Originally Posted on “Marketing” – Google News by unknown
- Love it or loathe it? Confidence in martech is strong with 92% having a positive view of their tools
- 84% believe hyper-personalisation is key to success, despite current low adoption rates (10%)
- Research highlights an inflexion point in the martech landscape, with 46% planning to migrate to new solutions and one fifth seeking simplification
Clevertouch Consulting, Europe’s leading marketing technology (martech) consulting and service provider, has today revealed the results of its latest annual State of Martech research, the only dedicated study into the martech industry.
In partnership with the University of Southampton Business School, a world top 100 university, Clevertouch surveyed 613 senior marketers across the UK, EMEA, and USA to create a picture of the current state of the martech landscape.
Martech migrations on the rise
The research reveals a divide when it comes to martech migrations. Over the past three years, over half (51%) have changed their marketing automation or cloud platform, while 49% have stayed with existing solutions.
This equilibrium suggests the martech landscape is at an inflexion point, with significant transition activity underway. Looking ahead, almost half (46%) plan to migrate to new solutions (up from 38.6% on last year’s research), while 18% intend to consolidate long term plans and move away from environments where two or more platforms co-exist.
Love it or loathe it?
A substantial majority of platform owners (92%) have a positive (52%) or very positive (40%) view of martech.
Similarly, wider stakeholders (90%) also exhibit a predominantly positive (54%) or very positive (36%) attitude towards martech. The data paints a clear picture: both groups appreciate martech and acknowledge its value in enhancing efficiency, customer experience, and ROI. To maintain these positive perceptions, investment in martech must be aligned to wider business objectives to solidify its strategic value and impact.
Budgets and growth
The majority of respondents (88%) reported that their primary focus is on driving growth in new customers and markets or splitting efforts between new customer acquisition and retaining existing ones. Only 12% stated that their main focus is retaining and upselling to their current customer base.
This growth-oriented mindset is further reinforced by the optimism surrounding increased marketing budgets in 2024, with 60% of respondents anticipating moderate to significant budget increases. However, the data reveals a strategic emphasis on leveraging existing resources, such as people and campaigns, over acquiring new technology in the next 12 months.
Revenue-centric marketing
The research also points to a shift towards revenue-centric marketing. While engagement metrics (55%), marketing qualified lead (MQL) volume (51%), and conversion rates (60%) remain significant, a notable 41% of organisations are measuring revenue-centric KPIs such as return on investment (ROI).
However, the data also reveals an opportunity for improvement, as 59% of organisations are not yet effectively measuring ROI and influenced pipeline. Equally, 58% of respondents reported that marketing does not have full visibility of lead success and does not regularly review data with sales to optimise campaigns and processes.
Personalisation: Perception vs Reality
The research revealed that an overwhelming 84% believe hyper-personalised campaigns will be highly relevant in 2024. This conviction, however, is paradoxical when juxtaposed against the mere 11% employing such tactics today. The data reveals an “irony of belief” – while the majority conceptually buy into hyper-personalisation, few have operationalised it.
Adam Sharp, CEO at Clevertouch Consulting, commented: “The results highlight an overwhelming confidence in the current martech landscape, with a focus on leveraging martech for customer growth and predictions that budgets will rise in 2024. Prioritising flexibility and scalability in martech is key. Staying agile and responsive to new martech opportunities will be crucial for maintaining competitive advantage in a rapidly evolving digital marketing landscape.”
Rob Angell, Associate Professor in Marketing Research and Director of the Southampton MBA, added: “The research shows a shift in mindset; in previous years we have seen marketers acquiring more and more technology and tools into their martech portfolio – something we have referred to as ‘Nextopia’. However, the data this year shows that marketers are beginning to reallocate resources to maximise efficiency and effectiveness, focusing on optimising existing marketing technologies rather than acquiring new ones.”
Now in its fifth year and the third in collaboration with the University, Clevertouch’s report is the first and only international research of its kind, providing current, dedicated, academically reviewed insight about the martech industry. Download the report here: https://clever-touch.com/the-state-of-martech-2024
