As of 2023, there are over 11,000 MarTech tools available to marketers - an 11% increase from 2022, according to ChiefMartec. And while no company is using every tool out there, you may be surprised at just how many marketing technology tools the average company uses.
ChiefMartec crunched the numbers and discovered that enterprise businesses use an average of 120 marketing tools. It’s definitely a big number, but when you think about lead generation tools, project management platforms, customer relationship management (CRM) systems, marketing automation platforms, analytics tools, AI solutions, and more, it’s easy to see how the roster quickly adds up.
Yet Gartner found that marketers are using less than half of their MarTech stack capabilities. So, what’s a savvy marketer to do? How do you ensure that you’re getting the most bang for your MarTech stack buck? It’s time to do a stack inventory.
What is a stack inventory?
Just like getting your car a tune-up or refreshing your wardrobe, your marketing technology needs a critical eye and regular evaluation.
A MarTech stack inventory is an analysis of the tools you work with, whether you use them regularly or not. It’s a deep dive into your marketing goals and a gut check that the tools you and your team use to implement your strategic marketing vision are working as hard as they can for you.
We recommend preparing a spreadsheet that includes each marketing tool in use, along with the cost, contract expiration date, admin(s), user(s), features in use, and marketing purpose. This deliverable will anchor the analysis and ensure your team is aligned on each tool.
The best time to complete a MarTech stack inventory is when you’re focused on your annual goals or whenever a business pivot has changed your marketing strategy. This is the perfect time to make sure every tool in your stack is going to help you meet—and exceed—your goals.
It’s also worthwhile to do mini reviews or check-ins midyear. At these intervals, review your list of tools and make sure everything is still working how you need it to. It’s always possible that certain MarTech tools have run their course with your business and it’s time to move on.
Questions to ask in a MarTech stack inventory
Especially if your MarTech stack is in the double (or triple) digits, it can feel daunting to start an inventory. Here are a few questions to get the ball rolling:
- Are we using all the tools we are paying for?
- Are we making the most of features that are available within these tools?
- Are there any tools we’ve outgrown or no longer need?
- Are there functionality gaps? Can we utilize features we’re already paying for to fill these gaps?
- Are there tools in our stack that are duplicative? Can we consolidate because a single solution has a feature that can replace another tool in our stack?
Defining ROI in a MarTech stack inventory
When evaluating your MarTech stack, you’ll undoubtedly have return on investment (ROI) on your mind. In a general sense, the purpose of a stack inventory is to make sure each tool is worth the money you’re paying for it. But it’s often more complicated than that.
When evaluating the value in each tool, it’s important to evaluate ROI more broadly. It may not be simply dollars and cents. A tool’s ROI can be measured in:
- Time saved
- Efficiencies gained
- Quality improved
- Team knowledge increased
Outcomes of your inventory
Once you’ve taken a hard look at your MarTech stack, it’s time to take action. Evaluate which tools should stay or go based on what's important to your team. After “cleaning house,” you may enjoy two distinct benefits:
- More budget: By removing tools you aren’t using (or using effectively or efficiently), you may find yourself with extra dollars you can redirect to emerging trends like generative AI, live streaming, or interactive content.
- More bandwidth: With fewer tools to juggle, you may find yourself with more time and attention to put toward meeting your goals—and making the most of the MarTech tools that best suit your business.
Need some help with your inventory?
If you’re stretched too thin to complete your own MarTech stack inventory and ROI analysis or if you just want an objective third party to analyze your stack, OneMagnify is here to help. Reach out today and we can tell you more about all the ways we can help you identify the most valuable (and least valuable) MarTech tools in your stack.
