The marketing industry is facing a pressing problem: the alarming levels of digital waste being generated by companies’ investments in technology and software, as well as duplicative digital advertising and content strategies. These inefficiencies not only result in financial waste but also contribute to environmental pollution. In this article, we will explore the findings of a commissioned study conducted by Forrester Consulting on the financial and environmental impact of digital waste in the marketing industry. We will also discuss the proposed solution, ConnectedContent, which aims to address this issue and promote a more sustainable future.
The Problem: Managing MarTech
According to the study conducted by Forrester Consulting, only 17% of companies indicated that their different technology components work together extremely well. The average company surveyed was found to be using up to six different systems, leading to increased complexity and inefficiencies. This lack of integration and coordination in marketing technology stacks results in disjointed efforts and wasteful duplication. The consequences extend beyond financial waste, with yearly digital waste being equivalent to the global CO2 emissions from the aviation industry.
Myles Peacock, the global CEO of Investis Digital (iDX), highlights the need for solid foundations and governance in digital strategies to prevent significant waste throughout the ecosystem. The industry is projected to spend an astonishing $4.7 trillion on marketing by 2025, with a quarter of that spend going towards marketing technology. Peacock emphasizes the importance of ensuring that marketing and communication efforts are seen by the right audiences and acted upon, as anything else is considered pollution.
The Solution: ConnectedContent
To address the issue of digital waste, Investis Digital (iDX) proposes a solution called ConnectedContent. This approach combines marketing technology (MarTech) and advertising technology (AdTech) platforms to ensure maximum efficiency and effectiveness. When implemented well, ConnectedContent has been shown to result in increased company revenue, improved customer experience, and a more efficient use of time.
ConnectedContent aims to harmonize complex platforms and processes, making teams more efficient in creating and measuring content. By streamlining marketing technology and ensuring a more profitable outcome, waste can be collectively reduced, ROI can be enhanced, and the end customer experience can be improved. This approach has been successfully employed by iDX with over 1,600 global corporations, enabling better stakeholder engagement, deeper connections, and driving growth.
Benefits of ConnectedContent
The implementation of ConnectedContent has shown significant benefits for companies. Based on the survey findings, the following positive outcomes were reported:
- Increase in Company Revenue: 59% of the surveyed companies experienced an increase in company revenue after implementing ConnectedContent.
- Improved Customer Experience: 55% of the companies reported improvements in customer experience, indicating that the streamlined approach positively impacts customer satisfaction.
- Efficient Use of Time: 48% of the companies found that ConnectedContent resulted in a more efficient use of time, allowing teams to focus on more strategic tasks.
These benefits highlight the potential of ConnectedContent to drive positive outcomes for businesses while simultaneously reducing waste and promoting sustainability.
Implementing ConnectedContent
To implement ConnectedContent effectively, companies need to follow a structured governance approach. This involves combining MarTech and AdTech platforms to ensure all tools are being utilized to their maximum potential. By connecting and integrating these platforms, companies can avoid redundancy and optimize their marketing efforts.
ConnectedContent relies on three key pillars:
- Structured Governance: Implementing a structured governance framework ensures that all marketing technology components work together seamlessly and efficiently. This includes defining clear roles and responsibilities, establishing guidelines, and maintaining oversight of the entire marketing ecosystem.
- Maximizing Technology Investments: ConnectedContent aims to utilize existing technology investments more effectively. By integrating and aligning different technology components, companies can optimize their use and avoid unnecessary duplication.
- Streamlined Content Creation and Measurement: ConnectedContent enables companies to create and measure content more effectively. By harmonizing platforms and processes, teams can work more efficiently, resulting in better content quality and improved measurement of marketing efforts.
The Impact of AI and Future Trends
As the marketing industry continues to evolve, the adoption of artificial intelligence (AI) is expected to increase significantly. Forecasts suggest that businesses will spend $4.7 trillion on marketing by 2025, with a significant portion going towards AI-powered MarTech. However, the successful implementation of AI in marketing relies on solid foundations and connected content frameworks.
Without a proper governance framework and connected approach, the potential benefits of AI in marketing may be overshadowed by increased waste and inefficiencies. It is crucial for companies to establish strong foundations and embrace connected content strategies to fully leverage the power of AI in their marketing efforts.
Conclusion
The marketing industry is facing a critical challenge of digital waste caused by fragmented technology stacks and duplicative content strategies. To address this issue, the implementation of ConnectedContent, a structured governance approach that combines MarTech and AdTech platforms, is recommended. By utilizing technology investments more effectively, streamlining content creation and measurement, and embracing a connected approach, companies can reduce waste, improve ROI, and enhance the end customer experience.
As the industry embraces AI and continues to evolve, it is essential for businesses to establish solid foundations and connected content frameworks to fully leverage the potential of AI in marketing. By doing so, the marketing industry can strive towards a more sustainable future, minimizing waste and maximizing the impact of marketing efforts.
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