Assessing Martech Platforms: A Capability Perspective for Business Value

Marketing technology (Martech) platforms are essential for modern businesses, but evaluating them individually may overlook crucial interdependencies. This blog explores the process of assessing martech platforms from a capability perspective to ensure a value-first approach that goes beyond cost considerations.

1. Looking Beyond Individual Platforms: Martech platforms are integral parts of a larger machinery, interacting to create business value. Assessing them individually may lead to missed opportunities. It's crucial to consider their collective impact and interconnectedness.

2. Embracing Capability Assessment: Evaluate martech platforms based on their (joint) capability to deliver business value. By focusing on capabilities, businesses align efforts toward desired outcomes for end-users, customers, and the organization. Customized frameworks work best since standard approaches may not fit every scenario.

3. Framework Customization: Customize the assessment framework to suit your company's needs. Some platforms may require adoption numbers, while others need representation across regions or business units. Tailor the framework to capture the unique value of each platform while keeping in mind the simplifying factor, since it's not about the platform individually but how it brings value to the environment.

4. Identifying Business Value and KPIs: Understand the business value and Key Performance Indicators (KPIs) associated with each platform, or how they collaborate towards it. Collaborate with platform owners, IT counterparts, marketers, and business representatives to understand the platform's potential and impact and what are some needs and wants from your stakeholders.

5. Exploratory Phase and Gathering Insights: Conduct an exploratory phase to gather information from both outside and within the company. Consider end-user feedback, platform owner insights, and industry knowledge. Blogs from competitors and consultancies can provide valuable insights into your capability's maturity and possible next steps.

6. Mapping the Capability Landscape: Visualize the capability landscape by creating a representation that includes all stakeholders. Identify bottlenecks and issues to optimize the Martech ecosystem. Mapping helps guide decision-making and prioritizes areas for improvement.

7. Leveraging Data: Data plays a vital role in assessing capabilities. Analyze metrics on platform usage, user satisfaction, and historical trends. Understand adoption rates, regional variations, compliance issues, and usage trends to enhance the assessment.

8. Data-Driven Suggestions: Use the comprehensive information gathered to make data-driven suggestions. Focus on the value platforms bring, rather than just costs. Propose changes and improvements aligned with business objectives to optimize martech platforms.

Assessing martech platforms from a capability perspective unlocks their true potential. By considering interdependencies, identifying value and KPIs, leveraging data, and making value-driven suggestions, businesses optimize their martech ecosystem for long-term success. Customize the assessment framework to suit your company's needs and communicate the results effectively to drive informed decision-making.