Marketing technology (martech) is growing at a rapid pace, just look at the 2019 Marketing Technology Landscape Supergraphic. The Supergraphic includes 7,040 marketing solution provides. To put the growth in perspective, the Supergraphic first published in 2011 with a total of 150 marketing solution providers.
As of 2020… ChiefMarTec’s Marketing Technology Landscape Supergraphic includes 8,000 solutions. Up over 13% from 2019.
But does growth in the industry translate to results for marketing?
Ascend2’s research study, Marketing Technology Utilization Survey Summary Report, answers the question: How are marketing professionals utilizing marketing technology to achieve specific marketing objectives?
The Marketing Technology Utilization Survey Summary Report provides insight into difficult questions like:
- How often are marketers adding to their martech stack?
- What are the primary objectives for a martech utilization strategy to achieve?
- How many companies are Best-in-Class?
- What are the most critical challenges to the success of a martech utilization strategy?
- How are budgets changing for martech? NOTE: this information will help you make the argument to get more budget.
- How do I prioritize objectives versus challenges as I build my martech strategy?
- What are the most effective types of martech utilized?
- What are the most difficult types of martech to utilize?
- What combination of resources (in-house, outsourced to a specialist) are other companies using for martech utilization?
Here area few noteworthy findings for the Asend2 research study:
Finding #1: Adding to the Martech Stack
Marketing professionals say new types of technology are being added to the Martech stack at a very rapid pace. 39% say they are adding to the stack quarterly, while 28% say monthly. A total of one-third (33%) are adding to the Martech stack semi-annually or longer term.
For more insight into MarTech Stack Optimization, download our 2020 report here.
Finding #2: Martech Effectiveness
Marketing automation/email/CRM and marketing data/dashboards/analytics are considered the most effective types of technology utilized for marketing purposes, according to 53% and 43% of marketing professionals respectively.
Finding #3: Martech Difficulty
Half (50%) of marketing professionals say that applications used for optimization, personalization, and testing are the most difficult types of Martech. Experience/relationship marketing and marketing data/dashboards/analytics are next with 40% and 39% respectively.
Finding #4: Budget Trends
While only 11% of marketing influencers say the Martech utilization budget will decrease to some extent, nearly two-thirds (63%) say the budget will increase moderately, and about one-quarter (26%) say the Martech utilization budget will increase significantly.
Download the Marketing Technology Utilization Survey Summary Report and put it to work in your own marketing strategy.