Marketing technology is growing at an unstoppable pace. The latest Marketing Technology Landscape boasts over 3,800 vendors, and MarTech budgets are now surpassing advertising spend. According to Scott Brinker of ChiefMartec, this rapid growth over the past several years will only accelerate: “The only prediction we can be absolutely certain of is this: Things will change. They will change in unexpected ways, and they will change faster than they have in the past.”
Typical responses to this deluge of change include the “shiny penny” approach—focusing on what’s new and trending—or the “head in the sand” approach – making decisions only when absolutely necessary, and building a reactive Frankenstein patchwork of marketing technology. As neither of these approaches are viable, we advocate a third path: be strategic, customer-first, intentional, and agile. In other words: treat marketing technology as a strategic asset.
How Leading Marketing Executives Are Winning
Together with Scott Brinker, Editor at chiefmartec.com, we recently talked to several CMOs and Marketing VPs at leading firms across the spectrum of size, scale, and industry. From the discussions, four key questions emerged, the questions that keep marketing leaders awake as they wrestle with their marketing technology decisions:
- How do we decide which MarTech bets to make?
- How do we maximize the value of the bets we make?
- How do we recruit, hire and nurture the right team?
- How do we drive innovation and stay in front of what’s next?
Throughout these in-depth conversations, we dove deep into the challenges marketers face when trying to wrangle their investments. We heard war stories about underutilized systems and “cobbled” stacks. But, more importantly, we heard how these progressive leaders are overcoming these growing pains by getting strategic about their investments.
These stories, learnings, and insights have been summarized in our report, “Marketing Technology as a Strategic Asset“. Liam O’Connor, Principal at Lenati, also discussed some of our findings with Scott on this month’s episode of ChiefmartecTV.
Perhaps the biggest takeaway from these conversations was the value of discussing the common issues, unique solutions, and emerging expectations for the future of marketing technology. It’s an unpredictable and ever-changing landscape, but the power and utility of these emerging technologies only reinforces the need to accelerate our collective learnings.