B2B Marketers of Indiana was proud to present guest speaker, Chip Maxwell, at our May lunch event hosted at MillerBrooks in Zionsville. Chip is an application sales specialist with Oracle and has an extensive background in IT, marketing and all things digital.
During his talk he discussed the multitude of options available in the universe of digital marketing tools. These tools, when used by an organization are referred to as your “stack.” So his question to the audiences was…do you love your stack? Or, more simply put, do you love your marketing tools?
Just a few short years ago marketers had only a few digital tools to select from. Companies like ExactTarget (now owned by Salesforce) and Eloqua (now owned by Oracle) were early to the party and are still key players. Today there are over 1800 software technologies geared at making marketing simpler, faster, better. But is it? Are they making marketing simpler, faster, better? Chip sited a survey that found 65% of chief marketing officers couldn’t measure the ROI from their digital technologies. So clearly not a good sign.
What is a marketer to do when faced with so many digital options and so little time to evaluate them all? Chip had some advice. First try to avoid these common mistakes:
- Don’t buy features. More is not always better. And the most expensive isn’t always better either.
- Don’t overestimate your ability to implement. It takes time and resources to implement technology.
- Don’t rely on committee to make the decision. Use the committee to vet the options, and then let the highest person on the marketing totem pole make the call. “It is not the decision that makes the technology work, it is the decision maker.”
So…simplify your requirements. Don’t try to solve every issue or problem with a single solution. Downsize your committee to just the necessary core and always include the ultimate decision maker on the committee. Go talk to your customers. Find out how they want to be marketed to…then find the technology that does just that.
Other advice includes:
- Shop until a supplier says “no.” Suppliers are notorious for saying “yes.” Yes, our product can solve all your problems. So when a supplier says no, it’s generally a sign of honesty and someone who is looking out for your interests.
- Ask for references and talk to them.
- Be upfront about your budget. Don’t play cat and mouse with your number. Simply tell the supplier how much you have to spend. You can compare value across all your options.
- Hire someone with tech savvy to manage your stack. The marketing technologist is the bridge between your marketing goals and your technology requirements. They understand both.
Tell us about your stack. Have you successfully implemented marketing technology? Did you find any pitfalls along the way? What about tips for success? We’d like to hear about it.