Common Reasons behind Martech Failure

Marketing technology, also known as martech is on the upswing. It’s expected to register even more growth in the future with its estimated market value being $122 billion by 2022. This significant growth is attributed to the ever-increasing pace of digitization in the corporate arena. Despite their increased spending on martech, it’s disappointing to know that most businesses are unable to make the most out of these solutions. This is due to several factors shown below

Reasons behind Martech Failure

While the future of martech looks bright, most organizations are unable to make the most out of the solutions they deploy due to factors such as

• Lack of Skills

Most companies have been proactive in investing in martech. This is good as it proves their willingness to keep up with the ever-changing business landscape. It’s, however, vital to note that for a martech solution to be effective, the company in question needs to do more than invest. It requires an experienced and skilled team of marketers who can use the martech solution to develop a cohesive yet productive marketing strategy.

In other words, technological innovation is only useful when the targeted market does the most to realize its full potential. Unfortunately, most organizations today have accidental marketers. That is, marketers who have little to no formal training. While they are talented in doing their jobs, their skills no longer fit today’s market. They lack the necessary expertise to utilize newer marketing technologies.

According to a survey conducted by Econsultancy, approximately 64% of businesses have already taken the step to invest in martech solutions but lack the necessary skills and expertise to deploy them effectively. Thus, even though the range of marketing technology solutions available today boast revolutionary potential, they make no difference due to the shortage of implementation skills.  .

• Adoption of Inappropriate Martech solutions

The increasing market value of martech has seen the number of solutions popping up every day skyrocket. On the one hand, this is great as it forces the minds behind these solutions to come up with even more innovative marketing technologies and gives businesses countless options. On the other hand, however, it is one of the main reasons behind martech failure. Thanks to the market saturation through the broad range marketing software, businesses are often unable to make the right choice. Hence end up adopting solutions that aren’t aligned with their objectives and goals.

Carefully Plan Your Strategies Today

Given the above challenges, one would assume that businesses will take a step back first and go slow on martech investments. However, this isn’t the case because as noted earlier, the market value of martech is currently on its all-time high. Why? Well, while a majority of companies today are unable to implement martech appropriately, some have successfully deployed martech and are reaping huge benefits. Your business can be among these success stories if you take the time to carefully plan your approach.