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What factors do CMOs/Marketers in B2C companies consider when moving from one tool to another?
Would be useful(for my product strategy) to know how the decision making process when switching from tool A to B
- What is the opportunity costs of switching, in the end it's never going to be that I shut off 1 tool and immediately will start using another one. So there is going to be months where you're paying for multiple tools which in some cases can add up in budgets significantly.
- What is the added benefit in productivity, costs, resources that I might potentially save while switching.
- Is this tool going to be useful or not in the future, is there a potential that I need to switch to another tool.
- How is the pricing set up for this new tool and how is that going to scale with future growth.
These are some of the questions that I often ask myself when you need to make the decision to make a change. Let me know if you have any additional questions about it.
Some factors I would consider as a Marketer and have seen superior Marketers above me consider:
1. Cost Effectiveness - Comparing the price of the tool to it's effectiveness in increasing revenue or in attributing to revenue increasing activities. Unfortunately, this is something that has to be done over time. It isn't something you would know before choosing a tool but more of something that might make you decide to change tools if the analysis proves poor results.
2. Tiered Features - This is something I have seen from other marketers. With some tools, there are feature enhancements that bump you up to the next highest priced tier but actually result in a very nominal fee to that company. Maybe in B2C sales, the customer may be none the wiser but in many B2B instances, your "customer" may know just what you're up to setting arbitrary limits on features that have a nominal cost to your overhead. If it's egregious enough, it may just cause them to take their business elsewhere.
3. Peer Use - Not every company operating in the same landscape is at odds. Some are actually what you'd consider friendly competition and more then willing to share what's worked for them and their company with their friends in a competing company. If it works for them, it might just work for us. If respect is there, then the competitions opinion is valued and taken into consideration.
These are just a few of the items I've seen come up for myself and in discussions with co-workers and peers in the industry.
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