Anticon 23 brought together industry experts to discuss the challenges businesses face in navigating the ever-growing MarTech landscape. One key takeaway from the conference was the importance of prioritising business value when evaluating and implementing MarTech solutions, particularly in the context of data and emerging technologies like Generative AI.

Aligning MarTech Investments with Business Objectives

One of the major challenges faced by businesses today is the sheer number of options available. There are currently 11,038 vendors in the MarTech space, a growth of 7,258% over the last 12 years. The average business currently has a total of 56 platforms within their tech stack and are now faced with the challenge of consolidating the key 0.5% of vendors that can deliver the right tools for their needs.

The new Marketing Reality – delivered by Frans Riemersma from MartechTribe.com, discussed the figures which found that businesses are only utilising around 10% of their application capabilities despite scoping and configuring capabilities to enable far beyond this figure.

From the findings we can draw two key insights: The first is that despite complex and large-scale intention at the requirement building and implementation stages, users will engage with the technology that they find most valuable to them. The second is that having an integrated MarTech stack, with a focus on the users preferred technology, aids in aligning with specific business objectives to deliver real value. With so many options available, it can be tempting for businesses to get caught up in the hype and invest in technology without clearly defining their requirements and KPIs. This lack of alignment can result in wasted resources and underutilised technology. Darrell Alfonso delivered a keynote in the Marketing Operations Playbook that outlined a potential solution to the problem by building your operational maturity model holistically. Demonstrating the importance of engaging with cross functional stakeholders and making data driven decisions which are in line with the business strategy and value.

To overcome these challenges, businesses need to prioritise business value when evaluating and implementing MarTech solutions. Our first-hand experience with our clients has repeatedly found that it is essential to clearly define requirements, establish measurable KPIs, and ensure that the chosen technology aligns with the overall business strategy. In addition, it’s fundamental to establish a clear user-centric approach which enables continuous feedback loops, so you don’t also fall into the category of 10% utilisation post-successful launch. In doing so, businesses can maximise the value they derive from their MarTech investments and stay ahead in this fast-paced technological landscape.

The Rise of Generative AI and its Potential for Transformation

The emergence of Generative AI is transforming the MarTech landscape, with 1 in 4 tech startups specializing in AI. However, as David Raab from the CDP institute outlined during his talk titled ‘AI Is Not the Future of Marketing’, it is important for businesses to understand that implementing AI is not enough to provide a competitive advantage. According to a survey, 72% of CMOs want to enable Generative AI in their businesses in the next 12 months. But without a clear view of the business value and strategy, implementing AI alone won't lead to success.

What will distinguish businesses is Data, and good customer data is the key to good results through Gen AI. Businesses have challenges with Input and Commonality through their data sources, and without consistent and optimised data, driving business value in through GenAI implementation will be limited.

Data and Measurements – how to maximise the value.

I In recent years we’ve seen high profile companies facing large fines based on 3rd party tags being used for malicious purposes, British Airways were fined £1,083,000,000 or 1.5% of their turnover (GDPR fines have now increased to be up to 4% of annual turnover) in 2021 due a hack that shared users payment details downstream to a malicious server. We are seeing more IT teams mandating the removal of all third-party cookies leaving marketing teams with the challenge of finding meaningful metrics and loss of measurable ROI on their advertising spends.

Data quality and accuracy is also a challenge businesses face, Neil Brookman @MetaRouter outlined that 71% of consumer data contains errors, and as a result, companies are seeing up to a 12% revenue loss. The solution that he offers is centralised data governance, Businesses can control compliance from collection and distribution of this data within organisations. Businesses should look to collect first party data (owned by your organisation) and stop using 3rd party data and tags to regain control of data collection access and distribution. With all industry eyes on GenAI and the best implementations, ensuring the foundational data is trusted, compliant, structured, and optimised is critical to amplify the accuracy and effectiveness of AI enabled technologies.

Implementing new technology is an exciting venture, but without aligning it with business objectives, businesses risk wasting resources. To ensure successful implementation businesses must:

Clearly define requirements and outline measurable KPIs.
Establish a continuous feedback loop to monitor and assess product utilisation, with the aim to encourage usage of capabilities that could enable or support business goals.
Evaluate vendors based on their track record of delivering value aligned with your objectives.
Leverage data to make informed decisions and optimise marketing campaigns.

Importantly, aligning technology implementation with business objectives is an ongoing process. Businesses must remain agile, continuously monitoring and adjusting their chosen solutions to stay aligned with their objectives.

In conclusion, by prioritising business value, addressing data challenges, and making strategic decisions about emerging technologies like Generative AI, businesses can navigate the MarTech landscape and maximise their return on investment.

Read more of our news and industry insights, over on the Team6ix blog

Prioritising Business Value in MarTech: Insights from Anticon 23