Marketers are prolific adopters of technology, but it appears that the companies they work for do not understand the external costs of connecting it all. This is according to findings from a new study [download page] from Sitecore and Econsultancy.
Close to half (47%) of the marketers surveyed report that their company has a poor understanding of the costs of connecting disparate technology systems. Given that the nearly $100 billion martech industry is eating up close to a quarter of marketing budgets, this figure may give some cause for concern, particularly given that there are already thousands of martech solutions with the figure growing year-over-year according to chiefmartec.com.
The only notable exception to this lack of understanding is with the cost of GDPR compliance and basic website content editing and publishing. More than half of respondents feel that they have a good understanding of the costs associated with those two aspects of technology. Conversely, only 1 in 10 believed their company had a poor understanding of the cost of GDPR compliance or basic website content editing and publishing.
Measuring Both Increased Revenues and Decreased Costs Is A Challenge For Many
Separate research from Demand Gen Report shows that 9 in 10 marketers consider marketing measurements and reporting to be increasingly important. Unfortunately, the Sitecore / Econsultancy survey illustrates the difficulty companies are having measuring the impact of the optimized digital experience. Only about one-quarter (24%) of marketers felt they had an excellent to good ability to measure bottom-line impact such as reduced cost. This is compared with the 43% of marketers rating their company’s ability to measure reduced cost as poor or very poor.
The ability to measure increased revenue fared only slightly better. A mere third (30%) of marketers described their ability to measure increased revenue as excellent to good. The same is true on the opposite end of the spectrum with 31% of respondents believing their ability to measure top-line impacts such as an increase in revenue is poor to very poor.
Customer Data Management Is Cited As A High Priority
Improving the customer experience across the customer journey is a priority for many companies. Additionally, consumers now expect a customized buying experience aided by technology. These factors make collecting and maintaining customer intelligence vital.
The survey demonstrates that marketing executives understand the importance placed on customer experience. A slight majority (56%) stated that customer data management was a high priority, and less than a tenth (6%) felt it was a low priority. Other customer experience related topics were considered important, too. About a third of respondents ranked single customer view (34%) and personalization (30%) as a high priority.
Another area of importance to companies is mobile. Mobile internet use has grown in recent years and is only expected to grow more in the future. With this in mind, it’s no wonder that 41% of marketers rated mobile and device optimization as a high priority, and only 18% felt it was a low priority.
About the Data: The results are based on a survey of 241 digital marketers and e-commerce professionals based in the UK, Europe, APAC and North America.