Unfortunately, martech managers lack effective tools to assess and show the impact of martech. They rely on anecdotal user reviews, interview-based software overviews by analysts, and methods like calculating the martech utilization rate and total cost of ownership (TCO).
Efficiency metrics like martech utilization rate and total cost of ownership focus on saving money, whereas effectiveness metrics focus on making money by creating value. Efficiency is about doing things right, while effectiveness is about doing the right things.
Companies need to shift their focus towards effectiveness metrics instead of solely relying on efficiency metrics to truly showcase the value of martech. Efficiency benefits the company, but effectiveness benefits the customer and strengthens the business case.
Frequent reports of software failures, such as high CRM implementation failure rates, contribute to the challenge of demonstrating the true value of martech. An emphasis on tools that drive customer-centric value creation is essential for successful martech implementation.
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