MRM, DAM, CMS, IMM, CMP, SEO, SEM, PMP, DMP, SMM, DSP …
And these just scratch the surface. (For answers to the quiz, see the last paragraph of this post.)
CMOs in all industries are scrambling to invest, install and ignite sales with the latest tools and aaS systems — IaaS, PaaS, DaaS, SaaS — there’s a lot more aaS’s to keep up with, as well. And with this frenzied need to keep up and deliver results faster than the speed of light, it just adds to “crazy,” and often more so than adding to ROI. All MarTech investments take time, money and add to the overall costs against the ROI you have to deliver in short order.
So What’s a Marketer To Do?
Start with a MTP! The foundation on which you need to build all the other acronyms you include in your marketing toolbox.
An MTP is simply a “marketing technology plan,” or a blueprint for implementing and integrating all of the technology investments you need to reach your most important goals as a marketer:
Deliver relevant offers, communications and engagement to your most valuable consumers on the channels they use and respond to the most.
The good news is that this is not as daunting as it used to be, thanks to all of the MRM, DAM, SMM, IMM and other acronyms available.
Instead of buying all of the systems you can to keep up with your competitors, you need to circle back to what matters most to your business. For most businesses, it comes down to this one goal:
Deliver psychologically relevant and emotionally fulfilling engagement and communications to your top customers in a timely manner that ups your sales and competitiveness.
Okay, so maybe that combines two goals vs. just one.
In short, delivering personally relevant communications as quickly as you can is mission-critical to success. Customers expect all promotions and engagement to be “about me,” not you, and if you can’t get your campaigns and offers to market much faster than in the past, you will lose sales to competitors who do. This is a big dilemma facing marketers in all industries, because personalized communications take time, and the more time you take, the more money you spend in production costs and opportunity costs, as many consumers change brands and loyalty based on whose promotions get there first and with the most value.
Some Things to Think About:
Get the ‘Inside’ Scoop on Your Customers
Invest in DMPs – data management platforms — or similar tools that help you collect small and big data on your customers. Who are they? What are their interests and passions? What websites do they browse? What channels do they frequent most? And where and what do they buy regularly or spontaneously? When you can collect data this precise on consumers in your space, you will get an inside picture of what captures their attention and what moves them to purchase and loyalty. With that picture, you can create relevant content for all segments to be deployed across all channels.
Get Relevant Content Out Quickly and Consistently
This is critical to current sales and future growth. This requires platforms that allow you to quickly adapt content for local markets, cultures, languages and needs. You need a platform that can automatically adapt content from one asset to multiple assets across all formats and channels in minutes, not days, so you can deploy the same communications in all markets with brand consistency and the kind of timing that keeps your message relevant before the next consumer whim or trend blows in the market. For tools that can help you do this, check out “Gartner’s Magic Quadrant” for MRM systems (marketing resource management).
Get the Real Facts
Invest in analytic tools that help you measure all of your results. Not just sales, but levels of engagement across your channels, so you can keep track of where customers go for information, research and purchases. And you can keep track of how this behavior changes, as it will. Quickly.
Just as quickly as the technology for marketing seems to be changing, so do the needs of consumers. You need to invest in technology that allows you to stay on top of their attitudes, needs, emotional drivers and brand demands, and you need to most assuredly invest in the technology that allows you to produce content that addresses all of these quickly. All other technologies are secondary to those that can truly deliver on these mandates, and cover your aaS (as a service or subscription-based technology applications) investments.
Answers to the Quiz:
- MRM — Marketing resource management
- DAM — Digital asset management
- CMS — Content management system
- IMM — Integrated marketing management platform
- CMP — Content management platform
- SEO — Search engine optimization platform
- SEM — Search engine marketing platform
- PMP — Predictive marketing platform
- DMP — Data management platform
- SMM — Social marketing management platform
- DSP — Demand-side platform
Stay relevant, and market on!