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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.
Marketers spent a whopping 77% more during the first quarter of 2019 on Amazon Sponsored Brands ads, formerly known as Headline Search Ads, while Amazon Sponsored Products grew 19% year-on-year in the quarter, according to recent data
Text ads are down, but Google Shopping continues to drive the search engine’s advertising growth. Spend on the format rose 41% year-on-year (YoY), compared with the 12% decline for text ads.
As the benefits of personalization become more attractive for surveyed consumers, the level of concern about privacy declines. Not surprisingly, receiving individualized pricing in the form of discounts for a product or service that consumers really wanted was among the most favored benefits for data use, with 57% expressing excitement. Coming in second, with 55% expressing excitement, was receiving a free product or service that consumers wanted but felt was too indulgent or not high enough in priority to purchase themselves. Interestingly, receiving dedicated concierge services and personalized advice came in at the bottom of the list of customer delights (less than 25% excitement each).
Concern over data practices increases with age, however, while excitement over free benefits declines. Some 65% of those under age 24 are not concerned about companies analyzing their buying patterns compared with 30% for those over 65. Similarly, for younger consumers, the better the benefit, the less concerned they are about privacy compared with other age groups.
In Oregon, the legislature expanded its data breach notification statute (ORS §§ 646A.600 et seq.). Oregon’s updated data breach law, which was signed by Governor Kate Brown on May 24, 2019 and goes into effect on January 1, 2020, expands breach notification requirements to cover “vendors,” which it defines as “a person with which a covered entity contracts to maintain, store, manage, process or otherwise access personal information for the purpose of, or in connection with, providing services to or on behalf of the covered entity.” Under the new law, a vendor must notify Oregon’s Attorney General when subject to a security breach affecting the personal information of over 250 Oregon consumers, or when the number cannot be determined. Vendors do not need to notify the Attorney General if the covered entity has already made the notification. Vendors must also notify their business customers of the breach within 10 days – a change from previous language mandating notification “as soon as practicable.” The law also expands Oregon’s definition of personal information to include usernames, but only when combined with authentication factors.
Texas is one of the many states that looked to be following in the footsteps of California’s enactment of a broad consumer privacy law (the California Consumer Privacy Act), which has far-ranging implications for businesses and consumers. Two comprehensive data privacy bills, HB 4390 and HB 4518, were filed and heard at the last legislative session. HB 4518, also known as the Texas Consumer Privacy Act, proposed overarching consumer protection legislation that closely resembled the California Consumer Privacy Act. HB 4518 stalled in the Texas House of Representatives in favor of HB 4390. HB 4390, also known as the Texas Privacy Protection Act, was introduced as comprehensive data privacy legislation, but was significantly less detailed than HB 4518. HB 4390 went through several rounds of revisions in both the Texas House and Senate until it was whittled down to the final version, which revises the notification requirements of the Texas Identity Theft Enforcement and Protection Act and creates the Texas Privacy Protection Advisory Council in order to develop recommendations for future data privacy legislation. HB 4390 has passed both the Texas House and Senate and is awaiting signature from the governor to be enacted.
Drift, a conversational marketing platform, today announced the launch of Drift Video, the first enterprise-ready video platform built to start conversations and make B2B buying easy.
Since starting Drift, we’ve said there are two mega-trends that would shape the future of B2B sales and marketing: messaging and video,” said David Cancel, founder and CEO of Drift. “Over the last few years we’ve built an industry-leading messaging platform used by over 150,000 businesses, and now we’re expanding our Conversational Marketing platform by adding video.”
New privacy protections could actually be a hindrance to competition, according to Adam Solomon, CMO of Lotame, a marketing technology platform. Facebook—and Google under similar pressures—could wind up controlling all the data connections to consumers, with publishers and marketers on the outside looking in. “It’s actually concentrating power and market leverage within the walled garden, because they have certain advantages, direct relations with consumers,” Solomon said. “With the latest wave, with the DOJ and FTC looking at Google, Facebook and others, maybe they can look at leveling the playing field.”
“The ads platform business of Google is a central focus of investigation,” said an executive from an ad tech platform that is a rival to Google, speaking on condition of anonymity. The executive says that a number of competitors already expect to talk with federal regulators in this case, addressing how Google Marketing Platform and Google Ad Manager dominate the online marketplace. “It’s a huge advantage to having this full stack,” the exec says. “The ad-serving platform and the ad demand are all locked up in one company. Then add search data to it, it’s a perfect cocktail.”
Salesforce’s acquisition of Tableau is no big surprise. Despite the massive price tag, it fits perfectly with the SaaS giant’s ambition to be come an insights-rich platform for all things customer.
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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