Investing in marketing technology, also known as martech, has not always been a top priority for companies. However, as their marketing teams continue to evolve, there is an increasing interest in this resource to drive revenue and achieve key objectives.
The CMO Council, in conjunction with Televerde, recently published the “Rising Above the Fray” report. Statistics indicated that the majority of marketers (69%) intend on increasing their martech spend in the coming months. Their top martech priorities include marketing analytics and performance attribution (50%), content marketing (41%), and audience/marketing data and data enhancement (37%).
It’s pretty clear what’s on the minds of marketers,” wrote the authors of the report. “As business rebounds, marketers need analytics and attribution software to connect the dots between marketing actions and revenue. They want Martech that helps them leverage data and customer intelligence to grow revenue.”
The Impact of COVID-19 on Martech Investment
Although marketers are now interested in increasing their use of martech, previous research indicates that the COVID-19 pandemic negatively impacted their investment in this area.
Gartner conducted its “2020 Marketing Technology Survey: Cost Pressures Force Martech Optimization and Innovation,” and data showed that most marketers (58%) decreased their martech budget as a result of the pandemic.
Out of those who dropped their martech budget, 39% shifted their focus to existing vendors and internal users to further existing tool adoption strategies without having to purchase new martech. Approximately 41% increased their use of their current martech stack, rather than making new investments in this area.