The COVID-19 pandemic and the economic fallout caused by it have forced marketing organizations to take a hard look at where to create efficiencies. According to a piece in AdExchanger from Adform’s Julian Baring, rather than rushing to downsize human capital, companies should examine their martech stacks in order to determine potential cost savings.
As martech solutions have expanded over the past decade, Baring writes, one result of the innovation has been the fragmentation of solutions. But there are numerous ways marketers can look for redundancies.
First, look for licensing costs accrued for using technologies across departments. It’s possible that those costs have inflated and can be avoided by deploying a single solution. There could also be hidden costs lurking in operational costs, due to the need for data to flow properly across systems and employees requiring training. Marketers should examine service fees as well, as there might be overlap between different agency contracts.
Inefficiencies due to lack of communication between various systems, in terms of loss of actionable insights, is another category to examine. And finally, the tech solutions themselves might provide duplicate functions. For a deeper look at Baring’s recommendations, read more in AdExchanger.
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