Marketing technology has become a critical component in delivering the optimal customer experience, revenue generation, cost of customer acquisition and customer lifetime value. One final note about a single vendor strategy: if one company could provide you with all your marketing technology, would you purchase everything from a single vendor? I wouldn’t. Remember the martech landscape is now north of 7,000 products, but some vendors do have large catalogs of exceptional products, and it makes sense from a business perspective to leverage those where you can to give yourself the best possible negotiating power. The reality is your primary vendor will not offer every product you need. The way to approach a single vendor goal is to select one or more of your anchor platform vendors and then choose additional products from its catalog that make sense from a feature, performance, price and integration perspective.
This is not always straightforward, as many of the products in these portfolios have been added through acquisition, which provides no guarantee that they will easily integrate with one another. These vendors also promote ease of integration and implementation as a benefit of a single vendor solution. The benefit of working with a single vendor is simpler vendor management and better-negotiating power as the number of that vendor’s products in your stack increases. These vendors are expanding their product portfolios through development and acquisition. Adobe and Salesforce have made the most progress in this area.
#Swing it to the left swing it to the right full#
One of your anchor platforms (a CRM or marketing automation platform) likely comes from a vendor that is working towards being able to offer a full suite of marketing technology products. Having a single vendor strategy is a good starting place. The right path is a combination of all three. I wish it were as simple as picking one approach, but it’s not, and I continue to be amazed when colleagues tell me about the ideological wars underway in their organizations as different groups fight for one approach over the other. I’ve written before about the absurd ideological arguments between purchasing best-of-breed versus a single vendor solution, but now there’s a third party in the mix - platform ecosystems. No, I’m not talking about US or UK politics, I’m talking about technology purchasing strategy. There’s a political storm brewing, and things just got a whole lot more complicated.
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