Time And Technology Waits For None
When marketing technology made its first waves, it had a handful of adopters. With its gradual success, more companies wanted to make it a part of their business. But, the funny thing with technology is that it keeps improving itself. Take for example mobile phones. Every year mobile phones get bigger and better. Let’s say you buy a phone, and within a few months something better comes out. Now, the question that arises is, do you upgrade? Chances are you won’t because it simply does not seem like a prudent way to spend money. Unless you have an unlimited amount of money or extremely rich, that simply won’t happen.
Many companies too behave like us. They have limited budgets, so using it prudently is of great importance. Trying to keep up with the pace at which marketing technology moves has become somewhat impossible of late. Innumerable innovations take place and every other day there is something new and updated coming out. Usually, with technology, people use it till a certain point of time and then consider an upgrade. Some keep using it till they are forced to upgrade, while some upgrade beforehand to keep up with the competition. While the latter works for consumers, companies should not do it.
But Why Shouldn’t They?
You might ask, and rightfully so. As I already said, most companies work with limited budgets. With rising costs, it might become difficult for some of them to keep updating the marketing technology that they use. That is understandable. But, just because company X wants to keep using legacy technology does not mean that company Y will do the same. Company Y will upgrade their existing infrastructure and zoom past X. Unless company X does the same, they will start losing business.
At this day and age, technology is a godlike entity. It can make or break a business. With rising consumer demands, a company that does not resort to the usage of the latest in marketing technology will fall behind. What works for consumers will never work for enterprises. But the funny thing is the people running these enterprises are consumers themselves. Hence the similarity in their psychology. But if you truly want to succeed, you need to start thinking like an enterprise. That is the only way you can succeed.
Of course, this is not the only reason for not adopting upgraded tech. More often than not you will see users of legacy technology getting so used to it that they will find difficulty in shifting. This happens simply because they have been using it for a long time and have gotten used to it.
So, it is advisable that companies upgrade their marketing technology regularly. In order to spend wisely, it’s best to chalk out a strategy so that you don’t break the bank while doing so.
Align Business Goals With Technology
If you want to upgrade your technology, the best thing to do will be to think of your business goals. Your business goals will dictate what you will need to stay ahead of the competition for the next 2-3 years. Of course, depending on the nature of your business the time period will vary. But, you get the drift. You cannot chase business goals without aligning your marketing tech neither can you chase marketing tech without aligning it with your business. Both are fruitless pursuits if not done together. After all, you are investing in technology to fulfill your business goals.
…The Next Big Thing
While time and technology will never wait for you, you can use both of them to plan out your upgrades. Of course, I would not suggest using legacy tech and wait for the next big thing that comes around. But, you can upgrade in such a way, that your next upgrade aligns with the next big thing in marketing tech. Think about it. The first marketing technology was in the form of CRMs. Then came marketing automation and now people are talking about AI, IoT and what not. The next big thing is always coming and even if you miss it you can always get something better in a matter of months nowadays.
Timing Is Critical
When it comes to adopting marketing technology, time is of the essence. New solutions are needed nowadays to tackle new problems and if you want to be a modern marketer, you will have to jump on this bandwagon. So, chuck out the legacy tech that you are using and start upgrading your marketing technology. Otherwise, chances are your enterprise too might become a relic, just like legacy tech.