Introduction To Demand Generation Technology
Adopting the right marketing technologies is both time consuming and expensive. But it's all together essential that marketers have the tools needed to identify the right customers, automate advertising and email marketing, track activity across all channels, and measure their success in terms of revenue.
There are a lot of systems in place and marketers need a good overview of core technologies and how to identify best in class vendors.
This chapter is dedicated to identifying the core demand generation technologies.
Defining Your Martech Roadmap
Creating your demand generation technology roadmap is a great place to start. Like any product roadmap this is an excercise in prioritizing based on a number of factors.
These factors include:
- What's the immediate benefit?
- What's the ongoing benefit in terms of time or money saved?
- What's the size of the benefit?
- What's the lenght of time needed to implement?
- What's the cost required to implement?
With these factors in mind you can create a matrix that scores the cost and benefits to arrive at a prioritized list of demand generation marketing technologies you should implement. The matrix looks like the one below:
One way to look at this prioritzation matrix is a measurement tool of overall biggest impact you can make today. Another way to look at it is a measurement of the cost of waiting to implement new technologies.
For technologies like marketing attribution, we worked with consulting firm, Forrester, to study the cost of waiting to implement marketing attribution. This is a great example of how to thinkg about and prioritize which marketing technology to acquire next.
The Core Demand Generation Technologies
The core demand technologies are defined by capabilities. According to our 7 Stages of Marketing Sophistication, core technologies begin with the ability to create content to attract audiences to your brand and build awareness. Acquiring a content management system or publishing platform is the first step.
From there, automation and basic reporting capabilities come next.
As marketing technology continues to evolve you'll eventually consider products that help you make budget decisions in the present, based on an anlysis of past performance data.
Getting Ready For The Future Of Marketing Technology
Two examples of the predictive marketing include analysis results for an "ideal customer study" which looks at firmographic traits of existing customers to create a scoring system for new leads. For the first stage of the buyer journey these predictive technologies can help you find look-alike leads and you can begin targeting them with ads and content.
Another example is account engagement scoring which helps marketers identify accounts, grouping them by how close or far they are to becoming closed-won. This enables marketers to control the funnel. If their goal is to quickly close customers to reach a deadline or time dependent goal they can identify and focus on accounts that are closer to becoming a customer. If they have a longer term goal they can plan campaigns targeting accounts that need more effort to convince and convert.
The last example is adaptive marketing technologies. Adaptive analytics is on the fly recommendations for spending and optimization. For example, it can tell you which demand generation tactic to use given the traits of the account. Whether it's stage in the funnel, company size, contact job title, or any other traits, an adaptive analytics engine will provide you the best answer moving forward.
The future of demand generation can be described by better use of existing data. While marketers now have access to troves of useful data, it's data science and computing that will enable insights to extracted from the data. It started with access to click-through rates and pageviews, then it shifted to revenue per lead and conversion rates, and tomorrow all of that data will be used to compute predictions and recomendations.
The marketers job will shift from constant experimentation to computer assisted spending to hit a goal by a given deadline.
We've covered the buyer journey, metrics, tactics and marketing technologies associated with modern demand generation. We hope this guide has been resourceful for improving and optimizing your program.
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