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Marketing technologies: when innovations harm rather than help
Marketing technologies are important and effective tools for business development. Thanks to the use of various algorithms and the analysis of data sets, it is possible to significantly improve and facilitate the work of specialists. The potential of innovative technologies in marketing is proven by figures: 70% of companies increase investments in this sector. According to experts, the dynamics of development of this direction is about 22% annually and is estimated at $122 billion.
Despite such a growth in demand for marketing technologies, a number of companies abandon them. The reason for this is the mistakes that specialists make when using these tools. The main ones are data hoarding and magpie syndrome.
Digital hoarding is the collection and storage of information with the expectation that it may come in handy. However, this does not happen and data accumulates, making it difficult to process and find useful information.
Many companies face magpie syndrome, especially those that want to keep up with the times. They actively implement all new tools and systems without figuring out if they are needed for the task at hand. It should be understood that innovative and widely advertised technologies may not give results in a particular case, but only cause time and financial expenses. In addition, it is necessary to be able to use new tools correctly, and for this, the specialist must clearly put the question, the answer to which the system will be looking for.
In order to find an effective marketing technology option for a particular company, three important points must be worked out:
- carefully analyze the algorithm of interaction between a client and a business;
- divide the implementation of the marketing strategy into several stages;
- integrate various tools into a unified marketing approach.
The last step involves parsing the basic approach in order to determine which technologies are needed in a particular case. And then from them to create a single set of tools, guided by several arguments. A specialist must answer two questions:
- whether the results of the application of technologies will be able to solve the problem;
- whether the benefits of using these tools can exceed the funds spent on their implementation.
An important point for the effective work of marketing technologies is the interest of staff. And to do this, it is necessary to convey the benefits of such systems and teach them how to use them correctly. A common practice is to hire third-party specialists who take care of the procedure of integrating innovative products into business processes. In addition, they train staff on how to use the technologies, which speeds up the transition to digitalization.
Until employees understand the benefits of new products for their business, don’t expect any meaningful results for business development.