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Chief Marketer released a “2019 Martech Outlook Survey” this week which reveals some interesting insight into the industry. The survey includes responses from both B2B and B2C marketers.
Key findings include:
54% of marketers think martech budgets will increase next year.
Many marketers (39%, the largest group) report spending 10-25% of their marketing budgets on martech.
Top choices of types of martech where people plan to invest in the next year are email, automation, and social media.
50% of marketers said their biggest frustration around purchasing is the volume of solutions in the market.
A Customer Data Platform (CDP) is defined as a software that help present a unified, persistent and updated view of an individual customer, based on data from interactions across multiple channels, platforms and devices. Learn more about the top 10 CDPs for 2020 and beyond.
Lead management software can accelerate business growth. We analyze the 10 best software systems you can use in 2020.
The role of the chief marketing officer (CMO) has been increasingly scrutinized in recent years. Dozens of CMO positions have been axed from some of the world’s most recognizable brands, including McDonald’s which replaced the role with a new SVP marketing technology position. CMOs who remain will need to prepare to handle even more pressure to prove their organizational value in 2020, says a new Forrester report.
In 2018 Forrester predicted a decline in Fortune 100 CMOs. Since then, organizations have started to part ways with CMOs, reallocating their responsibilities to leaders such as the CIO. 2020 is predicted to be a critical year for CMOs to deliver seamless customer experiences with their martech investments and, crucially, generate attributable revenue from those martech-enabled experiences.
Martech spend continues to take a solid chunk out of CMOs’ budgets, and while spending slowed this year, the report warns that CMOs approach martech investments cautiously — and more strategically. “Rather than blindly dumping more money into tech spend, we’ve delivered growth with a strategy built around creative engagement with our customers through existing channels,” Chris Brandt, CMO of Chipotle told Forrester.
Prior to team existing who owned vendor selection? Also, how did you get the organization to align behind the martech team owning it?
Purchasing new tools was in the hands of individual teams and regions. If you had the budget, you could buy a tool. We lacked a cohesive vision and selection criteria. This siloed approach resulted in a lot of pain when certain requirements would come as a surprise late in the game. Moreover, our Procurement and IT teams were overwhelmed by the barrage of requests coming at them without global prioritization. That widely recognized pain was a big contributor to getting the business on board with the martech team owning new tool evaluations. Marketing leadership was 100% behind the idea, which gave us strong footing to begin with.
We expected to be met with resistance. After all, each individual team was used to being able to do this on their own. But we were surprised when the primary reaction was relief. Our marketing groups realized they could not manage every part of the process effectively and were willing to turn the evaluations, and the navigation of our internal processes, over to our team. Additionally, for the teams who historically lacked a budget to purchase their own tools, the process gave them a path to seek out collaboration with other teams. Having the leadership buy-in, and the understanding of the benefit among the marketers, made rolling out the new evaluation process much easier.
WARC and BDO estimate that total spending on marketing technology in North America and the U.K. will reach $65.9 billion this year, up from $52.4 billion in 2018. This equates to a year-over-year growth rate of 25.8%. WARC and BDO had previously estimated that 2017 spending in these two markets was $34.3 billion. So, in North America and the U.K., the market for marketing technology has nearly doubled over the past two years.
The WARC/BDO study found that marketers’ commitment to technology is still growing. On average companies in North America and the U.K. will spend 26% of their total marketing budget in 2019 on technology tools and services, compared to 23% of the budget in 2018.
The Massachusetts State Senate has recently referred a new consumer data privacy bill, S.120, to the Joint Committee on Consumer Protection and Professional Licensure. The Massachusetts law would protect any information relating to an identified or identifiable customer, and would explicitly include biometric information of all kinds into the definition of that protected information. Like the GDPR and CCPA, the Massachusetts law, if enacted, would impose notice requirements relating to the collection and disclosure of personally identifying information, including biometrics. In addition, S.120 includes a proposed private right of action that allows for up to $750 per violation, plus attorneys’ fees, for failure to abide by the law’s notice and collection requirements.
1. Establish a baseline
2. Evaluate third-party data providers
3. Avoid retrofitting legacy compliance tools. Seek technologies that enable you to:
• Manage and automate regulatory change monitoring through software or services.
• Apply modern solutions to modern problems.
•Establish predictable return on investment (ROI).
4. Manage regulatory churn by embracing compliance change management.
5. Plan for the future by aligning compliance management with your road map.
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Scoop.it!
Another point of validation supporting consumers willing to trade information for benefits. We're especially excited as the #1 desired benefit, individualized pricing, is directly in alignment with our solution!!
Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy