CMOs are allocating a significant proportion of their budgets to marketing technology. In line with this spend, they are also appear to be adding new types of technologies to their marketing stacks at a rapid pace, according to a new study. Of the more than 240 marketing influencers surveyed for a report [download page] by Ascend2, nearly 2 in 5 (39%) report adding new technology quarterly, while close to 3 in 10 (28%) are adding to their stack monthly.
While marketers do seem to be adding technology to their stack rather quickly, it could be because they are trying to keep up with what they see to be a rapid evolution in martech in the past few years. Walker Sands found that only 28% of marketers felt that their companies’ use of marketing technology had evolved at the same pace as the broader landscape.
Among the marketing influencers surveyed, 61% say one of their primary objectives for a martech utilization strategy is to improve marketing efficiency, while 57% cited increasing marketing ROI as another such objective. To a lesser extent, respondents also identified improved decision making (38%), competitive advantage (36%) and attribution of revenue to marketing (32%) as goals for their marketing technology strategies.
While increasing marketing ROI is considered one of the primary objectives for marketers, it was also cited as one of their most critical challenges, by almost half (47%) of respondents. Improving marketing efficiency and attributing revenue to marketing are also key challenges for 4 in 10 respondents.
These spend-related objectives are particularly important, given that close to 9 in 10 (89%) say they will be increasing their budgets for martech utilization.
That being said, not all martech is equal – at least in terms of its effectiveness. More than half (53%) of respondents say that marketing automation/email/CRM is one of the most effective types of technology they use for marketing purposes. Other effective types of martech identified by respondents include marketing data/dashboard/analytics (43%), with fewer citing search and social media marketing (36%), content management systems (35%), optimization, personalization, testing (35%), experience marketing (33%) and adtech (25%).
To read more, download the report here.
About the Data: Ascend2 surveyed 245 marketing influencers from a mix of B2B and B2C marketing segments.