Marketing Officers Spend more on Tech than Manpower.
Martech spend rises by 30% of the budgets as Marketing professionals looks to scale technology across.
As per the Latest Gartner CMO Survey Spent 2018-2019; Marketing Technology (Martech) products / solutions comprises of nearly 29% of the marketing budgets. This signifies that now-a-days marketers are now investing in tools to compete. Overall marketing budgets in 2018-19 are relatively flat compared to last year. In that type of scenario, where one investment area goes up, another must fall. Talent / Human Resource expenses fell from 28% in 2017-18 to 24% of marketing expense budgets in 2018-19.
Is Martech Replacing Talent?
While the above stats of Martech Budgets supports the question asked; the holistic view is more complex than that. As per the Gartner Report, this shift in marketing spends also indicates that the organization are dealing with capabilities, resources and talent in increasingly complex ways.
Marketers are now allocating more resources to martech supporting services with more than one third of this investment going towards agencies and companies. These services and human resource talent is spilt across various providers, consultants, in-house experts and many other players.
Currently martech services powers and excels marketing operations it also fuels competitive advantage; but its underutilized and redundant. It is a common practice of marketers to use two or more solutions in average for Digital Marketing Analytics multitouch attribution, according to the Gartner 2016 Marketing Technology Survey.
To start off, aduit your Martech stack to have a list of tools your organization is currently using. This will be of dual effect, as you will just not be able to identify its effectiveness but also have a comparison against your competitor’s stack. As a result underutilized tools can be identified and new opportiunities can be consolidated to reduce redundancy.
Rohit N Shetty is a Digital Marketer, having over 12+ years of experience in various domains.