Marketing Technology in 2015
As 2015 draws to a close, we have a few thoughts about where Marketing Technology landed in 2015.
1. Not much changed with the glut of MarTech vendors and confusion around what products can do. Every month it seems like new companies came out, new technologies were built and all of them could solve everyone’s problem at the click of a button. This was no different than 2014. More charts show up displaying the different vendors in colorful graphics, none of which made decision makers jobs any easier in picking the right technology for their enterprise technology culture. Better tools that help decision makers are still lacking but that is why we are building Open Lantern.
2. Companies still used the purchase of technology as a substitute for having a coherent Marketing strategy. What a company should be doing is understanding their C-Suite goals, build a digital strategy around them, leverage technology to deliver on them and ensure they have the right people to execute against those goals.
3. The right skillset to execute a digital strategy is still a large gap in many companies. We have all struggled with finding people who are digital competent and able to run technology that can further our goals. Finding people has always been difficult and HR still struggles to find the right people. To deal with this gap, companies are hiring agencies, vendors and consultants to tackle their challenges. For those wanting to build this skillset inside the company, there needs to be more focus on training and development in digital products.
4. More mergers and acquisitions happened in 2015 and this will continue in 2016. The question that business leaders need to ask is whether they want to commit to single platforms that claim to do better integration or choose different technology stacks which have open APIs and communication connectors that makes the single product cloud less relevant. This will continue to be a struggle for decision makers in the Marketing Technology space.
5. Marketing Technology continues to grow and develop in 2015 from the oft ignored field it has been the last decade. More CIOs and CMOs see the importance of the function regardless of where it sits. The increase in this function in the Fortune 500 is a testament to that. However, it will continue to be an area under pressure to show how it does things differently and how it can be a valuable resource for a company in driving towards their business goals.
Have a safe and wonderful New Year celebration and we look forward to more MarTech excitement in 2016, especially with the launch of our Open Lantern product for large, complex companies.