Performance and integration: The foundation of marketing technology stack success
As CMOs take on more responsibilities, columnist Jim Yu discusses three key strategies to help them develop a technology stack that will drive performance, convert leads and justify the value of an increased marketing budget.
Over the past four years, the role of chief marketing officers has changed. Once, CMOs led small silos that focused on growing business impact across paid media channels. Now, CMOs are increasingly being asked to manage company impact and growth across an array of owned digital media and customer relationship channels — with robust budgets to match. While the breadth of technology continues to grow, separate tools themselves do not necessarily equate success.
Budgets for marketers are slowly climbing, and responsibilities are broadening, according to Gartner’s 2016-2017 CMO Spend Survey. Marketing budgets have increased approximately 1 percent per year since 2014, bringing the marketer’s average share of company revenues up to 12 percent as of 2017.
As organizations direct more of their funding into the hands of chief marketing officers, CMOs are experiencing another shift in the form of how they manage their marketing technology spend — in which digital marketing has taken center stage. With it has come an array of technologies that promise to simplify the lives of marketers as they collect data, direct customer journeys and push out brand messaging.