Late last year, Gartner published a report that predicted that CMOs would spend more on technology than CTOs or IT directors this year.
Seismic reverberations resonated around the business community. Had we reached a tipping point? A transfer of power from the tech team to the marketing team?
Additionally, some CMOs wondered if they were missing out if they weren’t yet spending more than techie colleagues. Just as the soothsayer warned Julius Caesar of his impending death, should the CMO –- yet to embrace the full advantages of martech –- fear for their life (or at least their longevity in their current position)? Should we beware the Ides of Martech?
This idea came to mind when I was discussing upcoming marketing programs with the CMO of a global snacks firm recently. He was telling me how he was using sports associations to drive trial and loyalty regionally.
I asked him how he stored and managed customer data, and he said, “Oh, we’re a bit late onto all that.” Upon reflection, we agreed that many marketers find themselves in the same boat that he was — fashionably late.
Just like when you’re going to a party, being fashionably late has its advantages. You have a better idea of what you’re walking into, and you can learn from others who showed up early.
Arguably, the martech industry is in its infancy. Automation and programmatic trading have driven the media world for the last five years, so perhaps those checking into the martech space can pick up some tips from those who’ve dived into ad tech.
Here are some olden-day proverbs adapted for the modern marketing era.
1. Forewarned is forearmed.
Research! Have a plan and be clear about your purpose and objectives.
Collecting data? Managing data? What do you intend to do with it? Look before you leap!
2. Beware those bearing gifts.
Apparently, there are 8,000 vendors in the martech space. Just like in the ad tech space, there will be consolidation. So, choose your friends wisely.
We marketers enjoy flashy salesmanship. So make sure you look beneath the surface for strong, robust technology tested over time, not just a shiny service layer.
3. A friend in need is a friend indeed.
The CTO or IT director may be feeling unloved if their budgets are making way for yours. Yet, you’ll no doubt benefit from their skills and experience with technology buying.
They could even help you integrate tech into stacks smoothly and efficiently. Looking at marketing tech budgets holistically with the IT budget seems a smart tactic.
4. Out with the old, in with the new.
Media agencies, which were once the most profitable part of the agency ecosystem, must change or be changed.
[Read the full article on MarTech Today.]
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