The first person to purchase an iPhone was very excited to get that new, shiny, and revolutionary phone that was vastly different from all the others. I feel the same way sometimes with new technology.
We get tired of what’s old and want to upgrade to the latest. The new phone, the new laptop, the new tablet… why not your tech stack?
A small company comes along and makes some fantastic new software, and your team has the opportunity to try it out. Sometimes this new tool becomes part of your stack.
But what happens when all this technology keeps piling up, and you have to log in to multiple apps and tools each day to try and do your work? Read on to discover a way to consolidate the number of martech tools you use and why this might be beneficial to your brand.
The Martech Overdose
Marketers have access to more than 7,000 marketing software solutions. Because so many solutions are available, data silos have become a growing problem.
Data silos are a severe obstacle for marketers because they make it impossible to see their customer’s footprint in one place. The result is that, when it comes to customer intelligence, marketers have no single source of truth, which makes it virtually impossible to create customized customer experiences. These silos are detrimental to any brand’s success.
The problem with many of today’s technology solutions is that they are too narrowly focused and disconnected. This leads to poor efficiency, frustrated employees, and fragmented data that is separate from the rest of the organization.
To combat this issue, companies need to consolidate their disparate solutions so they can begin enjoying the benefits of an integrated platform, offering full 360-degree visibility over every marketing campaign, customer interaction, content, and so much more, all within one single digital hub.
Making Data-Driven Decisions
Marketers are still making decisions based on the last person they spoke to or their most recent experience with a specific brand. This is problematic because many organizations feel that data is the cornerstone of all of their decisions.
Data is the basis for your marketing activities. It’s essential that marketers are empowered with integrated data at every level of the customer journey to be able to make informed business decisions. And this means having access to personal insights on both prospective and past customers.
When all of your data is centralized, it can be easier to see what moves the needle and why. This helps you personalize your campaigns and enhance customer experiences.
When you have access to all of the data on your customers at any given stage of their journey with your brand, you can better understand which tactics and techniques are working and which are not.
This can also help you understand which channels are generating the most revenue. This type of data-driven insight is essential for marketers, and it cannot be achieved without consolidating your customer data. By having access to all of the information on your customers, you can better understand how to improve their experience with your brand throughout their journey.
Marketing Is a Revenue Center
As marketing’s role grows rapidly, it now has to prove its worth as a revenue generator. Having separate internal data may make it difficult for marketing teams to prove their value.
One example that occurs is the lack of communication between the marketing and financial departments. In separate silos, the data from the financial department may never be passed to marketing, which means they’re making important future decisions without access to potentially valuable information. The marketing department is responsible for reporting to the CMO, but because they’re unable to see data that has been collected by finance, they may have a difficult time providing accurate reports.
This lack of communication isn’t occurring just between marketers and the financial team, but among other internal teams that rely on specific information to make better decisions.
Can you explain the contribution each platform (email, CRM, SMS, customer service, social media, etc.) makes to your brand’s revenue generation? Don’t worry, you’re not alone if you can’t answer.
Consolidation allows organizations to reduce the number of tools required for operation without sacrificing quality or effectiveness.
Consolidating your tech stack can make it easier to see where and how your team is generating revenue. If you’re able to see how much revenue each campaign brings in through consolidated data, you’re better equipped to understand how your campaigns are impacting specific parts of the business. This creates a “numbers-driven” environment and can help marketers better understand which programs are successful, as well as what needs improvement.
“We have really limited resources. We’re doing a whole lot with a very small team. I think the email team right now is six people, and we’re managing a lot. And so lifetime value really gives us an idea of where to focus, where should prioritization be, what should we be building, what are the needs and really also, what are our shortcomings? Where are we falling short? […] If you can measure that with a number, you can then compare it to other things or impact and figure out where to focus.”
Data silos are a real problem for many companies. It’s no secret that the data we have to work with today is more complex than ever before. However, as a marketer, it’s often difficult to take advantage of this information without first breaking down the silos.
By consolidating systems across your enterprise to ensure that the same data is available for all internal departments, your brand can experience improved efficiency and reduced total cost of ownership.
You’ll also be able to access a single view of the customer, getting better insight for more informed decision-making. When implemented correctly, a consolidated solution can help marketers run data-driven campaigns that improve brand loyalty and conversions.
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