Why is a strategic approach crucial when implementing Marketing Technology solutions?
Scott Brinker comprised an in-depth guide of the marketing technology landscape for 2014 where he emphasises that businesses should and need to think about their long-term strategy when choosing and implementing any marketing technology solution. What is the overall goal? What is the longevity of the project and/or the technology? How does it play with other solutions already utilised within the business.
The number of vendors in Marketing Technology spectrum has grown exceptionally year on year. The super graphic below outlines 947 companies that offer software for marketers across 6 major classes such as Marketing Operations and Marketing Experiences. Popular categories like Digital Asset Management continue to expand and due to new launch expansions and mergers, new vendors will enter this space. As Gartner reported that by 2017, CMOs will be spending more on technology than the CIO.
The Marketing technology landscape is evolving rapidly and due to the mass supply, businesses are becoming confused and need help answering questions such as, ‘Who are the best vendors in this category?’ The study by marketing automation expert David Raab, shows that one third of companies adopting new marketing technologies are not hitting their ROI targets.
There will be some overlap as businesses need to strategise the long-term approach to their marketing strategy in order to fully succeed in implementing the appropriate marketing technology solution. A high-res PDF version (14.3MB) of the supergraphic is available that expresses the magnitude of the Marketing Technology landscape.