Martech & The Fear of Missing Out

Over the past few years, the number of technology tools and platforms that support marketing have proliferated like rabbits. According to a BCG report, the number has risen from 150 to 4000 in less than six years. With so many choices and a fear of missing out, people are often confused. In that context, this post is about the good, the bad and the ugly of marketing technology and how to lead the trend rather than be impacted by a fad. It's also based on my own mistakes, made while grappling with digital tools to make marketing more effective.

If you are a technology startup which has a product in that space, or an investor who has invested in a platform, the mushrooming of platforms is a strong validation of your conviction. But being in a crowded space jostling for attention of customers and investors can’t be much fun when you are bursting with ideas on disrupting an inefficient ecosystem that has billions of dollars flowing through it every day.

At its heart, the marketing ecosystem is an exchange that supports a massive trade of creative content and attention span.

Historically good marketing professionals have been doing just this - matching creative content to the audience and capturing their attention. This activity has helped build great brands, with or without technology.

Today, it is the perception of inefficiency in this trade that continues to attract money. Indeed, the gold-rush points to existing inefficiencies but does not address the other problem - of low barriers to entry. And this is because of the nature of the business.

At the heart of most of the new tools is the ability to collect unstructured and structured data from new sources, trying to tie it together for insights or actions. This does not sound very cutting edge. As a result, bright young people who have an interest in technology, data and marketing are launching start-ups in the exciting new world of Martech, building new platforms. Now unfortunately, not all of them survive the first few years of business. And there lies the underlying issue.

If data and technology was everything – the same platforms would have used their amazing algorithms and architecture to capture market-share.  

In reality, this is much easier said than done because most tools depend on other forces that they don’t control.

To name three :

1. Large social media platforms like Facebook, Twitter, LinkedIn etc. which control attention spans and their willingness to open up

2. The advertisement networks and the quality of publishers they cater to

3. Some of the larger marketing technology platforms like Adobe and Salesforce which are continuously stretching their capabilities and cannibalizing these tools.

Hence the Martech gold rush is an exciting time for branding professionals everywhere but needs to be handled with care.

What is the message if you are a marketer?

Based on my experience as a Brand Consultant, who works with both start - ups and established firms, there are three key points to consider.

1. Stick very close to what got you to be a marketer in the first place. Your love for deep consumer insights that go beyond dry dashboards, building beautiful brands, creating consumer romance with powerful messages and brand experiences. Definitely, actively scan the technology scene for the shiny new stuff but ask hard questions about what helps you do a better job when it comes to insights, brand building and consumer loyalty . For example, does a customer profiling tool provide both demographic and psychographic data? If it does only the former and the brand is question is a lifestyle offering - it would not be the best fit for the marketing team. I would recommend the team looks for a platform that helps builds communication based on a holistic picture of the customer.
2. Add technology muscle to your team so you can absorb new tools faster and better but make sure the muscle integrates well with the rest of the body and adds agility and flexibility, not unsightly bulk. You can multi-skill creative individuals so they are empowered users of new and evolving technology or you can hire full-stack marketers (new age speak for people who handle tools, platforms, content and anything digital) and train them to appreciate creative skills and the business that they support beyond the daily ROI report.   For example, does the powerful new CRM tool require extensive training prior to usage? And is the person who is going to use it capable of / interested in this up-skilling? Unless we have the right person using the tool, it will remain sub-optimally utilized. I would recommend the marketing team invests in either up-skilling resources or hiring the right person - to ensure a desired mix of marketing knowledge and tech skills.
3. Finally, most importantly, keep the consumer, the brand and their relationship at heart of the exercise. Keep technology and data where they belong – as powerful allies. Not the other way around. So look for real world marketing domain knowledge while evaluating new platforms. After all, the fundamentals of brand building have not changed.

Thank you for reading. Please write to me at [email protected]

For more articles please visit Centric Brand Advisors - The Blog