Updated: May 20, 2019
Marketing technology is exponentially increasing in complexity. Similarly, the process to purchase the most effective and efficient marketing technology is much more complicated than in past decades as well. No doubt, there are a ton of options! In this article, we are going to outline 4 key findings for you to consider beforing embarking on your search for the best martech solution.
Procuring The Best Marketing Technology Is Imperative
There are a myriad of factors to consider when purchasing a new piece of technology for your business. At the same time, the pressure to choose a marketing technology that functions optimally for your company is sky-high.
Purchasing a costly piece of technology that doesn't work for your business can impede cash flow, have a detrimental impact on your reputation, and cause sales to decline instead of increase.
4 Key Statistics to Understand Before Making Buying Mistakes
Understanding these four statistics from the IBM case study "The Marketing Tech Buying Process: A LOOK AT HOW COMPANIES PURCHASE TECHNOLOGY TODAY" is essential to making a profitable marketing technology purchase decision.
"64% of purchase requirements are set by a single person or team." Diversifying the input on important purchasing decisions greatly increases the chances that all impacted departments will benefit from the new technology purchase.
"Fewer than 50% of purchasers conduct formal requirement assessments." Identifying what a company needs in a piece of marketing technology is essential for a beneficial purchase.
"The vast majority of our respondents meet with vendors two times or less, and 21 percent don’t bother at all." Vendor relations during a large purchase is essential to receive quality service and valuable after care.
"Only 30 percent used regular follow-up meetings with stakeholders to evaluate the technology’s success." Participating in formal and informal interdepartmental follow-up meetings is essential for an effective new technology purchase roll-out. It is very likely that individuals from various departments will provide useful suggestions on process and product improvements that can be made to the newly purchased marketing technology, thus increasing the return on your investment.
Buy Martech Smarter
Purchasing and implementing a new marketing technology to take your company to the next level is exciting but it can be a stressful process too.
Don't fall trap to the above scenarios. Understanding these four statistics, and learn from other business managers' mistakes to make intelligent purchasing decisions and implement the newly purchased product most effectively is important.
Until next time, keep SmartThoughts in mind.