marketing technology, you will already know that the number of martech providers has increased by about 15X in a single decade.">
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If you've been keeping track of marketing technology, you will already know that the number of martech providers has increased by about 15X in a single decade.
One of the biggest areas of growth right now in late 2021, is the prodigious growth in Data. And as a result, one of the biggest topics of conversation is how to manage that data, which is reflected in the other large area of growth: Data Management.
It definitely speaks to the issue facing most marketers, and most of our franchise brand clients, today: the overwhelming amount of data and their inability to manage it. Franchise marketing is hard enough without the heavy mantle of all of the coordination of franchise marketing technology.
Data is not going away, nor is the requirement that companies and marketers, in particular, get smarter and smarter about how to use it. What we can change is how we manage everything.
So often, we build complex systems to manage what we cannot manage ourselves. In the martech space, we almost celebrate the fact that there needs to be a system to manage the systems: the holy "martech stack" and the emergence of the Marketing Ops role itself.
The issue is that brands are handcuffed to their existing technologies because of the fear of dismantling what they have fashioned together. For example: There are relationships to consider. There is the lead time and research to find new partners. There is the issue of contract terms. There is a potential backlash if the new technology doesn't transition or work smoothly. There are the time and money needed to customize a new platform to your brand's needs. There is the laborious approval process. There are a host of reasons not to make any changes. And thus, the status quo continues.
The problem is that being handcuffed to your legacy technologies doesn't really make life easier, as evidenced by the fact that managing those technologies is a critical area of growth.
It doesn't take an in-depth analysis to identify that a multitude of partners does not equate to efficiency.
Think of...media planning for franchise brands, or media buying for national brands, or local marketing for franchise brands, or outdoor media buying, or other automated media buying options, or digital advertising for franchisees. Typically, all of those have different vendors and platforms and contacts and metrics; creating a cobweb of data input, outputs, and workflows to manage.
We believe the real reason brands and marketers are afraid to make changes is twofold. First of all, they pride themselves in the Frankenstein they have built. And second, they are terrified about what will happen if they dismantle it.
Take an honest look at the systems and workflows your brand has stitched together and ask yourself: Could there be a better way? Could you save yourself time, money and headaches in the long term if you weren't handcuffed to your existing technologies? Could that be worth your time and energy now, for future benefit?