According to our research, technology for technology opportunities attracts a lot of attention from marketing teams
As the global coronavirus pandemic continues to affect businesses large and small, marketing teams are preparing for a tighter fiscal budget for 2021.
But based on our Forecast 2021 survey of nearly 100 marketers, martech is not expected to be as successful as other areas.
According to our survey, 556% of respondents expect advertising and campaign budgets to be more successful in 2021, compared to Martech (19%) and personal (17%) spending.
The findings are consistent with Gartner’s recent 2020 CMO spending survey, in which 25% of respondents said spending on Martech would remain a priority despite the 2021 turmoil.
After the Martech money
The game is not surprising. Our attendance rate has shown that until the first half of 2021, marketers see almost no chance to attend or present events in person.
As 41% of respondents say they will sponsor and/or produce virtual opportunities to replace personal opportunities in 2021, it is not surprising that the focus is on investing in opportunity platforms. However, 40% of respondents will spend their budget on digital marketing rather than creating virtual opportunities.
60% said the focus will be on new platforms and solutions, indicating that the trend we started with our Martech replacement survey last year hasn’t abated. In the report, we found that half of the marketers are replacing homemade solutions with new technologies.
But with limited budgets in general, it can also indicate that marketers can purchase new technology at a lower price for their organization.
We saw that 60% of respondents said that most of their team’s spending goes to digital marketing, compared to 22% who said the focus would be on marketing activities. Only 11% said, scientists and analysts.
This can also be confirmed in other reports. Gartner found that 24% of CMOs expect wealth management to grow in their marketing team over the next year.
We have already seen the archetypal model develop as an important character for marketing technologists, especially in larger corporate environments. These positions are commonly known as scientists, marketing analysts, or data engineers and allow a variety of academic experts to extract information from complex and often large data sources.
Still a tough battle
For marketing technologists who use daily marketing campaigns and processes to run martech, the benefits of martech have already been proven. But 60% of respondents admit that they still have to prove the ROI of martech for their organization, and 13% said martech is only seen as a cost. Only a quarter of respondents their executive team knows that Martech is critical to marketing success.