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What’s your technology really costing you?

The marketing technology industry has exploded. According to the Martech Alliance , it’s worth $344.8bn globally, accounts for 23% of organisations’ marketing budgets and is set to increase over the next 12 months. It’s not surprising when we consider how much businesses increasingly rely on tech to understand, reach, engage and keep their digitally demanding customers. But are they making the most of their investment? Evidence suggest not: 65% of marketers say their company is not up to scratch when it comes to getting the most out of their technology. So what’s their investment really costing them? And how can they reboot their tech strategy, to safeguard their business and future-proof their growth?

A more demanding digital marketplace

The pandemic accelerated consumers’ digital lives. Spending more time online has boosted their expectations. They want human-centred, seamless, quick, omnichannel interactions. And the noise of brands clamouring for their attention is louder than ever. So companies are under more pressure to provide personalised, responsive, agile, nimble experiences. Which are powered by efficient tech. And not only efficient tech, but tech which is flexible enough to be able to meet fast-changing needs. Outdated or disparate systems won’t cut it in today’s marketplace.

 

Mapac Online Store - Reuben Digital
Mapac - Reuben Digital

 

The cost of inefficient technology

Poor, slow customer experience

Consumers want what they want now. Speed and convenience are everything. Slow systems, crashes, downtime, reboots, repairs will all result in lost business. In fact. 32% of all customers would stop doing business with a brand they loved after just one bad experience, according to a PWC report. Ultimately, they just want to feel like an individual who’s supported, heard, understood and valued. They don’t care about the latest tech, as long as it’s just tech which meets those needs.

Our work with school bookbag manufacturers, Mapac, is a great example of this. The company’s outdated systems and lack of eCommerce capability was affecting its ability to provide an efficient customer experience, reach new customers and grow its business. As well as building a new eCommerce site, we also created a fully integrated, back-office processing system which allowed for a more personalised, easier ordering process and also fulfilled orders more quickly. The result was an 80% increase in Mapac’s operational output.

Decreased productivity, increased costs

Outdated systems often suffer from counter-intuitive, difficult to operate interfaces and can prevent software from running properly, which mean tasks take longer, which means decreased productivity. Other operations may need to be completed manually, which also adds up to more labour. Obsolete systems can also lead to valuable data losses. Which costs more time and money.

Meanwhile, automation tech increases productivity and means people resources can focus on continually improving the business instead. 

Our latest project is a long-term E-CRM strategy with National Book Tokens, designed to engage customers and generate sales of the iconic gift cards while also encouraging book buyers to use local independent bookshops, that face increasingly relentless competition from the online behemoths. Read more about Caboodle.

Cybersecurity vulnerabilities

Research shows there are 10,000 new malware threats to businesses every hour. These can disable entire systems, which leads to more wasted time and money. Legacy technology is a target for cybercriminals because it’s often not able to be supported by the latest security software.

Legal and compliance risks

Data protection laws are becoming ever stricter. Outdated technology can exacerbate existing compliance risks that business owners may not even know about. Using unsupported software from legacy systems can lead to hefty fines.  

National Book Tokens Bookily - Reuben Digital
Bookily Online Platform - Reuben Digital

 

How to rewire your company’s tech strategy

A head in the sand mentality, fear of tackling the job and somehow ‘breaking’ the existing system or costs all hold companies back from really getting to grips with evaluating, integrating and updating outdated systems. But they can make the first steps if they think about People and Planning.

  • People: put customers at the centre of all tech decisions. Do existing systems resolve their issues, eliminate friction? Do they help the business create an emotional connection with them? If not, update, integrate, invest. Internally, great tech is only great when teams know how to use it properly. Upskill, recruit the right talent or outsource to specialists who can help maximise tech investment. And then make sure that marketing, IT and other teams don’t work in silos, so they’re continually reaping the benefits of better tech integration.
  • Planning: the tech strategy should always be closely aligned to the company’s business goals. It’s not about buying the latest tech or the best tech. It’s about making sure whatever tech you have delivers the experience your customers expect.

If you want to help with overhauling and optimising old systems so your business can thrive, we’d love to talk. Our team of specialists have the expert knowledge, agility and speed to better connect your business with your customers.

Get in touch and find out how Reuben Digital can revolutionise your business in 2022.


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