When it comes to auditing your current Martech Stack, brands need to be organized, decisive and prepared to cut the fat. There’s often a good bit of personal investment wrapped up in specific tool choices, so outlining clear criteria for inclusion (or exclusion) before going in for the kill will be important. Here’s how to do that, while capturing top consumer and market intelligence to fuel your efforts!
Creating Your Martech Stack Team
There are many tools used by your company, spanning a variety of business units. And each business unit has its own processes built around them. So, capturing that information at the start of your investigation will be extremely important.
Ensuring you have input from everyone means having a team that’s as diverse as your business. This new and improved Martech Stack should be adopted company-wide to maximize consumer and market intelligence capture, so you’ll need executive buy-in to ensure success.
You’ll want representatives from sales and marketing leading the charge. And you’ll also need liaisons identified by every business unit. These representatives will review and sign off on process maps, as well as provide insight on specific business units’ current tools and best practices.
That first Martech Stack Team meeting will be a requirements gathering session that includes each representative bringing a complete list of tools that its department uses. And also, a wish list of functions they’d love to track but are either not tracking right now, or are not doing so optimally. Social mood is likely on that list:
From there, we can create criteria.
Martech Stack Category Buckets
When examining the tools, brands need to separate the ‘must haves’ from the distractions. And there are plenty of ‘shiny object tools’ out there doing little beyond distract. Those tools need to go.
First, you’ll need to create buckets for the tools, with each focused on specific consumer and market intelligence metrics. You’ll need six categories of tools – and each tool that you’ve brought to the table, as well as each tool on your wish list, will need to fall into one of them.
We’ve explored these categories in our previous Martech Stack post, but to sum up they are:
- Data Analytics: The foundational tool of your brand’s stack
- Management: Creating processes with little overlap
- Content & Experience: Where professionals & amateurs part ways
- Social & Relationships for Audience & Channel Understanding
- Sales & eCommerce Capturing the Consumer Journey
- Advertising & Promoting with Personalization
And that first category – your foundational data analytics tool is key. Plan to spend some time on that one, as it will serve as a hub for your consumer and market intelligence efforts.
And then, as you explore the current tools and wish lists, as you add them to your buckets, be sure to answer the following about each . . .
Martech Stack Criteria
Your Martech Stack should help your business better understand your target audience and move them through/manage the customer journey in some significant way. If they aren’t, why are you using them?
How should you define “significant?” This checklist helps ensure only the best options (for you) make the final cut:
- Which function is this tool serving? Where does it help in the consumer journey?
- Where does it fall in my predefined categories? Does it hit multiple categories?
- Does it analyze data? And if so, to what extent?
- Which processes does this tool help me streamline?
- Can I do it better with a different tool? Which tool?
- Does another tool already perform many of this tool’s functions? If so, which is best for its purpose? Which is easily integrated with other tools? Which is the most cost effective from a long-term perspective?
- Is the insight this tool captures/streamlines essential to capture – or is it information overkill? How often have we used this insight to inform strategic decision-making? Is it just “nice to have?” If so, it needs to be cut.
- Are we spending hours of effort for little output? Is there a better way? Learning curve for a new, superior tool should not count as a reason for keeping something inferior.
- Does it provide accurate and transparent insight that we can vet down to a granular level to ensure our findings are accurate?
- How does this help us understand our audience and their needs/wants?
- Does this narrow down where and when audience segments are participating online?
- What intel does the consumer share freely with us and how are we capturing that? Is this in a usable format? What are we doing with this intel after we capture it?
- Who are our category influencers and detractors and how does this tool help us identify both groups?
- How are we measuring campaign effectiveness online? How are we mapping it back to specific goals and benchmarks?
- And is the tool automated? If so, to what degree? And does the degree of automation make sense for the purpose? If consumer engagement is automated, that needs to change.
And finally – are we putting our best brand face forward with this tool? Does it enhance or detract from our image? If unsure, it’s likely not necessary to have this tool at all.
So many questions to consider, and then ensuring it ties in to your foundational consumer and market research data analytics tool is key. Be sure to reach out and we can walk you through our seamless integration process, so you have something to use as a reference point as you embark on this extremely worthwhile process!