Yesterday, Chief Martec released its 2017 Marketing Technology Landscape with the infographic above, demonstrating the ever expanding market of martech solutions, at MarTech’s conference in San Francisco. The landscape grew by 40% since last year with a total of 5,381 solutions for marketers to choose from. So what does this mean – other than marketers have more options than ever?
“The CMO is no longer the executive with the big vision to develop flashy ad campaigns, but a leader who must be conversant across big data, creative and technology. To succeed, they must now be as much a quant as they are a creative thinker. “ –David Yovanno, How Marketing Technology Is Forever Recasting The CMO Role
Just take a quick glance at the solutions above, and you’ll find a recurring theme throughout – data. Different KPIs, metrics, AI and value-adds. Aligning different marketing metrics. But with a vast marketplace (with 5,381+ options to be exact) focused on short-term KPIs and marketing data, it presents a challenge to the CMO role, and by association their agency partners, who must be today’s most strategic thinkers with a focus on metrics that indicate spend tied directly to business outcomes, like an increase in bottom line impact and revenue growth.
“We all know technology is one of the most important enablers for business…but have CEOs become captivated by technology’s promise at the expense of human potential? Korn ferry recently examined the top 5 valuable assets nominated by ceos and found that the first two were technology related, followed by culture, then inventory, and r&d/Innovation coming in fifth. CEOs consistently rate technology as their organization’s most valuable asset, both now and in five years’ time.” –Tim Nelson, Korn Ferry
The digital age ushered in new expectations and not just a reliance, but often misguided obsession on instantaneous results. But today, priorities have shifted yet again. Where driving impressions and click thrus may have once been enough to check the box that marketing efforts are working, there’s now an increased accountability for marketing to move the needle across various business units.
“Big data, in and of itself, is nothing special. Everyone and anyone can collect and aggregate data. But that doesn’t mean it’s providing value. The challenge is twofold: First, ensuring sufficient data integrity and second, successfully gleaning the insights to fuel smarter marketing.” –Amy Mitchell, Head Of Convertro
To today’s C-suite, marketing and short-term KPIS mean nothing if they’re not laddered up to sales-focused outcomes. Yet agencies continue to invest and rely on the tools above that merely provide these metrics as a value add and proof of results to clients. That’s not to say marketing metrics and the vast array of tools above don’t have a place in delivery of service today, but agencies also need to prioritize human touch and provide human value. Without it, data means nothing.
These tools may provide great data, but how are you going to bring it to the board room?
It’s up to agencies to provide their clients with that strategic value, leveraging their partnerships with technology to also provide human value. There are thousands of martech solutions that create better data and process around attributing siloed marketing activities back into sales or customer acquisition, but every marketer, and agency by association, needs to be able to proactively define KPIs that grow the business in all areas to recognize the impact they can have on them and to provide new opportunities to influence the many, many contributors to success.
“CMOs have a vested interest in these insights and the power that marketing technology provides because, after all, it’s the CMO who holds the ultimate responsibility for a brand’s success…data allows CMOs to illustrate success and justify all of their moves to the rest of the executive team, using hard numbers—something that was not possible even just a few short years ago.” –David Yovanno, How Marketing Technology Is Forever Recasting The CMO Role
Attributing marketing and advertising activity to sales is table stakes today and technology is making that process more efficient and turnkey for marketers and agencies alike. CMOs need to think and act more like CEOs and CEOs don’t just care about marketing and communications activity in regards to sales – but the impact customer experiences have across the entire business.
So, What Now? Birdsnest Wraps It All Up.
For agencies, it’s more critical than ever to act more like a consultant and help businesses identify the right KPIs, the impact KPI success is going to have and then identify and scope each opportunity to influence the desired outcome. Leverage data to your advantage – and start rolling all this martech data up one level to board-level business KPIs. You’ll find your agency is not just justifying a paycheck, but creating additional value, increasing the success of your agency-client relationships. Remember, one KPI is not enough – it’s time to look at the big picture (and wow, is it ever a big picture…).
If you haven’t yet had a chance to demo Birdsnest, you’ll find we’re the only software solution helping agencies ladder up the quantitative data these types of tools provide to the business outcomes the C-suite cares about. Schedule a demo with a Birdsnest product expert to learn more about how Birdsnest enables agencies to leverage what they’re often already offering clients to be seen as a strategic partner – delivering value across the C-suite and in turn, increasing opportunity to find more business and sell more work. The image above is an easy way to visualize it – through seamless integrations, we enable agencies to wrap all their efforts and data into more strategic outcomes.
Recommended Reading & Next Steps
Download The Agency’s Guide to Earning a Seat with the C-Suite for our how-to guide for agencies to start building more strategic relationships, plus 5 recommended sets of questions to kick off every client engagement, that will result in earning your agency more opportunity and money in the long-run. You can also read more about Chief Martec’s 2017 Marketing Technology Landscape right here!