As marketers look ahead to the coming months, new research suggests that they are investing more money in MarTech than any other tactic.
Gartner recently conducted “The CMO Spend Survey 2018-2019” and discovered that MarTech now accounts for 29 percent of total marketing expenses. This is up from 22 percent recorded in 2017, and MarTech is now the single largest area of investment when it comes to marketing resources and programs.
Consequentially, marketers are spending less money on labor, paid media and agencies than they were one year ago. About 24 percent of the budget goes toward labor (compared with 27 percent in 2017), and 23 percent goes toward paid media (compared to 25 percent in 2017). Approximately 23 percent of the budget is invested in agencies (compared to 25 percent in 2017).
Looking Back on Marketing Investments in 2017
Last year, the same survey conducted by Gartner suggested that marketers would be focused on digital marketing and customer retention.
According to “The CMO Spend Survey 2017-2018: Budgets Recede Amid Demand for Results” report, statistics showed that by a ratio of 2-to-1, marketers intended to focus on existing customers rather than customer acquisition.
In terms of where they were investing the greatest share of their budget, marketers were eying analytics, allotting 9.2 percent toward this initiative ahead of 2018. This was followed by web (9.9 percent) and digital advertising (8.6 percent) initiatives.