I’d like to tell you a story about wasting money (don’t worry, it’s short):
I had recently become the head of revenue operations at a relatively mature organization. And, as one does when taking over a new department, I started getting a lay of the land. The whos and whats and whys and hows. Shortly after starting that process I got to the part where I needed to review the budget. (You know, so I could ask for more. It’s what the new person is supposed to do, right?)
“Wait. We’re paying how much to host our website? And, hold on, no one’s even touched that tool in a year, why did we just renew for $50,000?” I wasn’t exactly shocked at what I found. It was more … frustration. Frustration at the lack of accountability in the company to keep track of, and leveraging, large investments, and frustration in the vendors for only caring about ACV and ARR instead of ensuring customers are getting value from their platforms.
And that’s why I’m writing this, because I think there comes a time in every marketing and ops leader’s career when they look at their budget and ask, “How the !#$ are we spending that much on our tech stack??” or, equally frustrating, “Where is that beautiful, rosy image of the future we were promised by smashing all this tech together?”
Maybe that’s happened to you already. Maybe many times. Maybe you just don’t want to think about it any more and are about to close this browser tab (I don’t blame you. The shortcut is: Ctrl + w or Command + w if you need it).
If you’re still with me, I’d like to share with you the journey I took towards martech enlightenment. Or at least share a framework that I used that will hopefully help you and your team take a long look in the martech mirror and try to find yourselves … a way to get a handle on this mess.
Over the next 7 posts, we’ll cover:
- The role of business goals in your tech stack
- Capturing your current state
- Getting into the personal weeds
- Reviewing your findings in light of your business goals
- Finding gaps
- Exploring opportunities
- Taking Action
So, without further fluffing the size of this post, let’s get into it:
Part 1: The role of business goals in your tech stack
It may be helpful to know something about me: I’m a nerd; I enjoy learning new things and trying the latest tech. It’s exciting to know how things work and how they can work together to create a grand vision.
But, early in my career, I pushed hard for tools because I believed in the tool itself and what it could do. Not because I knew it aligned with any of our core business goals or objectives.
And here’s the thing: there are people in your org who do the same. Maybe even you. In fact, I think we all occasionally buy into the hype of tools and later rationalize the purchase. And that’s OK, a lot of the time we find a way to get value out of the system. The problem is, as an industry, most of us admit that we’re not getting the most out of our martech investments. Or, as Scott Brinker put it, “Martech utilization sucks.” (Although he’s actually making the case that utilization is maybe the wrong metric to look at. Anyway, read the article, it’s interesting).
A major reason we feel that way is because we haven’t intentionally created a marketing technology strategy rooted in our business goals for our tech stack. And for some of us, that’s because we’re not really sure what those goals are. So, that’s where our look in the mirror starts: clarify your business goals for your tech stack.
Some of you are like, “that was easy, done.” And others are wondering how in the world a tech stack can have goals. Also, where would you even start?
A good first step is to pick a goal setting framework just like you would for a person or team. (One that is relatively simple to get started with is the Salesforce V2MOM. But make sure to check with your leadership team to see what they use so you can ensure alignment up, down, and across your company.)
Once you’ve chosen a framework, set aside a couple of meetings with your team to focus solely on filling it out. Use your existing business and team goals as a starting point and ask yourself what role you need your technology to play in making sure you achieve those goals. I know it sounds like a lot of time to spend on something ethereal, but I’m sure you can think of a number of quotes from smart people reminding you that failing to plan is planning to fail and all that. So, just invest the time up front for the payout later.
If you need some inspiration, here’s an example of a V2MOM:
Vision
- A unified set of technologies that enable our small team to deliver outsized impact and revenue contribution.
Values
- Data Integrity
- Simplicity
- Accountability
- Accuracy
- Consistency
Methods
- Evaluate and purchase the right tools
- Fully and professionally implement all new technologies
- Audit, repair, and/or re-implement existing technologies as needed
- Train and empower the team on each technology necessary for their roles
Obstacles
- Budget tightening
- Many vendors to choose from
- Stringent security requirements
- Busy team
Measures
- Lead, contact, and account data flows seamlessly between go-to-market systems
- Platform utilization rates hit 80% or more
- Revenue contribution increases by 10%
This will take some time to get through, but it doesn’t have to be perfect. Just make sure it’s directionally correct, you can tweak later if you need. This goal framework, whatever that looks like in your org, will be the basis for the rest of our look in the mirror series and should serve as your northstar when making martech decisions moving forward.
See you soon for part 2.