Marketing technology, or “martech”, is software used to optimize and improve digital marketing efforts. It is now ubiquitous across nearly every industry, and it has changed the way advertising is executed and measured. Yet many businesses report that their martech is not working for them. Why?
Dazzling presentations of new software that promises to streamline a business in every way entices companies who then purchase these “shiny new objects” without first considering how it may, or oftentimes may not, integrate with their existing technologies. This “shiny new objects syndrome” then results in companies hoarding data they don’t need, and valuable time and money wasted.
The retention of old and irrelevant data because “you might need it someday” gets in the way of identifying critical insights into your business. It distracts by sheer volume and makes it more difficult to separate the data you have versus the data you need.
Lone Beacon takes a top-down, strategic approach to the marketing technologies we use: By first looking at WHAT YOU REALLY NEED, and creating a digital solution that addresses those needs, as well as one that works compatibly with your other software platforms. The fact of the matter is that there are countless “cool” digital platforms that may look good in theory, but may not integrate with your current stack, and worse may be difficult (or impossible) for someone at your firm to actually use.
The efficient use of marketing technologies requires careful coordination and strategy. There’s no way around the fact that if you’re not in the technology business, well…technology is complicated. The dichotomy that exists is everyone wants technology, especially “gadget-loving” financial firms, but they get overwhelmed and frustrated by it.
Technology vendors are usually selling “one piece” at a time and assume that you or someone at your firm will know how to use it, and know how to integrate it with the rest of your stack. What usually ends up happening is the end users get frustrated and lose confidence, buy new or additive software, and keep repeating the process.
There’s no easy way to say this, and it’s up to every firm to figure out; the digital age is not getting smaller. The good news is that there are solutions, and people to help you.