Although marketers expect their budgets to continue to rise for martech, new research suggests that there are still barriers when it comes to making the most of this money.
Moore Stephens and WARC recently conducted the “Martech: 2019 and beyond – Insights into the global martech market” report and discovered that 50 percent of marketers in North America expect their martech budget to increase within the next 12 months. About 48 percent expect it to at least stay the same.
However, there are still known barriers to making the most of these initiatives, according to the report. This year, 43 percent of marketers claim that their marketing budget is their top restraint. This is an increase from the 37 percent who said so back in 2017. Lack of understanding the technology available (26 percent) and a lack of support from senior management (23 percent) were also obstacles for marketers utilizing martech.
Martech Barriers to Success
This is not the first time that a lack of understanding technology has been cited as a barrier to martech success.
Wipro Digital recently published a survey to determine how confident marketing executives are when it comes to marketing technology. Their findings showed that 75 percent of marketing executives are confident in their own martech proficiency. However, only 6 percent believe that their marketing team is martech conversant.
Approximately 84 percent of survey respondents said that their company now has reskilling programs in place.