Master Marketing Technology Resource Allocation

May 25, 2016

Resource Allocation

What kinds of resources does it take to successfully leverage today’s marketing technology?

You know that you need a foundation of marketing technology to succeed in today’s healthcare environment. You may know how to deploy it to deliver an omni-channel experience. But how do you allocate your resources to maximize results with a limited marketing budget?

Who Drives Strategic Technology Integration?

As recent research from PricewaterhouseCoopers confirms, top-performing organizations tie marketing technology initiatives back to business goals, specifically revenue growth. CEO leadership is critical to that integration. However, marketing executives are also very important. Chief sales officers, marketing officers, and even patient experience officers are better than chief technology officers at integrating key technologies with strategic digital objectives.

Why? Because marketing executives prioritize consumer-facing digital investments more than technology executives, who prioritize technology infrastructure over consumer or patient experience. As healthcare lags other industries in providing a digital experience that fits into consumers’ mobile and technology-focused lives, marketing executives must drive this technology revolution for their organizations. In healthcare, digital transformation requires transforming the consumer and patient experience, and giving marketing communications a makeover to talk with consumers, not at them.

This type of fundamental transformation also requires new marketing skills. More than half of marketers polled in 2015 indicated they had previous professional experience with social media (76%), marketing operations (65%), and consumer experience (56%). Fully half indicated they dedicated personnel to marketing technology specifically. The top newly created marketing function was content strategy (30%), followed by marketing/digital transformation (21%) and mobile (18%). For 2016, organizations planned to expand into data science, consumer experience, and mobile.

What Tools Do You Need?

According to the PricewaterhouseCoopers research, the need for changing leadership roles and new skill sets explains why 71% of technology spending in North America is now outside of the CIO’s control. A recent study reinforces this shift. Surveyed executives indicated their top priorities for the coming year included business analytics, marketing technology, and creating an omni-channel consumer experience.

To accomplish these goals, the top tools on their wish lists included business intelligence, marketing automation and campaign management, interactive consumer content (like social media and mobile), and advanced analytics.

How Can You Afford This New Marketing Paradigm?

For a healthcare organization, these resources probably sound prohibitively expensive. But healthcare isn’t alone in this struggle. Despite efforts to fundamentally shift marketing strategies, a recent Association of National Advertisers survey shows organizations are struggling with implementation. Specifically:

  • Fuzzy Insights: Only 13% of respondents felt they had a strong grasp on consumers’ decision journeys.
  • Poor Translation: Only 10% believed they effectively translated consumer insights into behavior change.
  • Slow Response: Almost 60% said it took at least six months to implement marketing initiatives.

Limited budgets and immature skill sets have led to an increased reliance on third-party expertise. A full 40% of organizations brought in outside help to understand the consumer journey, and 45% depended on partnerships for content development and management.

This strategy makes sense, especially for healthcare organizations straining to keep up financially and strategically with rapid healthcare change. Your expertise is patient care, not consumer insights and experiential marketing.

How do you master marketing technology resource allocation? Distribute skill sets and tools throughout your organization—and outside it—based on inherent core competencies that will optimize insights and the consumer experience.

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