You’ve seen all the data. Over 3000 martech companies are vying for the CMO’s technology budget which is expected to exceed that of CIO by the end of the decade. As the martech landscape gets more crowded and the competition to gain and retain customers intensifies, martech companies must focus on their own marketing efforts if they want to grow.
At nFusion, we’ve had the privilege of working with companies like Microsoft, Oracle Marketing Cloud, Sitecore, Cvent and D&B to help them better understand their target audience and craft demand generation programs to help them grow. In the process, we’ve learned several things that can help other martech companies better market to marketers.
- The CMO is not a ubiquitous persona – I often hear martech companies say they want to “market to the CMO”. While that may be shorthand for marketing to the marketing department, this simplification hides important distinctions within the buying committee. The issues of the CMO, the demand generation leader, the brand marketers and the marketing operations teams are related but different. It is critically important to understand the real personas that matter most to a specific marketech product.
- Know when the CIO’s team matters – Many martech product are SaaS offerings that can be implemented with limited to no involvement from the IT organization. But others require integration with customer data and other back-end systems and those will require the involvement of the IT team. Understanding how to communicate to the IT community in parallel to marketing professionals will be important. Many martech companies are struggling to find that balance.
- Tailor your connections and content plans to the buyer’s decision journey – In addition to tailoring your plans to the distinct personas, it is essential to tailor your programs to the stages of the buying process. Offering a demo as the first contact is probably not a good idea. Neither is sending detailed product white papers as the standard follow up to a preliminary inquiry. Tailoring the right message and content in the right media at the right time in the decision process will be key to getting the most out of your marketing investment.
- Plan your ABM program with Sales – Account-based marketing (ABM) programs that target named accounts are proving to be quite effective for martech companies who sell to larger businesses. We’ve learned that the critical first step in the process is to align with the sales organization on what defines a good prospect. This is closely followed by defining the best opportunities for cross-selling new offerings to existing clients. The process of documenting the best opportunities and creating sales and marketing playbooks designed for different types of opportunities takes some methodologies and rigour that many martech companies don’t have.
These are just a few of the lessons we’ve learned about marketing to marketers. If you’d like to discuss how these and other insights apply to your business, please drop me a note at JEllett@nFusion.com.