Value Versus Price when Adding to your Marketing Stack
Evaluating Value versus Price in Marketing Stack technologies can be a delicate balancing act, when you are choosing or recommending technologies. Chances are budgets are tight but you also know that the quality is going to impact your everyday productivity. The key to finding the right technology for your marketing stack is making sure that it provides enough value to justify the price.
I’m sure we all know the difference between value and price. Warren Buffett put it best when he said “Price is what you pay. Value is what you get.” But what does that mean to those of us who are not investing geniuses worth upwards of USD$84 billion?
It means we need to decide what we need to get. Then we can evaluate if something has enough value to justify the cost. But how do we do that you ask? Well, you’re in luck because we have 3 simple steps to help you decide.
Step 1 – Evaluating your needs
The first step in deciding what you need in a marketing stack technology is understanding what you need, now and in the future
Create a list of the tasks you want to complete with the technology. Now look at your goals and plans for the future and add any new tasks to this list.
Not sure yet what you might want to do with this technology? Research what features some of the leaders of this technology have and consider if it would be beneficial to be doing that.
As an example let’s imagine that we are ramping up the marketing for our cocktail delivery business, “Shake ‘n’ Drink”. The business consists of an app where users order cocktail ingredients and shake their phone to finalise the order. There are monthly Cocktail Catch-ups to help build interest. It’s our job to market the app through digital and traditional means, as well as organise the monthly catch-ups.
Let’s start by looking at the content management system (CMS) we will use for the “Shake ‘n’ Drink” website. We know we want to have great blogs that capture people’s interest and a place to sign up for our newsletters. In the future, we would like to introduce a detailed cocktail recipe library where users can search by cocktail name, ingredients or country of origin.
The tasks we need from our CMS are the ability to easily post blogs and a web form. In the future, the CMS will also need to sophisticated searching for the recipe library.
Hopefully, you’ve got a reasonable looking list now and we can move onto the next step.
Step 2 – Now decide how
Now that you know what you want to do with this technology we can look at how you would like to do it. Consider specific features that you will in the technology.
Think big! Bear in mind how you can automate these tasks or if you could expand into multiple channels in the future.
Some ideas to think about are
- Whether it accesses the mediums you want and anticipate using in the future
- Your skill level, are you proficient or will you move faster with some assistance, like a drag and drop editor
- Do you have, or anticipate, a need for the technology to integrate with others in your marketing stack
With regards to the social media for “Shake ‘n’ Drink”, we are currently posting to Facebook and Twitter. We would love to start getting some of our gorgeous cocktail product shots onto Instagram. We also want to be able to schedule our social media posts to let us move onto other activities.
The features that we will need from our social media tool is the ability to schedule posts to Facebook, Twitter and Instagram.
Add these functionalities to your tasks list and we’re starting to get a pretty good idea of what the new technology needs to do
Step 3 – Prioritise
A fantastically easy way to prioritise your tasks and functionalities list is to turn it into a table with the headings
- Nice to Have
- Not Needed
and prioritise your tasks and functionalities based on these headings.
We now have a pretty clear list of what the technology needs to provide value.
Now we know that we are going to get the most value from an email marketing technology that has a web form and events & survey functionality as well as automation & autoresponders.
There you have it. A clear and easy way to highlight the value you need from a marketing stack technology. As a bonus, you’ve also got an easy way to justify your expense to management. Now go build that stack and get marketing.