Investment in marketing technology to help us deliver personalized customer experiences is exploding. However, it is also true that many of us are facing a disturbing trend –that the operational benefits of marketing cloud technologies, we have invested in, are not as we expected. Bottom line, many cloud technologies are sold as a complete solution claiming to solve multiple marketing challenges. The expectations are high. However, studies indicate that our marketing cloud technology expectations and the actual benefits it reaps, after implementation, are out of sync.
Only 30% Have Reaped the Benefits of Greater Operational Efficiency
A recent Forrester commissioned study reported, 51% of advanced marketing technology users expected to achieve greater operational efficiency after implementation, but only 30% have realized this benefit.” Additionally, the study reported disappointment in other areas, such as gaining a holistic understanding of the customer, improving customer experience, providing relevant offers or recommendations, and personalizing interactions. A benchmark study performed by Retail Systems Resources, reported that 66% of surveyed marketers believed in the value of personalization and engagement technologies, yet only 35% reported they were fully implemented and satisfied. Let’s take a step back and understand what’s happening here.
Can One Technology Be all Things to all Marketers?
Thanks to rapid customer adoption of advanced technologies, marketing needs are extensive. We need to effectively ingest the right data, leverage the right personalization technologies, deploy the right analytic models, and ensure we can orchestrate communications across multiple (and constantly evolving) channels and devices. So, it makes sense that all-in-one solutions are highly complex, can be more challenging, and even more costly than anticipated when it comes to implementation and adoption.
Implementing Advanced Marketing Technology
There’s no doubt marketers need a comprehensive marketing ecosystem to efficiently scale more personalized experiences across the enterprise. Here are a few tips to avoid costly surprises down the road.
- Strategy first, technology second. In general, marketing technologies do align with marketers’ vision to better engage customers using personalization. However, personalization strategies should align to customer expectations and each company will have a different approach. Understanding how technology will support the strategy, before investing in technology will ensure the purchase of only what is needed and what the organization is able to implement.
- Consider Marketing Cloud’s individual component products for a best of breed approach. Integration of multiple best of breed tools that provide the right functionality may be a better bet over investing in an all-in-one solution.
- Get help. As the Forrester commissioned report states, “Few organizations are equipped to handle marketing technology deployment and management in house”. Specialized third party consultants and integrators who understand the requirements can speed up adoption and can increase the ROI of technology investments.
To learn more about successfully implementing marketing technology, check out the Harvard Business Review Article, How Marketers Can Personalize at Scale. You can download it, compliments of VeraCentra here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.