The explosive growth in Marketing Technology (MarTech) is rivaled only by the level of complexity it has introduced. Rohit Prabhakar, Chief Growth Officer at EQ Holdings, led a CMO Club Virtual Roundtable discussion on how marketing leaders can manage their stacks and navigate the overwhelmingly crowded, complicated vendor space.
You’re evaluating your MarTech strategy. What are the top Q’s you need to ask your people?
Are we over-investing in MarTech?
- The objective of the investment is to drive accelerators for growth. If we’re not seeing the growth, then we’re not getting the ROI.
How do the solutions we are using map back to the business goals for the company?
- Let’s start with tracking the outcomes that move the needle for the business. Which vendors and solutions are helping us do that? Our strategy, roadmap and capabilities need to drive the conversation about technology, not the other way around.
How is the company’s data flowing through our systems?
- Data and integration are the biggest challenges that every MarTech stack has. Do we have a complete understanding of all of the company’s data sources and where they live: product data, sales data, service data, customer data, and more?
- Can we map how data is flowing through our systems?
- Are we locking arms with other data stakeholders internally? Are we looking at the data lifecycle holistically?
MarTech has now matured as an industry and as a practice. It’s a good time to bring a new level of discipline and focus to the MarTech Maturity Framework.
– Rohit Prabhakar
Do we understand the persona and journey of internal MarTech users?
- How are all of our marketing people — and employees across the company — using the MarTech stack? How do their job responsibilities, spheres of influence, and areas of ownership intersect through the stack?
How do we validate that the latest “shiny thing” is right for us?
- Is the hype masking the reality that the technology might not be relevant to our business model?
- Is it a solution to a problem that we don’t have? Given where we are in our maturity model, how effectively would we be able to leverage it?
How are we approaching change management?
- It’s the number one risk factor we need to be managing against. The MarTech graveyard is littered with transformation initiatives that failed because of lack of training and change management.