If your sales and marketing team is working with consumer and market intelligence tools that you’ve inherited, it’s time to sort out which are working for you from those merely eating up your budget. And in our latest report, The Martech Stack All Brands Must Have: The Top Tools for 2020, we break that down for you very specially – and more.
With many systems available (and meant to) improve efficiencies, sales and marketing teams are often overburdened by redundancies. There are too many tools, or tools that just don’t do what they need, and solutions are duct-taped together. This results in wasted time, but worse – insight that is far from timely and very far from accurate. We want to help you change that!
Martech Tool Consolidation Buckets
Today, we see brands increasingly striving to consolidate their martech stack. This is a pretty significant undertaking in itself, as it comes with its own distinct set of requirements.
And there are six key areas your tools need to cover to keep your brand on the cutting edge of this understanding. Here 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
Each tool won’t do everything, but they should all provide key intelligence to support the whole. Specific tool criteria is covered in the evaluation section of the report. We’ll offer a preview here though.
Auditing Your Martech Stack
Auditing your martech stack requires an organized, decisive approach. There’s often a good bit of personal investment wrapped up in specific tool choices, so outlining clear criteria for inclusion (or exclusion) before cutting the fat is key.
You’ll want tools that offer rapid time to insight, for starters. Each tool should offer key intel that informs rapid decision-making at every stage in the consumer journey.
And brands do this by starting with a powerful foundational tool that can aggregate and analyze multiple consumer and market intelligence data points. And it must be easy to navigate, explore and offer outputs that are immediately understandable.
Brands must determine what end result they’re seeking at the outset of their martech stack audit process.
- Perhaps a brand’s top priority is seeking a more significant share of voice? A focus on tools that help identify new audience segments to support that effort will be important.
- Maybe a brand seeks more impactful campaigns? The corresponding need there is clear – to better understand consumers and create campaigns that truly resonate.
- Or a brand may want to identify influencers to collaborate with and have been burned by fakes in the past. Accurate influencer identification capabilities are not easy to find. They’re about as rare as genuine people that can move a brand’s profile forward with target consumers. There are a good number of options on the market, but few are can deliver on the specific needs your brand requires.
Tracking Incremental Increases
Most likely though, brands seek incremental increases in all of those areas, including a desire to meet a reduced budget. And the results of this audit will certainly help there, as every organization has fat to trim from its existing martech stack. And beyond budget constraints, there are specific martech stack tools to support each need outlined above – all supporting a different piece of your overall consumer and marketing intelligence gathering.
And with multiple business units in a company, and access to a wide variety of tool options, capturing meaningful, actionable intelligence that’s integrates with other business units is challenging, if not downright impossible.
Smashing Martech Tool Silos
When a team is tasked with making sense of the big picture—whenever that whole “smashing silos” conversation cycles through the company as a top priority, chaos and frustration results. And when business units cannot immediately see the usefulness of tools, change becomes more of a chore than it needs to be, even when the output offers the consumer and market intelligence they’re been seeking.
Changing processes that are working, however poorly that existing end product is, requires alternatives that are truly transformative and make everyone’s time to insight noticeably faster. Speed to insight is the key here. Otherwise, it becomes another cumbersome alternative that will never stick. Realizing this, our tips for capturing enterprise-wide requirements ahead of your audit will help you overcome naysayers. And the tool selection criteria will not only be needs-based; they’re organized by industry as well.
In our report, we offer specific intelligence to support Luxury, Retail, Healthcare, Finance and Travel categories. We talk you through key steps in the process, the first of which is starting at the end.
Every tool you use should help your brand to strategize, create campaigns, activate influencers and better understand consumers. And each should measure your efforts against predefined benchmarks. If they’re not, it’s time to rethink your stack. And it’s good to re-evaluate what you’re using periodically regardless, as there are tech advances making current offerings obsolete happening all the time.
Reach out if you’d like a specifically tailored demo of NetBase Quid for your brand, and be sure to download The Martech Stack All Brands Must Have: The Top Tools for 2020!