Advancements in technology continue to flip virtually every industry upside-down, and marketing is no exception. In this year’s edition of Scott Brinker’s Marketing Technology Landscape Supergraphic, 1,876 vendors are represented across 43 MarTech categories, which has almost doubled compared to the 947 vendors only a year ago. With so much growth across technology categories and new solutions entrants, what does this mean for marketers trying to manage their marketing operations today?
In a recent Marketing Insights Workshop, hosted by TopRight partner Teradata Applications, company representatives Mark Swenson, Marketing Strategy Consultant, and Sean Shoffstall, VP of Innovation and Strategy, spoke about the ever-changing landscape of marketing technology and how marketers can use it to their strategic advantage. Consider these four statistics discussed in the workshop, which can help marketers assess the maturity and opportunity of their organizations:
- 96% of B2B marketing executives agree that the pace of change in technology and marketing will continue to accelerate (Source: Forrester) – What we find interesting here is not just that marketing technology is growing, but that the rate of growth is increasing. If marketers are having a hard time keeping up with changes in technology right now, it’s time to buckle up because every year will bring more and more changes. One benefit from the sheer breadth of these developments is the improved relationship between IT and marketing departments. According to Shoffstall, these divisions are beginning to communicate and work together more than ever before, which has, in turn, led to the emergence of entirely new positions, such as Chief Marketing Technologist and Data Scientist.
- 38% of CMOs say they need a larger technology budget to keep pace with the growth of digital marketing (Source: ExactTarget/Deloitte) – Although marketing technology continues to grow, marketers’ technology budgets are not growing at a proportionate speed. As this gap widens, the most successful marketers will be the ones who learn how to leverage their existing systems in new, creative ways and are able to determine which emerging technologies will add significant value to their business without breaking the bank. TopRight’s IMM Advance methodology does just this, helping clients first optimize the technology they already have in order to achieve their business objectives.
- 65% of marketers say silos within their marketing technology prevent a holistic campaign view (Source: Teradata) – When searching for the right marketing application, marketers are often tempted to gravitate toward point solutions that are easy to implement and provide quick wins. However, as Swenson explained in the workshop, this often causes visibility problems down the road, as these point solutions often do not integrate with each other well. We have seen this time and time again with various clients. In order to avoid such silos and achieve a true, holistic view of your marketing operations and campaigns, think long term and consider an Integrated Marketing Management (IMM) approach that provides visibility and control of all your marketing operations, campaigns, and assets.
- 87% of marketers consider data the most underutilized asset (Source: Teradata) – The 2015 Teradata survey of 1,500 marketers around the world found that most marketers are not confident in their utilization of data. According to the survey, many marketing teams still wait up to 72 hours to receive customer data, at which point the opportunity has often already passed to capitalize on that data. The TopRight IMM Report Card can help you benchmark your own performance as an integrated marketer, and see where you may have opportunity for more efficient and effective use of data.
The new era of marketing is upon us. The ever changing and rapidly growing MarTech landscape demands we take action if we want to maintain our position in the #TopRight. What stats are keeping you up at night? Are you making the most out of your MarTech capabilities? Take a look at our Integrated Marketing Report Card to find out.