Although a new white paper from Walker Sands Communications found that 44 percent of marketers consider themselves to be early adopters of technology, the majority claim that their companies are among the last to do so, primarily due to the number of challenges being faced in today’s buyer journey.
Most marketers (51 percent) say that their organizations do not invest enough in marketing technology, such as CRM, analytics and SEO. When it comes time to make a purchase, 57 percent of marketers say that there are three to five people involved in the buying decision. Further, nearly two-thirds of marketers have reportedly led the decision-making process for at least one martech purchase in the past three years.
Price is the top concern for 72 percent of small businesses (0-50 employees) when it comes to purchasing marketing technology solutions. For the majority of large businesses (1000+ employees), ease of use is the primary consideration during the purchase process, with 70 percent citing this as a critical factor.
Thirty percent of respondents stated that they learn about new marketing technology solutions from their peers, while 20 percent find insight from news publications. They continue to research solutions through online reviews (44 percent), peer recommendations (63 percent), and analyst reports (33 percent).
Investing in the Entire Buyer Journey
Because there are more decision makers and factors to consider, research indicates that marketers are investing more in the entirety of the buyer journey. A study published by the CMO Club and IBM recently discovered that marketers are now putting 21 percent of their budgets toward the buy stage. Twenty percent is going toward the discovery stage, and 16 percent is being funneled into the learning stage.
Try (16 percent), advocate (14 percent) and use (13 percent) sectors of the buyer journey are also receiving more investment. These statistics show a more even spread of budget across the buyer experience as a whole.