3 things to consider before you invest in marketing tools

We’ve all been there:? the salesperson is doing a demo of some exciting, powerful new marketing software or a new website platform.? The heart takes over and even the most hard-headed marketers can get carried away with it.? ?

But before you buy expensive new marketing tools, there are three things that absolutely must be in place first:?

• Optimize what you already have: the tools.
• Clearly understand how things work now: the process.
• Have a large credibility credit: this is about you.

Optimize what you already have

Before taking the plunge, look carefully at the marketing tools you already have.? It’s rare that anyone can put their hand on their heart and say these are working at their maximum efficiency.?

Dig down and you’ll find software that can be improved with some small tweaks.? You may not even be using it to its full extent (this is very common).

You may also find that for some processes, you can use tools that you already have, for example Excel:? most of us barely use 1% of Excel’s capability and it’s vastly more powerful than you imagine.? You’d be amazed at the number of large companies that couldn't function without it.? Explore Visual Basic for Excel which lifts Excel to a whole new dimension and can almost turn it into a bespoke program.? I once ran price modeling and decision making for a multi-billion dollar company on Excel using my own VBA programming.?

If you’re considering a new website, going to an external provider can be incredibly expensive and cost a lot of time and resources to implement.? And although it might look good, the payback can be distinctly underwhelming.?

Before you go there, stop and look carefully at your existing site.? A lot of the time, all it needs is a make-over. Websites underperform because they’re not updated often enough with engaging new content, imagery is dated and uninspiring, pages are slow to load and not optimized for search, they’re not optimized for mobile, there aren’t enough calls to action.... You know where this list is going and you can solve all of this yourself.?

The most critical element of your website is a good Content Management System (CMS) that gives you the ability to add, amend and retire content easily and make changes to the site structure without engaging expensive outside help.? If your website lacks a user-friendly CMS, it really is worth investing in one.?

Clearly understand how things work now

Before you look outside to buy marketing software, it’s very important to understand your own processes first.? If you don’t, you’re heading for a money pit with added delay and frustration.? When approaching a marketing software vendor, the very worst place to be in is where there's a half-baked or fractured process. You'll almost certainly end up buying something that doesn’t work properly for your organization and which no one will use.?

For example, if you’re looking at a solution for lead management, examine your existing process.? How is it being used?? Where are the issues and bottlenecks?? If the problem is salespeople not updating the status of their leads, no amount of expensive software is going to solve this.? You have a people / culture / process issue to address.?

Before diving headfirst into a new lead management solution, map out the process you have and get to know its shortcomings, both process and people-related.?

The best move is often to learn and experiment with a simpler, lower cost solution first.? I’ve lost track of the number of times a salesperson tried to sell me the marketing software equivalent of a Rolls Royce when all I really needed to get started was a Ford Fiesta.? Knowing what you really need avoids expensive mistakes.

Have a large credibility credit

If you’re a Head of Marketing, this section is all about you.

Big ticket marketing spends like software and websites can be kryptonite to your career and need careful handling.? The problem is that although a lot of companies like to talk about vision and the long term, really they operate from quarter to quarter.?

For most of these big marketing spends, whatever payback there is will happen over a long period of time.?

And if you’re relatively new in an organization, this is a toxic combination.? In ongoing quarterly results, leadership will see substantial money going out and not a lot to show for it.? Patience will run out. And when some payback eventually does happen, it will often be difficult to attribute this to what you did. Everyone else will be looking for their share of it.?

To get through this, you need a long credit history of earned credibility with the leadership team.? You won’t have that if you’re a newbie to the organization, and this makes you vulnerable.?

If you’re new to an organization, the best approach to build credibility is to maximize what’s already there and channel most spend into activities that produce quick results and which are very visible.? For now at least, avoid getting side-tracked by glitzy new software or websites.? ?And as you’re building your credibility, stay close to the Finance team.? Keep them updated of your plans and involve them.?

It’s another ball game if you’re considering joining an organization as a marketing leader and there are major marketing changes (for example new software, processes, CRM, website) about to get underway.? You’ll be inheriting and living with someone else’s decisions, but carrying the can for them.? So you’ll have all the accountability for decisions you didn’t make.? A marketing minefield. That’s not to say this is always a bad idea but it’s important to tread carefully, ask a lot of questions during the recruitment process and listen to the undercurrents of the organization before you take up any offer. If there are lingering doubts about the role, just let it pass.

One More Thing

When you’re investing in marketing software or new website platforms, there’s a general rule that they'll always need much more time, resources and budget than you initially planned for.? And, come to think of it, you can apply this to pretty much everything in marketing.

Avoid budgeting for the first price that the vendor’s salespeople quote you.? This is to get you engaged.?? It’s like a headline ticket price from an airline.? Bells and whistles will then gradually emerge and you’ll end up spending more.??

Don’t commit to a budget until you know exactly what you need. And still give yourself some wriggle room. You'll be glad of it.

The important thing to remember is that as you’re investing in marketing for the longer term, balance that carefully with investing for results in the very short term.?

If some of the issues in this article resonate with you and you could use a sounding board, message me. I've been there before too.