MarTech Adoption – How to increase Marketing ROI

Beside your MarTech stack, MarTech adoption is a critical factor in driving success and high return on investment (ROI). Hence enabling MarTech skills and regular use of those skills is a critical first step. Skills come primarily from training and that needs resources especially investment of money.

After spending a lot of $$ on procuring MarTech, resources for training become a luxury that we cannot afford. Failure to train marketing teams on MarTech skills will create a huge barrier to MarTech adoption. If you are not planning to invest in MarTech training you are starting with a poor ROI from the beginning. I caution you against that and I hope you have both training and onboarding as part of MarTech strategy and investment plan.

“Organizations that invest in acquiring and maintaining MarTech skills are eight times more likely to also experience good or very good ROI.”

– A study I read few years ago.

Key Metrics to track MarTech Adoption

Some of the key metrics that come to my mind to measure MarTech adoption and ROI are:

  • Volume metrics: Measure things like impression, leads, form fills, product views etc.
  • Financial metrics: Measure things like opportunities created, revenue generated, revenue influenced or ROI. You need a stack that has data well connected for your insights team to calculate these.
  • NPS of Customer Zero: This is an ongoing tracking of satisfaction across your internal users. I have found this to be an important metric for MarTech adoption.
Customer Zero NPS is very helpful metric for tracking MarTech adoption
Customer Zero NPS – Leading indicator of MarTech Adoption in 2016 for MarTech
  • Productivity metrics: Measure things like time saved or requests handled, adherence to SLAs, time saved, the velocity of deals, speed to lead etc.
  • Stack Complexity/Retire Legacy assets: How many technologies that can be consolidated as we move from a disconnected MarTech stack with redundant technologies to a MarTech stack that is connected like a platform.

You may argue that first two are marketing metrics. MarTech teams should co-own these metrics as this ensures investments in solutions that enable business outcomes. This will also motivate your MarTech teams to integrate across technologies. Integration and Data are two key aspects in the evolution of MarTech maturity. I will be sharing industries’ first MarTech Maturity Model built with over 30 years of collective MarTech experience in the next few weeks. You will be able to use it as a framework to evolve your MarTech program.

Ideas to enable MarTech adoption

Here are some of the ideas that I have used or plan to use in the future to enable MarTech adoption and Marketing enablement:

  • As part of MarTech governance ensure your marketing stakeholder(s) are part of prioritization. They should also share responsibility for enabling ROI. Do this before you decide to invest in that MarTech solution.
  • Involve key marketing stakeholders in vendor selection, implementation and onboarding as a responsible party.
  • As soon as the marketing team onboards on MarTech solution, start creating monthly reports that use 2 or more metrics mentioned above to track MarTech adoption.
  • Roll out onboarding sessions followed by on-going training.
  • Track MarTech adoption with the help of the vendor and report out on a quarterly basis. Have a north star for adoption and request the vendor to come with recommendations to achieve it.
  • Roll-out a full-service digital marketing academy that works round the clock to enable. I will attribute the success of our MarTech program at McKesson to the Digital Marketing Academy. Here are some of the focus areas I recommend for a MarTech or Digital Marketing Academy:
    • On-going training on essential and emerging technologies
    • Certifications
    • Sharing of Best practices (internal and external)
    • Awards for best work in various categories
    • Opportunities to network across division if you are in a large enterprise
    • Have fun included in your program, so that various teams can bond across team silos
Marketing teams like to connect with each other
From Survey after 2016 Digital Marketing Academy at McKesson

I hope this helps and I will love to be part of your MarTech adoption and Marketing transformation journey. Feel free to share your experience on the topic of MarTech adoption and Marketing Enablement.

Feel free to reach out if you need guidance on putting together MarTech adoption strategy or establishing a Digital Marketing Academy.

What is Digital

You must have heard people claiming that the world is going digital. Well, have you ever wondered what is digital? Every single aspect of our lives is slowly evolving and stepping into the modern era of the digital revolution. The world is gradually becoming paperless, and every single activity is now carried out via technology, smartphones, and the internet. From necessary communication to overseas conference calls, websites, apps, television, etc. the world is run on digital advancements.

Today, we will discuss what is Digital, how it is changing our world. Once you thoroughly understand what is digital, you will understand how to use it to your advantage, and how is digital changing the businesses around the globe.

Role of digital in our life
(Source: https://www.pexels.com/photo/woman-holding-laptop-beside-glass-wall-1181316/)

Textbook Definition

Basically, a digital system can only differentiate between two values or two states: off and on. These are represented with the help of 0 and 1, respectively. Nowadays, every piece of machinery and equipment is digital in nature and uses 0’s and 1’s to store, manipulate, and retrieve information. You can read more about the history of digital here. We can spend a lot more time discussing what is digital but let’s try to understand it using real-life applications.

what is digital
(Source: https://www.pexels.com/photo/photo-of-woman-writing-on-tablet-computer-while-using-laptop-4348401/)

What Is Digital Evolution’s impact on Business World?

For some business and technology leaders, it’s more about the technological infrastructure, while for others, digital is a new form of customer engagement especially if they are in digital or marketing. Some business owners perceive digital as a whole different way to do business. None of those concepts are incorrect.

Let’s take a look at how the digital advancements are impacting the customer relationships, engagements, and user experience or in other words how is digital is changing our world

Reinventing Business Frontiers #Disruption

Some business owners employ modern digital practices to investigate new demographics and engage with them. Reinventing the business frontiers have become more accessible, quicker, and more accurate with the help of digital devices.

Digital systems offer the power of evaluating new investment sectors and communities and also highlights the possible opportunities, threats, and competitors in the field. Moreover, some businesses are employing data science practices to understand the precedents and the past of the sector to come up with profitable strategies for the future.

The exploration of business frontiers has also allowed businesses to offer a better user experience. For instance, in the automotive industry, companies are now using digital devices to provide in-car entertainment, automated navigation systems, and even automated driving systems. The reinvention of the business frontiers allows businesses to point out the flaws in the existing business models, restructure them, and offer a better user experience for maximum customer engagement.

Big data, analysis, and data science algorithms allow businesses to reevaluate their current impact on the audiences, restructure the business strategies, and enhance user journeys.

Restructuring Value of Core Business #BusinessTransformation

The next aspect of digital technology is to reconsider how modern technologies will be utilized to change the way consumers are engaged, served, and benefited.

This is embedded in a fascination with knowing every phase of the buying process of a customer, regardless of the medium, and talking about how digital technologies will develop and offer the best product experience in all areas of the market. The digital era offers new ways to serve customers and enhance their overall interaction with the business.

For instance, the supply chain is essential to the advancement of consistency, quality, and speed to produce the best commodity effectively in a manner that the consumer needs. At the same time, data and analytics should rely on delivering information regarding consumers that, in effect, control and drive decisions regarding promotions and revenue.

The digital revolution is all about introducing a cyclical environment where systems and technologies are continually changing depending on consumer feedback, promoting sustained product or loyalty. Everything comes together to enhance user interaction with the company and also boosts the company’s revenue by increasing customer loyalty and identifying more opportunities to serve them better.

Offering Fast Work Process #Agility

Digital technologies allow companies to become faster, quicker, and more agile in terms of serving customers and identifying market needs. Being modern is about leveraging data to make smarter and easier choices, delegating decision-making to smaller teams, and finding even more iterative and simpler methods to do stuff. This way of thought will not be limited to only a couple of roles. It will provide a wide variety of how companies work, including innovative collaborations with external firms to broaden the requisite capability.

Look at how computing, computing, infrastructure, technology development, installation, continuous integration, and everything else has changed due to cloud services from Amazon, Google, Microsoft, Netapps, and many more. How building websites has changed by companies like Wix, e-commerce by Shopify are some of the everyday examples I come across. What used to take years two decades ago, months in the last decade; can now be done in days.

Another way of looking at it is from the viewpoint of modern devices and networks that allow the users to interact with the companies quickly. Back in the day, everything took weeks, and it took weeks for companies to reach out to their customers. However, with modern digital platforms and devices, the companies can freely and openly interact with their audiences in a matter of seconds.

Redefining Customer experience #CX

The old and traditional methods of engaging customers are changed and have been tailored to offer an enhanced customer experience. A prime example of this experience is available at Amazon, Uber, Zappos, Delta, and many more.

With the help of modern digital technologies, companies can now understand what the users want and offer it to them individually. This means that if one group of users want to see sci-fi movies, while others want to see history movies, digital technologies can understand this, and offer a personalized and tailored GUI for these groups. Prime daily life example is Netflix, Hulu and many others.

Moreover, you can use technology to enhance the overall level of customer satisfaction by allowing them to interact with your social media platforms, customer service platforms, and finding new mediums of contacting you.

New Customer Experience
(Source: https://www.pexels.com/photo/woman-holding-tablet-computer-3082341/)

Closing Thoughts on what is Digital

Digital continues to change how customers behave and businesses work. It all began with ones and zeroes in 1703, but it has come a long way!

Today, modern digital technologies allow companies to understand better new sectors, existing demographics, customer journeys; to offer a new level of customer experience, interaction, satisfaction, and explore new business models and markets.

I hope this offers a quick view of what is Digital and how is digital changing our world. Will love to hear your thoughts on how digital is changing the world and especially the one that you live in?

Enabling Intelligent Marketing

My Keynote presentation from NASSCOM MARTECH Confluence 2017 on the topic of Digital Transformation: Enabling Intelligent Marketing.

Drawing the Technology Landscape for Intelligent Marketing

A hype-free overview of intelligent technologies for marketing. This session will also cover the uses, ROI and challenges of these technologies.

 

Generate Short Term wins

Leading Digital Transformation (Step 6)- Generate short-term wins

Consistently produce, track, evaluate and celebrate volumes of small and large accomplishments – and correlate them to results of the digital transformation.

“Track your small wins to motivate big accomplishments.” – Teresa Amabile

Generate Short Term wins
Generate Short Term wins

Motivation is critical to leading digital transformation or any other big change. Motivation comes from organizational momentum that comes from a combination of Digital action and continuous small or big wins at regular intervals.

Digital Transformation Momentum= Digital Action X (Short-Term Wins)

Here are some of my key lessons learnt on generating short-term wins and fueling the big change of digital transformation:

Communicate Wins/Results in Sesame Street terms

One of my very good friend and colleague always says, keep it so simple that even your grandmother can understand. We all love complex analytics/numbers especially when it comes to declaring results but it is very important that we use sesame street simple analytics/numbers/terminology that our stakeholders can easily understand.

“Don’t leave your results at the mercy of interpretation”

Spotlight Early Adopters and Advertise the(ir) wins!

This is probably one of my biggest ingredients to the success of Digital Transformation. In the early days of digital transformation once I have preliminary small wins, I encourage and bring our key business stakeholders on the stage/phone/meetings to share their journey, story and wins. This generated authentic excitement among other stakehodlers and motivation to be part of digital transformation. This way I found more partners who want to co-create those short-term win and success stories.

Replicate success at other places/projects/teams

Once I have a tested formula to make business impact in one area/group, immediately I try to find other areas of opportunity to apply that knowledge. This helps in creating more success stories in more areas/groups. As more short-term wins/success stories come in especially from different groups, bigger momentum around digital transformation is created. This leads to a long lasting change at a far faster pace!

Related Articles:

8 steps to digital transformation

Leading Digital Transformation (Step 1) Creating Sense of Urgency

Leading Digital Transformation (Step 2) Build a Guiding Coalition 

Leading Digital Transformation (Step 3) Develop Vision & Strategy 

Leading Digital Transformation (Step 4) Communicate and Enlist volunteers

Leading Digital Transformation (Step 5)- Empower and Remove Barriers

UFO or NASA drones?

I am curious about UFOs but I never write such articles but what we saw tonight makes me curious to share it with all of you. These may be a personal flying drone, drone or may be a UFO.

Today 8/13/2014 between 9:10-9:20 PM PST we saw 2 flying objects on the west side of San Ramon. These were identical to stars but bigger and they were moving quite fast, can these be UFO. Both of these objects were identical and totally distinct from aeroplanes in the sky. They were not as fast as you see them in video as part of it was due to me holding the camera and trying to find object. My camera was not stable. This was not a video camera but a DSLR camera. I look forward to hear your expert opinion about if these were a UFO. The pictures have tail due to unstability. These objects  (possibly UFO 🙂 were circular in shape with no tails.

[flickr_set id=”72157646442061032″]

Related Post: Just read an article on Yahoo which talks about many people having similar sightings on the same day. A coincidence or the same thing traveled to there?

https://sg.news.yahoo.com/photos/oval-shaped-ufo-spotted-hovering-over-houston-sky-053502120.html