Rule 1: Keep Your Tech Stack Clean
Welcome back to MarTech 2020: 5 Rules for Managing Your Technology and Strategy. In part one of our series, we saw that the average marketing technology stack may actually be smaller than we might think. In fact, 90% of the marketers we surveyed use fewer than 10 MarTech tools, while most use fewer than five (Figure 1), and two-thirds of our respondents spend less than $100,000 a year on marketing tech (Figure 2).
Comparing annual spending on MarTech with annual marketing budgets (Figure 3), we see that on average, companies spend more on the marketing than the technologies supporting it.
Marketing is still a mostly strategic department. In-house marketing staffs run small, with 80% of companies reporting their in-house marketing departments are no more than 10 people. For two-thirds of respondents, the marketing department is fewer than six people (Figure 4).
Marketing staffs run lean because, for many companies, partners handle a lot of the work. The inhouse team sets strategy and may handle email, social media and a few other channels that closely align with its core mission. But in many cases, a large portion of outbound communication — both digital and print — is handled by specialized agencies, printers or omnichannel marketing companies.
This means that marketers can streamline their MarTech stacks to a few important strategic hubs like marketing clouds and marketing automation systems, freeing up time for the in-house team to focus on how you’re going to reach your brand goals.
Every tool in your tech stack costs money, but it also costs time to install, customize, adjust and learn. The time investment is often a bigger cost factor than the dollar investment. Acquire the tools you need for the channels you use while focusing on building a tech stack that is both efficient and effective.
Check back next week for Rule 2, “Give the Marketing Team Final Say Over their Tools” or click here to read the full report now. And, if you’re ready to see how we can help you strategize your MarTech stack, contact us today.