PIECES FIT TOGETHER. 27
  28. 28. MARKETING ISN’T JUST A MACHINE. YOU NEED A MECHANIC, BUT IT’S THE SOUL OF THE PRODUCT THAT CONNECTS WITH PEOPLE AND EVOKES EMOTION AND REACTION. AND HOW DO YOU DO THAT THROUGH THE STORY THAT YOU’RE TELLING IN YOUR MARKETING? THAT TO ME IS THE PIECE THAT’S HARDER TO COME BY, BECAUSE THERE’S NO FORMULA. 28 Bridget Perry, VP of Enterprise Marketing, Adobe “
  29. 29. Include technical skills in your hiring plans, but don’t ignore other important areas. BUILD A TEAM THAT BALANCES TECHNOLOGY SAVVY WITH CLASSIC MARKETING SKILLS LIKE STRATEGY AND STORYTELLING. 29 Nobody has all the skills you need, so focus on blending individual areas of expertise to build a high-performing marketing organization. Representative modern marketer skillsets may include:
  30. 30. 30 1. THINK BIGGER 2. PLAN YOUR APPROACH 3. GET YOUR TEAM READY 4. STAY ONE STEP AHEAD
  31. 31. MARKETING NEVER STOPS CHANGING – KNOW HOW TO STAY AHEAD. 31
  32. 32. 32 Grad Conn, General Manager for US CMO, Microsoft THE ONE THING YOU KNOW IS YOU DON’T KNOW ANYTHING. MAKE SURE YOU HAVE A PLAN IN PLACE TO ITERATE AND LEARN. “
  33. 33. FIND CREATIVE WAYS TO KEEP UP WITH MARTECH. Our interviewees have developed innovative approaches to staying on top of MarTech advances, including: 33 Has organized peer exchange trips with similar, non- competing companies to understand how they approach MarTech challenges. Stefan Gass Veeam Regularly speaks with VCs to get advice on which companies coming out of the startup scene are most promising. Rishi Dave Dun & Bradstreet Sends his team to conferences not only to learn, but also to validate their approaches against what others are doing. Steve O’Brian Chronus
  34. 34. SUMMARY 34 To get the most out of marketing technology follow these four steps: 1. THINK BIGGER Think of your marketing stack holistically and balance innovation with long-term stability and flexibility. 2. PLAN YOUR APPROACH Active and deliberate planning helps ensure a higher likelihood of rollout success. 3. GET YOUR TEAM READY Create a balanced team of marketers who have a hunger to learn, an adaptive nature, and a balance of technical, strategic and creative skills. 4. STAY ONE STEP AHEAD Expect that technologies will be constantly changing. Work to build flexible systems and find ways to keep up with marketing technology to stay ahead of the curve.
  35. 35. WANT MORE? Download the full report: Marketing Technology as a Strategic Asset 35 DOWNLOAD lenati.com/martechstrategy Lenati is a marketing and sales strategy consultancy that helps companies acquire, grow and retain customers. Our clients come to us to build market leadership, whether through radical innovation or intelligent evolution. About Lenati
  36. 36. 36 Lenati.com

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