Beyond the stack: Reimagining martech strategy for modern CMOs
The session was framed around a series of big questions which led the discussion. This first was around evolving the martech strategy and how the customer fits with that. The cornerstone of modern martech strategy is customer centricity. As one CMO noted, “The business plan has no legs without customer centricity driving the plan.” This […] The post Beyond the stack: Reimagining martech strategy for modern CMOs appeared first on Modern l B2B Marketing.
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The session was framed around a series of big questions which led the discussion. This first was around evolving the martech strategy and how the customer fits with that.
The cornerstone of modern martech strategy is customer centricity. As one CMO noted, “The business plan has no legs without customer centricity driving the plan.” This approach requires aligning go-to-market teams, including marketing, sales, operations, and product, to shape the martech stack and strategy.
However, integrating various technologies and understanding their interdependencies remains a significant hurdle. The key lies in mapping the customer journey and using technology to identify the right buying groups and segmentation. This often necessitates combining intent and technographic data for a more targeted marketing approach.
It was agreed that strategy and integration were key priorities when central to deliver that customer centric approach.
The biggest gaps: People
A critical challenge emerging from the discussion was the shortage of marketing professionals who can bridge the gap between technology and business strategy. As one participant pointed out, “You have to have somebody that’s in marketing operations that is truly strategic… It’s a data-centric strategy that’s required.”
This skills gap extends beyond strategy to implementation. CMOs are faced with a dilemma: hire specialists for specific tools or train adaptable individuals on the existing stack. The consensus leaned towards seeking data-centric marketers with problem-solving abilities and the capacity to work with complex data sets.
The challenge here is that the skills and experience are so scarce. They require strong strategic understanding as well as the technical depth of the martech platforms. The ability to bring those skills together is a few years off as people come up the ranks with the right skills and capability. In the meantime, it’s creating a strategic drag where the tech exists and the vision is there, but the ability to implement it successfully is missing.
When you do find the right people (the unicorns), retention is crucial. CMOs acknowledged the high expectations and workload often placed on marketing operations specialists. Creating support networks and fostering communities for these professionals can significantly improve retention rates.
Thoughts on the return from martech: Where is the value?
Demonstrating the return on investment for martech remains an ongoing challenge. Some CMOs advocate for detailed attribution modelling, while others prefer a simplified approach. One participant shared, “By just simplifying all marketing metrics at a business level… that was a real game changer for me and it really unleashed the handcuffs.”
When seeking approval for new technology investments, expanding use cases beyond marketing can help gain additional buy-in. Collaboration with other departments, such as IT, can demonstrate broader organisational value and efficiency gains.
It was clear that cross-collaboration and simplification are key to demonstrating success and value.
Investing in the future: AI and Optimisation
As budgets tighten, CMOs are turning to AI to enhance efficiency and capabilities. From copywriting to content creation and translation, AI is becoming an integral part of marketing operations. However, understanding and communicating AI’s limitations is crucial for managing expectations.
Despite the buzz around new technologies, most CMOs are focusing on optimising their existing martech stacks rather than significant expansions. The emphasis is on hiring the right talent and better utilising current technologies.
Some CMOs are exploring cost-effective solutions, such as building marketing operations teams in low-cost locations. As one participant noted, “The value equation is incredible. You can spend half a million dollars on 50 people in Malaysia or you can spend three million dollars in Europe.”
AI was held with scepticism for this group, but driving cost reduction through dispersed teams and offshoring was a more effective, and reliable way, to gain those budget efficiencies.
Key takeaways from our marketing leaders
The martech landscape continues to evolve rapidly, presenting both challenges and opportunities for CMOs. By focusing on customer-centric strategies, nurturing the right talent, and being smart about leveraging new technologies, CMOs can navigate this complex terrain and drive significant business value. Here are the top takeaways:
- Prioritise customer-centric strategies that align all go-to-market teams.
- Invest in data-centric marketing talent that can bridge technology and business strategy (or partner with those that can).
- Create support systems for marketing operations specialists to improve retention.
- Simplify ROI metrics for better stakeholder communication and buy-in.
- Explore AI solutions to enhance efficiency, but be aware of their limitations.
- Focus on optimising existing martech stacks rather than continuous expansion.
- Consider cost-effective solutions, including offshore talent, for building robust marketing operations teams.
Want to join our next CMO roundtable? Get in touch.
The post Beyond the stack: Reimagining martech strategy for modern CMOs appeared first on Modern l B2B Marketing.
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