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DemandLab - Report - Martech Stack Optimization 2020

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PAGE 2 MARKETERS ARE LEADING A DIGITAL REVOLUTION Today, the average enterprise uses 120 marketing cloud services. 1 No other business function is more technology-forward— not even IT. When Gartner predicted in 2012 that the CMO would outspend the CIO on technology by 2017, many people thought the timeline was too aggressive. As it turns out, it wasn't aggressive enough: CMOs overtook CIOs in 2015. Not only are CMOs facing the rapid digitization of their discipline, the martech landscape is also shifting rapidly beneath their feet. New marketing technologies are emerging, maturing, gaining traction, or melting into oblivion daily. Furthermore, as CMOs take on increasing responsibility for designing and delivering exceptional customer experiences (CX) on behalf of brands, it has become more critical than ever before for martech systems to integrate fully with the entire CX stack. Integration enables all stakeholders to gain insights into the 360-degree view of customers that marketing historically had exclusive access to. Access to this insight has led to increased company-wide scrutiny of the customer experience. This scrutiny makes a lot of sense. There is a direct correlation between customer experience, business performance and the technology that drives both. Companies that are customer experience leaders are four-and-a-half times more likely than other companies to have a highly integrated, cloud-based technology stack to fuel their customer experience management strategies. And companies with a unified tech stack are 131% more likely to have significantly outperformed their top business goals. 2 Technology itself though is not a strategy. Technology is simply a tool. If your business objective is to triple revenues, your strategy is not "buying marketing automation"; instead, it's what you do with that powerful tool that will bring about transformation. Strategy is the driver to get you to your future state, and you must base your technology decisions on your strategic vision. We have all had poor user experiences that have left us frustrated and inclined to walk away. Companies understand this frustration and want to improve their customer experiences, but often find solutions complex or difficult to implement. I see companies winning with a strong customer experience strategy, that focuses on their people and processes, as well as their systems. So ask yourself, do you have the right people with the right skills in place to deliver a good customer experience? Are there processes in place that ensure consistency across the lines and channels of your business? And finally, does your technology enable them to deliver great experiences for your customers? - Rhoan Morgan, CEO & Co-Founder 1 Brinker, S. (2020, February 12), The average enterprise uses 1,295 cloud services. 2 2019 digital trends: Data is the key to creating great customer experience.

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