Nearly one-third of overall marketing budgets are dedicated to marketing technology (martech), according to Gartner’s CMO Spend Survey 2019-2020, yet marketers are using less than 58% of their martech stack capabilities. How can marketers begin to fully utilize their investments?
Adopting a “use it or lose it” mindset could help marketers identify which tools are fundamental and which tools can be cut from the budget. Analyzing features that are under-used—and removing them—could allow marketers to prioritize resources whose capabilities can be fully applied. There are several ways to identify “underperfomers” within a marketing budget. Underutilized features are the most obvious sign of an underperformer—if a business purchases a marketing platform just to use it for email, it’s most likely underutilized. Similarly, a martech tool designed for a wide audience, but that only has limited users, could be an underperformer. Marketers should assess existing martech to ensure enough people are getting value from it.
Often, a simple problem with underutilized martech arises from resources advancing over time. As marketing programs progress, the technologies assigned to support them may no longer be relevant. For this reason, marketers should evaluate how their current marketing platforms align with their active programs to see if any resources are underperforming. A final method for identifying an underperformer is to know how many platforms offer similar tools and eliminating duplicate features. By evaluating martech stack’s facilities, marketers can more easily consolidate or upgrade a capability, making for a more organized resource.
To deliver an integrated, value-creating experience, brands should focus on martech. However, marketers should cast a critical eye on their current and future investments so as to know how to fully employ their martech capabilities. By creating a technology roadmap, marketers can prepare to appropriately plan and manage their marketing technology—making sure nothing goes to waste.