Many marketers have turned to marketing technology (martech) to resolve pain points, but new research suggests that existing martech stacks are going unused. Furthermore, most do not have plans to invest more of their budget in martech in the new year.
Ascend2 recently published “The Future of the Martech Stack” report, and statistics indicated that most marketers (71%) are leveraging less than 50% of their martech stack capabilities. In terms of challenges regarding the structure of their martech stack, most respondents (57%) cite overall cost. This is followed by not using the full capabilities of existing tools (40%), a lack of training/experience and support (37%), and an integration of tools (29%).
In the new year, most marketers (40%) stated that they intend on spending less than 10% of their budget on marketing technology. However, the majority (44%) hope to improve the customer experience via martech next year.
The Continued Growth of Marketing Technology
Despite the challenges associated with martech, previous research indicates that all categories of this technology are continuing to experience growth.
Chief Martec conducted “The State of Martech 2022” report, and data suggested that over the past two years, management martech (67%) has seen the most growth, followed by content and experience (34%). Sales and commerce (24%) and social and relationships (17%) martech have also seen growth.
“The growth in management tools is likely a result of marketing teams operating their day-to-day work in an ever more digital fashion — including greater support for remote work,” wrote the authors of the report.