Unchecked MarTech investment is backfiring.
Purse strings are tightening, as several years of unchecked investment are not delivering significant ROI. How do you solve your big problem? More tech? Please. Lay out all the steps required to build a highly confident roadmap to ROI, before you spend another dime on tech—but where do you start?
If you want to reduce the time to deal closure, the solution is creating a path to revenue BEFORE selecting the tools best supporting the journey—even if you’ve already got most of the tools and “just” need to fill a tech gap.
Get Back to Basics
There’s no escaping the basics. You have to put Strategy before Tactics. Strategy without tactics is hopes and dreams—and you’ll never get anywhere without action. But tactics without strategy is a risky proposition, too—how long have you been running in circles simply because, “That’s the only way [ tool ] works right now”?
Anchoring bias will sink your ship. It’s only a matter of time.
Approach your problem devoid of tools. Get truly agnostic.
Solve the problem the tool was supposed to solve.
Give yourself a clean slate. What would the perfect solution look like? Instead of framing the problem within the scope of your existing tools, forget about them entirely. Define your ideal, dream plan. Where is your pipeline coming up short? What real, actual problems are slowing down your sales cycle? What do you need to do about it? What’s the best way to do it? What’s the shortest, straightest line you can draw to revenue—for you? For your customer?
Forget about your tech stack. Forget about your budget.
Forget about anything that doesn’t directly impact the problem.
Draw a line to revenue—then adjust your tech stack to do what you need.
Use it—or lose it?
If anchoring bias will sink your ship, sunk cost fallacy will smash it to bits on the rocks. Just because you have tech doesn’t mean you have to use it. Again, this is why a clean slate approach to problem solving is so powerful. When you come up with a clear, straight line to revenue, it becomes easier to see where you’re burning cash on solutions that are anything but.
It’s understandable to feel a need to continue using what you’ve already got—and your contract/budget may dictate you do so for some time—but ask yourself WHY you invested in those solutions in the first place. You were trying to accelerate pipeline and grow the business, right? You were trying to scale and close more deals.
Draw the line to revenue.
The tool is not the line. It’s just a tool. You know the old line about how, to someone with a hammer, every problem looks like a nail. If you’re framing solutions in terms of tech that’s potentially getting in the way, you’re playing a dangerous game. So let’s get down to brass tacks, shall we?
One of the biggest problems out there these days is that it’s taking too long to get deals done. It may very well be THE biggest problem you’re facing right now. But just as YOU would expect a vendor to show you a simple, clear path to ROI before you’d sign off on a new deal, your prospective customers expect nothing less for themselves.
Newslfash—nobody wants the solution that best fits your existing tech stack.
They want the best possible solution to their problem. Period.
So what do you do about that?
Get out of the weeds.
It’s easy to get wrapped up shiny new tools. And it’s easy to let anchoring bias convince you the best solution is the one that uses all the technology you’ve spent a fortune acquiring. If you want to get out of the weeds and catch the big fish, though, you need to make sure your tech stack is working FOR you—not the other way around.
It’s so simple. And yet, so often, incredibly hard to do. Tomorrow, we’ll get into what you need alongside your tech if you want to see the ROI numbers your reps showed you before you signed those contracts. Stay tuned!