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The B2B Technology Buying Conundrum - Gartner

The B2B Technology Buying Conundrum - Gartner | The MarTech Digest | Scoop.it
With everyone familiar with technology, there are endless opinions on what should be done.  Prioritization is a challenge and building consensus is more difficult than ever.

With so much information and so many options, buyers may question if they have done enough research and if they have evaluated the right products.    It’s difficult to tell when enough work has been done.  And what information can be trusted.

Peers offer insights, but what is right for their situation, may not be right for yours.  And, like the availability of information, questions of when “enough is enough” abound.
CYDigital's insight:

The B2B Technology Buying Conundrum - Gartner

 

It's a great example of Everyone's a Genius syndrome.

 

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Chief marketing officers are spending more on external agencies and less on technology - CNBC

Chief marketing officers are spending more on external agencies and less on technology - CNBC | The MarTech Digest | Scoop.it
Whether a chief marketing officer (CMO) has $100,000 or $100 million in his or her budget, the question comes down to how the cash is spent. And according to a new report, spend is slowing with more pressure for marketers to prove returns.

Budgets have decreased from 12.1 percent of company revenue in 2016 to 11.3 percent in 2017, according to Gartner's 2017-2018 CMO Spend Survey. Marketing technology saw the steepest decline in investment between 2016 and 2017, with a reduction of 15 percent.

The technology, sometimes known as "martech,"is used by companies in various ways, including tracking customers' browsing habits on different devices and matching that behavior to buying. It can also be used to automatically place advertising on websites, a complex process that has been subject to fraud, and has also resulted in ads appearing next to undesirable content.
CYDigital's insight:

Justify the martech spending.

 

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This news comes to you compliments of marketingIO.com. #MarTech #DigitalMarketing

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SiriusDecisions Technology Exchange Recap: Creating the Business Justification for Technology - Highspot

SiriusDecisions Technology Exchange Recap: Creating the Business Justification for Technology - Highspot | The MarTech Digest | Scoop.it
Gil Canare, Senior Research Director at SiriusDecisions, went over the steps to creating the business justification for technology investments. In the live poll from the presentation, over 80 percent of attendees said that their organization’s most common purchase driver is capabilities related. The need for new capabilities and to do more with technology is an ever-present issue for today’s fast-changing buyer needs.

Gil noted that with each technology purchase, there are there are internal and external purchase drivers, impacts to the business the technology will introduce, and ultimately a justification for the purchase. Internal and external drivers can help you to paint a picture of why you need a certain solution at a given time. Are there new capabilities that the company needs? Is there competitive pressure and your organization needs to implement new tools to keep you? Outlining exactly what the drivers of the purchase decision are is the first key step to justifying a new technology purchase.

There are a few key guidelines to justifying a technology purchase:

Get consensus on the justifications for the purchase across all stakeholders.
Apply consistency in the way you’re evaluating solutions, so all decisions made are rational and accurate.
Establish baselines for impact measurements, so all conclusions are consistent across purchases.
Review and optimize what your forecasts were and compare to your actual results in order to optimize your purchase.
CYDigital's insight:

As an alternative, you can speak to your CIO and borrow his/her business analysts.

 

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How Hershey Chooses Its Marketing Technology Partners - eMarketer

How Hershey Chooses Its Marketing Technology Partners - eMarketer | The MarTech Digest | Scoop.it
eMarketer: What are the biggest challenges associated with choosing marketing tools today?

Noelle Perez: One challenge is knowing what tools to test and when to engage. Even if something is new, it doesn’t necessarily mean we’re ready to jump into the opportunity—we have to conduct proper evaluation and research first. Before we engage with marketing tools, the technology has to be proven to work. Plus, beyond that, there should always be continuous, ongoing improvements and post-learnings to ensure a flawless consumer experience.

eMarketer: How do you typically go about choosing the right technology for different campaigns?

Perez: We always look for strategic partners that have innovative technology and can reach the right audiences for the Twizzlers brand. We work with partners that can help us do smart experimentation. We want to ensure all online efforts that leverage new technology are memorable and well worth consumers’ time. We want them to engage with us, but in order for them to enjoy the experience, we have to get everything right while incorporating the essence of the brand.
CYDigital's insight:

Got to go easy on the Twizzlers.

 

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When to Use a Proof of Concept in Marketing Software Selection -- And When Not - Customer Experience Matrix

When to Use a Proof of Concept in Marketing Software Selection -- And When Not - Customer Experience Matrix | The MarTech Digest | Scoop.it
Proof of Concept is a demonstration that something is possible. In the context of marketing systems, though, a POC is usually not so much an experiment as a partial implementation of an existing product.  What's being proven is the system's ability to execute key functions on the buyer's own data and/or systems. 

The cost of loading client data was the reason most vendors disliked POCs. Today this is much easier because source systems are usually more accessible and marketing systems – at least if they’re Customer Data Platforms – have features that make transformation and mapping much more efficient.  The ultimate example of easier data loads is the one-click connection between many marketing automation and CRM “platforms” and applications that are pre-integrated with those platforms. The simplicity is possible because the platforms and the apps are cloud-based, Software as a Service products.  This means there are no custom implementations or client-run systems to connect. Effortless connections let many vendors to offer free trials, since little or no vendor labor is involved in loading a client’s data. 

POCs are not quite the same as free trials because they require more effort from the vendor to set up.  In return, most vendors will require a corresponding effort from the buyer to test the POC system.  On balance that’s a good thing since it ensures that both parties will learn from the project.
CYDigital's insight:

Requesting a POC should be a standard ask from every vendor, if applicable.

 

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The future of the marketing platform ecosystem is now - Diginomica

The future of the marketing platform ecosystem is now - Diginomica | The MarTech Digest | Scoop.it
What does a successful platform company look like?

You want to create a lovable platform, said Brinker. One that developers and customers alike love working with. Your business vision might be to build a platform that helps you grow your customer base, or grow revenues, but if the right foundation isn’t put in place, then Brinker said all those things are difficult to achieve.

There are a few ingredients that go into a lovable platform according to Brinker. The first is that it’s the platform’s responsibility to create an attractive market for third-party developers. It must be a large market, and it must have unmet needs. Here he noted that HubSpot is in this position. It has 34,000+ installs and a large expanding base. It also has unmet needs, one of which is video.
CYDigital's insight:

It has to be integrated: no other choice. So what path do you take?: the all-in-one, the platform, or the Zapier/IFTTT based stack?

 

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What to Consider When It’s Time for New Marketing Technology - CMI

What to Consider When It’s Time for New Marketing Technology - CMI | The MarTech Digest | Scoop.it

"Seek as simple a solution as possible:

  • Plan no more than one year ahead. 
  • Look for tools that require minimal central administration.
  • Find tools that work for the biggest naysayers on your team. 
  • Avoid overanalysis. Analyze whatever information you have; don’t wait around for the perfect decision. You’re not making a lifetime commitment. Stay focused on looking for tools that enable your team to do more or to do their jobs better. Be wary of tools that add steps to your process, require burdensome training, or take extra ramp time."
CYDigital's insight:

These are simple road rules.

 

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Which Factors Most Influence B2B Purchase Decisions? - MarketingProfs

Which Factors Most Influence B2B Purchase Decisions? - MarketingProfs | The MarTech Digest | Scoop.it
See what B2B buyers say about the factors that most influence their purchase decision according to this recent research. If you're a vendor, there's some juicy intelligenc
CYDigital's insight:

TCO often ignored by MarTech vendors, as it debilitates the overall ROI.

 

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The B2B Checklist for Evaluating Marketing Software - Webbiquity

The B2B Checklist for Evaluating Marketing Software - Webbiquity | The MarTech Digest | Scoop.it
Choosing the right B2B marketing software to free up your time and provide new capabilities is a big decision. Here are 10 key considerations to keep in mind.
CYDigital's insight:

CT for details.

 

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Who's Involved in Buying Marketing Technology? - Target Marketing

Who's Involved in Buying Marketing Technology? - Target Marketing | The MarTech Digest | Scoop.it
When it comes to who’s involved in the marketing technology buying process, you would think that complexity would breed more inclusion.
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The Martech Purchase Process: How Buyers Evaluate Vendors - MarketingProfs

The Martech Purchase Process: How Buyers Evaluate Vendors - MarketingProfs | The MarTech Digest | Scoop.it
Buyers of marketing technologies rank demos, test drives, and self-driven online research as the most valuable methods for evaluating martech products or services. Check out details of this study.
CYDigital's insight:

I cannot emphasize this enough: you have to have IT participate, otherwise you own all layers of the OSI Model...and cybersecurity!

 

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New Research: How Companies Buy Marketing Tech - TargetMarketing Mag

New Research: How Companies Buy Marketing Tech - TargetMarketing Mag | The MarTech Digest | Scoop.it

"Marketing executives today are being challenged to incorporate more technology than ever into their technology stacks, and that means developing processes and skills that the CMO just didn’t need before. With this research, you’ll be able to benchmark the practices your company uses against others in the industry, and see where you might be able to improve your own processes.
Highlights include:
-Brands are buying more marketing technology than ever, and they’re doing it with what appears to be minimal input from other departments.
-64% of purchases are made by individuals or single teams.
-Fewer than 50% of purchasers conduct formal requirements assessments.
-Marketers prefer to use self-driven, self-empowering paths to purchase than be shepherded through by a vendor."

CYDigital's insight:

It's about 50-50 IT to Marketing. But be careful for what you wish for.

 

RYZZ: It’s a new approach to MarTech for B2B Marketers.

 

#MarTech #DigitalMarketing

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