Choosing a new martech solution has always been a pivotal business decision. Today, martech buyers must navigate through more considerations than ever before. Research indicates that while budgets are contracting, with 60% of industry professionals anticipating significant cutbacks, only 42% of martech solution features are actively utilized, presenting a tangible opportunity to streamline. Thus, to make the most informed decision when transitioning to a new martech solution, ensure you explore the following questions.
1. Is the Solution Standalone or Full-Stack?
Ensure compatibility with your existing marketing technologies to avoid dissatisfaction and challenging data transfers. Many businesses are adopting a unified or full-stack suite model, which allows organizations to rely primarily on a single provider for various interconnected capabilities. However, sometimes specialized software that performs a specific task exceptionally well may be needed. Ensure it fits into the broader picture, considering compliance, security, and infrastructure complexity.
2. What Are Your Specific Requirements from the Solution?
Determine your path and tool selection by understanding your specific needs. Establish your requirements through workshops, meetings, or existing knowledge, involving key stakeholders like the CTO, product executives, salespeople, and customer success team.
3. What is Your Budget?
Be transparent about your requirements, goals, and assets. Whether you have a target number or are trying to identify these metrics without a clear sense of what it “should” be, remember that in Martech, you often get what you pay for. Consider the returns you can expect per the business problem it will solve, not just the outright cost savings.
4. How Will You Use the Technology?
Ensure you plan the optimal method for implementing the solution to avoid obstacles such as technology failing to meet expectations, users abandoning it, outdated data, and plummeting adoption rates. Define your marketing objectives first, then decide how to utilize technological innovations to achieve them.
5. What Level of Training Support Can You Expect?
Transitioning to a new tool or technology requires time and effort. Ensure you have straightforward and reliable access to the necessary training and support to make introducing new technology smooth and frustration-free.
6. Does the Solution Provide Attribution Features?
A Martech solution’s attribution capabilities are vital for understanding investment efficacy. Choose a solution that enables funnel metrics and attribution to track prospect progression within the CRM funnel and attribute revenues to campaigns, helping you allocate your marketing budget effectively.
7. How Does the Martech Solution Manage Data?
Marketers often struggle with data acquisition and management. Evaluate the reliability of the data collection and analytics capabilities that come with the suite as you consider factors that might impact your MarTech performance.
8. Is the Product Documentation Sufficiently Detailed?
Product documentation should offer comprehensive data along with illustrations and screen grabs that are more helpful than sales and marketing materials. Ensure you research thoroughly to understand how committed they are to refining the product and when the latest product release was launched.
9. What is the Martech Company’s Mid-Term Future?
Avoid investing in technologies that may soon become obsolete. Assess the company’s history to determine if it has consistently innovated and improved its product. Ensure there is a plan for growth and progression by understanding their next steps.
10. Have You Considered All Your Options?
Explore review sites like Trust Radius, G2, and Software Advice to get comprehensive product lists and use resources like Crunchbase to gain insights into the stability and product offerings of specific martech providers.
11. How Do Other Teams Benefit?
If you can select a solution whose benefits extend beyond enhancing the efficacy of your own team, you will have a much greater chance of obtaining the necessary funding. Explore these benefits before finalizing your shortlist.
As technology evolves, regular modifications to your martech stack will be necessary. When purchasing a new solution, asking the right questions can prevent underutilization, process bottlenecks, and budget overruns in your martech service and sales and marketing processes.
Next, read up on the top 30 tools you need on your marketing technology stack.