This is shaping up to be another significant year for MarTech. Key trends such as customer experience, marketing automation, data privacy and AI are poised to continue to shape the landscape.
A recent survey conducted by Martechvibe, surveying over 450 marketing professionals and CMOs in the Middle East, unveiled intriguing insights. Notably, 64 per cent of marketing budgets are now allocated to technology, with an impressive 89 per cent of CMOs weaving various tools and data into their strategies.
Furthermore, 59 per cent of organisations are harnessing real-time data to steer their marketing decisions, while AI and Machine Learning (AI/ML) feature prominently, with 25 per cent of CMOs embracing these innovations.
The second Campaign Saudi Briefing event of the year will be taking place in Riyadh on 12th October 2023. A variety of panels and speakers will be discussing the themes of media and marketing. For more details, click here.
However, amid these strides, significant unspoken obstacles persistently hinder digital marketing transformation. These challenges encompass the dismantling of data silos, the navigation of complex data privacy regulations and the unlocking of AI’s potential, particularly Generative AI technologies.
A separate global study from 2022 revealed a worrying issue: 60 per cent of senior leaders expressed concerns about the anticipated return on investment (ROI) from their digital projects, primarily due to sluggish technology adoption among end users.
The concept of the ‘network effect’ holds particular significance within an organisation’s MarTech ecosystem.
The more interconnected MarTech is with data sources and cross-functional teams, the greater its value becomes, growing exponentially. To overcome the unspoken barriers and expedite the adoption and realisation of value, here are some valuable suggestions:
1. Ensure leadership buy-in and active support
This is crucial and needs to be carefully managed throughout. Encourage leaders to set expectations for the entire organisation to use data as a strategic asset to achieve high-level objectives across departments and agree on what success looks like.
Leadership’s main concern will be whether these initiatives will deliver the expected ROI and competitive edge within the right timeframe. For this reason, their sponsorship is needed to ensure teams collaborate, adopt quickly and break from old habits.
2. Build functional expertise
This includes education and training on 1) tools and data that have already been adopted and 2) exploring other technologies that would complement the existing stack.
Stay on top of industry trends and emerging technologies, meet tech vendors to better understand their offerings and consider working with a partner that operates as an extension of your team.
3. Encourage collaboration between teams
This starts by understanding the objectives of each team and their challenges.
There may be overlapping responsibilities, so setting ways of working and boundaries helps each team focus on the areas they need to, while establishing the common ground to collaborate on and pledging a genuine commitment to conflict resolution when it arises.
4. Emphasise data governance and hygiene
The consequences of neglecting data best practices might be disregarded by individuals in different departments.
This can significantly hinder the efficiency of downstream functions, particularly for marketing teams and data scientists who depend on well-organised and clean data. Clear communication is essential to explain the impact of data governance and hygiene across your organisation.
5. Plan for milestones
It’s easy to get distracted into the day-to-day tasks and deliverables, to then look back later in the year and wonder what was achieved.
Digital marketing transformation is a multi-year journey, with certain initiatives taking up to 18 months to show their results. Celebrating milestones along the process keeps teams motivated while keeping leadership aligned with progress.
6. Avoid a quick-wins-only strategy
Delivering on quick wins is common advice given to show fast results and momentum of long-term initiatives. However, managing external perceptions and reputation shouldn’t come at the expense of the long-term benefits of getting the basics and foundation right.
7. Internal marketing and celebrating success
Recognise and credit achievements. Share internal case studies and success stories to help everyone understand their positive impact on the organisation.
Such initiatives motivate teams and encourage participation, feedback, and innovation, ultimately building organisational capabilities and long-lasting value.
Despite persistent challenges such as high inflation, escalating costs and global uncertainties, the digital landscape is evolving rapidly.
MarTech stacks and digital transformation initiatives have the potential to thrive by embracing adaptability, resilience and ambition to build unparalleled growth.
Rather than dwelling solely on past technological endeavours, the real untapped opportunity lies in fostering an analytics culture and promoting cross-functional collaboration.
By breaking down the barriers that often exist among data and people within organisations, we can unlock the full potential of MarTech investments. This approach not only compounds the value derived from these investments but also fortifies our ability to navigate and succeed in an ever-changing market environment.
The future holds promise for those who seize this opportunity to innovate and embrace transformation.
By Alan Azar, Head of MarTech & Analytics at Reprise Digital MENA (IPG Mediabrands)
