In this second installation of Drew’s interview with Eric Eden, CMO of Receipt Bank, they discuss additional strategies to improve your marketing technology stack. Be sure to listen to part 1 of this conversation on episode 71 of Renegade Thinkers Unite.
You have to have the right technology stack in place in order to be effective in today’s B2B marketing environment. After securing a budget and receiving buy-in from company leadership teams, selecting the right pieces to add to your stack is the next big step.
There are countless programs and applications available, but CMOs must avoid getting caught up in the newest, shiniest options on the market. By identifying your organization’s marketing and revenue goals you can then decide which programs will help you achieve those goals. Hiring the right staff and giving them the right training will ensure these pieces will positively impact your marketing efforts, which will drive leads to your sales team.
Don’t miss the engaging conclusion to Drew’s conversation with Eric – be sure to catch this episode of Renegade Thinkers Unite. Click here to listen.
Marketing technology stack additions are expensive and extensive – ensure you know what it entails upfront to avoid disappointments later on
Adding a new piece to your organization’s marketing tech stack puzzle can be a complicated, lengthy process. In order to receive the highest level of buy-in from company executives, they have to understand all of the costs associated with the new product. Eric explains to Drew that CMOs have an organizational responsibility to outline all of the costs of the purchase, implementation, and staffing so that other key organization members are not caught off guard later on in the process. It’s better to have to fight harder for new team members upfront than try to secure additional budget figures after committing to a piece of technology. To hear Eric fully explain why being upfront when considering a new piece of technology is so critical, don’t miss his interview on this episode of Renegade Thinkers Unite.
Why the people you hire to manage the technology can make or break its success
Very few companies already have the necessary team members in place to handle a new piece of marketing technology. Drew and Eric discuss the importance of having multiple employees that can handle writing a campaign, implementing the campaign, and then analyzing and reporting on the data. If you only rely on one employee to handle these tasks the chances of critical information going unnoticed rises significantly. Your organization’s tech stack team needs to be flexible, highly skilled, and knowledgeable about areas such as system security and data flow. CMOs need to be able to convey this necessity to company leadership in order for new tech stack pieces to be most effective. Eric explains that “You’ll avoid countless problems by hiring the right people with the right skills.”
Avoid “new and shiny” distractions to focus on what your business truly needs
There is an abundance of programs on the market that can satisfy any B2B marketing need. But Drew and Eric urge listeners of this episode of Renegade Thinkers Unite to not be distracted by the “latest and greatest” programs or products. As the CMO of your company, you have the responsibility of identifying what it is you want to achieve and then finding a system that helps you achieve that goal. If you simply set out to build a marketing system, you can build layers forever. You should also avoid system overlap. Revenue goals and budget restrictions will also help you narrow down the available options. Finding the right piece of marketing technology and seeing it succeed within your company will be worth the extensive upfront research. You don’t want to miss this conversation and more, so be sure to give this episode your full attention.
What You’ll Learn
- [0:30] Drew reviews part 1 of his interview with Eric Eden
- [1:18] You have to understand all of the costs associated with implementing and staffing a new piece of technology
- [6:03] Your tech stack team for new technology needs to be flexible and highly skilled
- [9:54] Don’t get caught up in the new and shiny applications, focus on what systems will help you achieve your organization’s goals
- [16:31] Narrowing your universe through account-based marketing (ABM)
- [17:48] Using business intelligence to visualize your tech stack data
- [20:15] Eric’s biggest frustration and challenge in B2B marketing technology stack spheres
- [24:24] The future of B2B marketing technology and how artificial intelligence will impact the industry
- [26:47] Final thoughts on marketing tech stack tools and the importance of product contract negotiations
Connect With Eric:
- Receipt Bank’s blog – when Eric joined the team as CMO
- Connect with Eric on LinkedIn
- Follow Eric on Twitter
- Follow Eric on Facebook
Resources & People Mentioned
- ON24 webinar technology
- Influitive peer advocacy program
- Engagio marketing orchestration
- CHART: Marketing Technology Landscape Supergraphic (2017): Martech 5000
- Ep. 14: Marketo’s CMO Reveals The Engagement Economy
- Tableau Software for Business Intelligence & Analytics
- Looker data analytics software
- Datalink information solutions provider
- Ep. 64: How Looker is Enhancing Marketing Data Analytics Through Organization and Face-to-Face Communication
- BOOK: Traction: Get a Grip on Your Business
Connect with Drew
Meet the Guest
Eric Eden has over 20 years of experience in technology marketing for Internet services and SaaS solutions. Eric has extensive experience in building great marketing teams, implementing marketing technology solutions effectively, driving demand in B2B marketing, and increasing shareholder value with best-in-class marketing initiatives.
Eric has been a marketing leader in three companies that have gone public – Network Solutions, Verio and Cvent. Eric has also worked for a number of growth companies backed by private equity. Currently, Eric is the Chief Marketing Officer for Receipt Bank – a global provider of business finance apps used by over 100,000 small businesses.
Quotes from Eric Eden
- "You can't master every system, you have to just pick your battles."
- The best thing to do is be upfront, really look into it and say "what is it going to take to run every piece of system of software?"
- If you're going to be successful, you can't just hire one of those flavors of people, you really need a group.