With new martech solutions coming to market almost every day, it is common for marketing technologists to make the mistake of chasing trends when building out their martech stack.
On the one hand, marketing technologists need to make sure the tools in a team’s martech stack are the most effective and efficient in carrying out their company’s marketing strategy. Often, that means pushing the envelope and experimenting with new solutions that may give your team an edge over the competition. On the other hand, a popular expression comes to mind.
You need to learn to walk before you can run.
Even experienced marketing technologists often overlook the most basic foundational elements of their martech stack and, instead, dive head-first into the glitz and glam of innovative new solutions like artificial intelligence and predictive marketing. However, industry experts and experienced marketing technologists agree that before you can start experimenting with the latest and greatest in martech, you need to build a foundation of strong data quality to support them. You need to walk through the basics of great data management before you can run with the newest martech solutions.
Data management does the heavy lifting in your martech stack. Why? Because without good data quality, here is what happens to your marketing strategy.
You Miss Out on Valuable Insights
Your business is likely capturing valuable information about your customers from a variety of sources. When those sources do not funnel back toward a single data management platform, valuable insights are often lost.
Data management systems like ReachForce unify your data sources into a single platform that then feeds the data to the rest of the tools in your martech stack. By bringing data streams together into a single source, your entire martech stack benefits from better data quality. That means you can rest easy knowing the tools you use to create and manage successful campaigns are supported by a strong foundation of clean, quality data.
Data management systems offer one more valuable addition to your martech stack. Tools like ReachForce SmartForms actually enrich your inbound data in real-time. Thus, customer insights stream from your inbound data sources into ReachForce and are simultaneously enriched with valuable supplementary data the platform can glean from external sources.
You Waste Money in Your Martech Stack
Without strong data quality to support your marketing efforts, evaluating the efficiency or effectiveness of the other tools in your martech stack becomes increasingly difficult. That is because the tools in your martech stack rely on quality data to work effectively. A predictive analytics platform, for example, cannot appropriately segment your customers without the valuable insights a unified data management system provides. So the question marketing technologists without a data management platform constantly face is: Do my martech solutions not work, or do they just not have the data quality they need to work effectively?
Inevitably, such a “chicken or the egg”-type question leads to poor calculations and missteps when you evaluate which tools actually add value in your martech stack. You may end up cutting out tools prematurely deemed “ineffective,” or worse, keeping tools in your stack that are not contributing anything of substance.
Your Sales Team Gets Frustrated
The relationship between sales and marketing has a storied past, but big data has helped the two teams make strides in how they partner together. Account-based marketing is the most recent evolution in the partnership, with sales and marketing teams coming together to create strategic plans for attacking specific high-value accounts with specially targeted campaigns.
Of course, those campaigns rely heavily on quality data to successfully identify the right target accounts and design campaigns that will effectively reach the right decision makers. Even if your team does not take an account-based marketing approach, poor data quality can cause a rift between sales and marketing. When your data quality suffers, your campaign effectiveness decreases. That means your lead quality (or quantity) drops, which inevitably impacts your sales team’s conversion rate. That is not the best way to make friends around the office.
Your Customer Experience Suffers
Perhaps most important of all is the potential damage poor data quality does to your customer experience. As a marketing technologist, you can recoup the costs of missing valuable insights or overspending on your martech stack. You can remedy the relationship between sales and marketing over time. However, once damaged, the relationship with your customers is often irreparable.
Without the assurance of high-quality data driving your campaigns, your customer experience will suffer. That is because data quality dictates the accuracy and success of your campaigns. B2B and B2C customers alike have increasing expectations for the level of personalization they expect to see from your marketing efforts. It is about more than just plugging a client’s name into your emails; today, customers want content that speaks directly to them about the problems they are facing at the moment. Without high data quality, it is nearly impossible to accurately pinpoint what those problems might be. As a result, your campaigns may be targeted to the wrong customers, creating a poor experience from which you may never be able to recover.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization, and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean, and enrich prospect and customer lifecycle data in your business, and do it at your own pace.