In today's economy, companies are increasingly looking to do more with less. However, the highest reported investment increase across all major marketing resources in 2021 comes from marketing technology. Marketers and martech professionals now have the option to buy one product or a full platform suite from the same company. Customer data, AI, marketing automation and analytics are key components of any martech stack.
Before taking the plunge and migrating several tools at once, consider these five steps:
1. Name the capabilities you need, not the product. Start by identifying what capability you need, without naming a product. This is hard because when we have relationships with a brand, we can become sold on the benefits of their product. Dig deeper into the features and ask yourself if the additional expense is worth it.
2. Validate the products’ maturity and whether they are newly acquired. Many large martech companies have grown by acquisition, and those newly acquired products still need to be worked into the overall ecosystem. Be sure to ask for a product roadmap and a discount or concessions.
3. Calculate the total cost of implementation beyond the platform. It’s straightforward to add up licensing, managed services support and development costs, but there is more to consider. Don’t forget user training, data and taxonomy changes, data storage implications, and brand template changes.
4. Outline cross-functional teams’ involvement and get their buy-in and commitment. Be sure to get the commitment of all teams involved to dedicate resources and deliver the necessary work.
5. Build a comprehensive timeline and project plan then make your choice. Consider your current stack and the issues causing you to want change. Thoroughly outline the work needed and the time it would take to implement, and account for any help you may be seeking from outside.
Implementing martech effectively also means being aware of the potential pitfalls. Don’t forget to assess the total cost of implementation, including company changes that will be required. Get teams involved upfront and early and make sure everyone is on the same page. Consider timelines carefully and ensure you’re not adding new shelfware to your company’s books. Following these steps will help you implement and adopt martech successfully, whether it’s one or several platforms.
Originally reported by Martech: https://martech.org/5-tips-for-successfully-adding-martech-to-your-stack/
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