When adapting your business strategy for optimizing revenue, every decision you make must take revenue outcomes into account. One of the most vital decisions that impacts revenue as well as tactical day-to-day processes is the technology you select to use across your organization.
The tools you need to survive in today’s consumer market are found in your tech stack. The tech you use must have the ability to:
- Track performance to determine what is working－and what isn’t
- Gather data on customers you can use in your marketing strategies
- Adapt with you as your business scales, so you can remain agile
Ultimately, the tools you use internally must produce better experience for your customers, so you can generate and increase revenue.
Today’s Average Tech Stack
Unfortunately, many organizations don’t make technology decisions with this end goal in mind. Only 20 percent of businesses make outcomes the deciding factor for a marketing technology purchase. It can be scary to invest too much money in certain technology, so they try to cut corners, purchasing technology that resolves one specific, short-term need and as a result, spending more money on numerous programs. They don’t consider how to efficiently integrate the necessary tools to help their employees work better and smarter.
These smaller platforms are exciting when you first implement them, but over time they become their own problem as your business begins to grow. Fragmented information coming from different directions results in apparent gaps in processes and internal communication, and as you add more of these to your tech stack, these gaps grow and multiply.
Additionally, with each new solution you add to your stack, time is spent in setting it up, integrating it with other programs and onboarding employees to use it. And even after initial training is done, there is a learning curve for members of your staff to become fully comfortable with the technology. It’s not entirely uncommon for some employees to become frustrated and give up using it altogether.
It’s not just an internal issue, either. Delivering disconnected messaging and providing an inconsistent experience from one channel to the next doesn’t leave your audience with a positive opinion of your brand. Streamlined processes mean a seamless end-to-end journey for both existing and potential customers.
Even if you are a small business now, you likely have plans to grow, which is why you need to find a solution that will grow with you and save you time, money and productivity in the long run.
Consolidate for Overall Improvement
Not all hope is lost when it comes to developing and finalizing your tech stack, however; it just takes a more strategic approach. Change your mindset from “we need platform X to address process Y” to “we need a platform that addresses and integrates all our operational needs and will make our entire company more efficient.” This means taking into consideration what capabilities each department requires, and how those departments collaborate and communicate with one another.
Talk to your team to understand their day-to-day processes, the pros and cons of the solutions they are currently using, and what they believe could be changed to improve efficiency. Once you’ve gotten an idea of end users’ use of different tools, evaluate the feedback and look for areas where technology is lacking that could be automated to improve internal efficiency.
Sizmek research revealed over two-thirds of brands are prioritizing the reduction of vendors in their supply chain. Slimming down the platforms in your stack means you can gather data that makes sense; data that is actionable. A single view of a customer, their interactions with your brand on various channels and devices and their purchase behavior creates the ability for your organization to tailor future communications that will resonate with them.
Plus, fewer programs means you don’t have to protect data from a dozen or more sources. Instead, you can maximize security for just one or two platforms, giving you－and your customers－peace of mind.
Invest Today to Grow Tomorrow
While building your tech stack will cost you more upfront, the long-term financial and time savings are well worth it. Keeping all your data in one place, creating a 360-degree view of your customers and understanding them, delivers better experiences that generate more revenue for your company. Personalized, data-driven marketing is now essential, and if you aren’t doing that, you are underserving your customers and missing out on potential revenue.
Whatever solution you choose, it’s essential to view your tech stack as something that needs to grow with you, so you won’t have to frequently re-evaluate and spend even more money.
Don’t just buy software based on your business now－buy it as a scaling business. An all-in-one platform that helps to deliver better customer experiences and how you move beyond surviving to truly thriving.