The marketing industry is facing major challenges in 2023, with budgets being reduced, teams facing layoffs, and martech consultancies struggling. Although some see this as a lasting downturn, there are strategies to optimise performance and demonstrate value. Historically, it has been hard to quantify marketing value, leading to it often being the first to go in times of financial crisis. To get off this roller coaster, marketers need to draw a straight line between marketing performance and business performance, communicating effectively with data points that connect marketing activities to top and bottom-line growth.
Optimising a martech stack is also critical. A successful martech stack should be right-sized for the organisation, each product used to its full extent, and have an architecture that ensures data is collected, cleansed, appended, distributed, and acted upon. To do this, marketers should define all the categories of technology tools they are using, researching each tool's name, owner, function, cost, integrations, and satisfaction. Once compiled, this will provide an overview of the stack and draw conclusions about the value of the various component pieces.
Ultimately, by optimising marketing performance and telling a compelling story through data, marketers can mitigate arbitrary budget reductions and steer their company towards future stability and success.
Originally reported by Martech: https://martech.org/communicating-martechs-value-in-a-slowing-economy/
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