CMO Essentials is an Aberdeen Group publication for marketers, by marketers. It is dedicated to communicating and cultivating the latest marketing industry news and best practices. From C-suites to cubicles, their mission is to provide marketing practitioners with new research, analysis, industry news, and perspectives that inform and inspire.
Interesting thoughts from Scott Vaughan, CMO at Integrated. Sometimes it’s better to stop chasing after every new thing and focus on optimizing on what you have. As marketing technologist recruiters, we’ve found a chief marketing technologist executive search can provide the leadership to balance looking ahead and innovating with ensuring a solid, stable technological foundation. But not all organizations have the luxury of having that kind of expertise on hand. Definitely consider checking out the entire article!
Chasing Shiny Objects
For marketers, this often happens when we get distracted by the influx of new technologies and “game-changing” strategies that promise us the world. Marketing executives have given a total of $10 billion in martech funding since the start of last year alone. Additionally, according to Gartner’s 2015-2016 CMO Spend Survey, 71% of respondents have discrete funding for innovation (averaging about 10 percent of the marketing budget), it’s an easy trap to fall into.
Related Reading: How Marketing Technologists Could Revamp Your Creative
With marketers deep into 2016 planning and budgeting, there’s no better time than the present to strategically rethink the connection between your marketing initiatives and technology investments. Specifically, if you can be creative with the tools you have today and prioritize the handful (or fewer) of NEW technologies that can advance your capabilities, you not only increase your odds of success with new tools, but accelerate your ultimate goal: delivering clear business value and ROI. You can also leverage the power of technology marketing consultants to enhance your optimization.
In other words, we need to think “evolution,” not “revolution,” when it comes to acquiring and deploying new marketing technology.
Perfecting Your Current Marketing Technology Talent and Strategy First
While “new” can be awesome, many times what you have on hand may be good enough or even better, if you focus on optimizing its application.
Our natural tendency is start our research with what’s new or what’s out there to address your marketing talent needs and challenges. Before you look externally to the industry and start drafting your RFP, however, take a good, strong look at your existing technology. It may be – perhaps with a bit of tweaking – faster, cheaper, or offer better ROI than what the vendors are offering.
We marketers can also fall into a trap by buying too many tools or features from our core systems providers, simply because they are available through the suite or platform. This is especially true when you have something already in place that’s working well and doesn’t require moves, additions, or changes.
But adding new tools or capabilities may complicate things, not make them better. Before you pull out your corporate titanium card to purchase, it’s critical to take a fresh look at what you already have and see how you can get more out of it or redeploy it in a new way for greater value.
Image Source (Creative Commons): Wonderlane.
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