Are you paying too much for marketing technology?
The beginning of August will mark the two year anniversary of the sound of the starting gun for the marketing technology ‘arms race.’
On 2nd August 2012, Gartner analyst, Laura McLellan made the bold prediction that, five years from then, i.e. by 2017, CMOs will spend more on IT than CIOs.
Since then, senior marketers have been pitched a barrage of seemingly miraculous solutions; many designed to deliver nirvana: the single customer view that delivers relevance, engagement and – ultimately – revenue.
Sounds great, right?
At the risk of telling you the Emperor has no clothes, too many marketers are left disappointed, frustrated and bewildered at the lack of return on their, usually significant, investments.
Because – whisper it very quietly – we believe that a fundamental problem sits at the heart of digital marketing capabilities.
This is a problem that begins with the assumption that there exists a ‘silver bullet’ marketing technology suite on the market. The reality is somewhat different, however, as any ‘one-stop’ solution cannot hope to deliver all the necessary capabilities from social media and CRM to data analytics and marketing automation, in a single offering.
But all is not lost. If we accept evolution is necessary, then marketers should look to incorporate the suite of tools they are already using into their customer profile platform. The emphasis is therefore increasingly on Customer Data Management (CDM) and ensuring it’s a core competency inside the marketing function. When it comes to implementing effective data strategies and coping with the demands of big data, many organizations need to go back to basics and invest in building a solid foundation for their operations.
At Innometrics, we focus on one principle mission: to inspire smarter, more interactive relationships between customers and organizations across the full range of digital touch points – both current and emerging. We aim to provide detailed customer profiles that enable brands to identify individual behaviours and preferences to support more targeted, contextual and meaningful communications.
Don’t they all, you could argue.
But the really good news here is that these customer profiles sit at the heart of a data ecosystem that integrates with up to 300 leading marketing, social media and productivity apps. So our customers can avoid the massive cost and timescales associated with existing solutions that are designed to offer these capabilities – from data warehouses and predictive analytics, to in-memory data projects and marketing clouds.
So maybe our customers will prove the exception to McLellan’s theory and instead get the value that the marketer, and the business, needs without the huge IT spend she predicts? To find out how to create unique customer experiences from fragmented data, download our ebook.
This post was written by Andy Walker.