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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.
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The global marketing automation software market is expected to grow at a CAGR of approximately 8% during the forecast period 2017-2023.
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We surveyed 500 execs across multiple industries to see where they’ve been this past year — and where they’re going. In 2018, balancing the goals and spend for marketing and technology are a big point of concern.
What else are marketing executives focusing on for next year?
• 68% will increase marketing spend in 2018 • 76% of marketing execs are increasing investment in content marketing • Conversions and revenue are replacing leads and traffic as top KPIs • The biggest point of uncertainty is the rise of artificial intelligence
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1. Email Campaigns - with NO personalisation 2. Long (text-heavy) eBooks 3. Focusing on quality - not quantity in blogs 4. Overly complex lead scoring algorithms 5. Organic only Facebook strategies 6. Relying on a text-based SEO strategy
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Small Business Trends: Where are some of these new niches that people are playing in that are developing applications?
Anand Thaker: Sure. I think of four, and if I think of another I’m just gonna go ahead and add it in there. One is certainly ABM (Account Based Marketing). ABM has certainly come out, I certainly believe that it’s a lot of B2B marketing repackaged, but the beauty of it is that it’s giving marketers a focus on, “Here’s how salespeople think,” and that’s the way you wanna think about it as a marketer, and how are you focused on that.
Another one is certainly AI. AI, big data, we talked about them and one, put two together. That certainly crossed the board.
A third place that I’ve seen a lot of opportunity is customer experience. We talk a lot about how do we apply AI and in the early days of marketing automation it was, “Hey, I can actually put up some rules,” and there wasn’t a lot of marketing automation
The fourth spot is the customer data platform (CDP). We have not fully realized that asset, but it’s time for us to start thinking about it. Particularly if we’re talking about sophisticated marketing, customer experience, AI big data. The data that we have, whether it’s identified or unidentified, is going to be the golden nugget that we need to continue to mine and protect it, manage.
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Prediction 1: By 2021, Privacy Will Have Been Redefined from "the Selective Sharing of Data" to "the Value of Data" and Digital Marketplaces Will Have Emerged That Enable Consumers to Provide Data in Return for VIP Services, with up to 10% of Consumers in Developed Countries Participating
Prediction 2: By 2021, at Least 15% of Businesses' Standard Customer Experience Decisions Will Be Handled by Algorithms as Companies Shift from Person-to-Person (P2P) to Machine-to-Person (M2P) Engagement and Transactions
Prediction 3: By 2020, 20% of Marketers Will Share Customer Experience Budgets, Processes, Metrics, and Compensation with All Other Customer-Facing Functions in the Enterprise Including Sales, Finance, Fulfillment, Customer Service, and Contact Center
Prediction 4: By 2019, 80% of B2B Marketers Will Have at Least One Account-Based Marketing Campaign in the Field
Prediction 5: By 2019, Available Inventory in Marketing Databases Will Shrink by 40%
Prediction 6: By 2021, 70% of Digital Advertising and Marketing Will Be Augmented or Automated Using Artificial Intelligence and Machine Learning
Prediction 7: By the End of 2021, 75% of Large B2B Events Will Personalize Participant Experiences Using Human-to-Machine Technologies; Augmented Reality, Sensors, and the Use of Biometric Data Will Propel Events into Brand Differentiating Powerhouses
Prediction 8: By 2021, 25% of B2B Companies Will Reshape Their Marketing Organizations into Nonhierarchical Structures, Aided by Collaborative Technologies; New Forms, Such as Circles, Squads, and Tribes, Will Help Companies Break out of Silos and Provide Better Customer Experiences
Prediction 9: By 2020, 60% of B2B CMOs Will Be Held Accountable for at Least One Customer-Oriented Metric as Companies Accept Customer Centricity as Core to the Marketing Mission; Metrics for Loyalty, Advocacy, and Quality Take Their Place Alongside Revenue-Related Metrics
Prediction 10: By 2020, 50% of B2B Companies Will See a Reduction in Sales, General, and Administrative (SG&A) Costs of up to 15% as More Cost-Effective Automated and Algorithmic Marketing Eclipses the High Cost of Selling
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See the trends that are having the greatest influence on changes to b-to-b marketing strategies over the next two years.
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Growth in Internet population is slowing, but growth in online ads is accelerating.
Ecommerce growth is also accelerating.
Gaming continues to lead and shape the online experience.
Revenue in the music industry is rising again.
Digital health care is approaching an inflection point.
China is growing as a tech rival to the U.S.
Immigrants are core to the Valley’s DNA.
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The Marketing Automation Software market size is projected to expand at a CAGR of 9.32% during the forecast period of 2017-2025. An increase in the demand for digital marketing and adoption of the automation tools are key drivers for the growth of marketing automation software market.
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Most companies use 6 or more martech tools or platforms in their marketing stacks, research finds. Fully 1 in 3 don't have a strategic plan for developing their stack. Check out more stats!
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Paying with your Face - Using facial recognition technology to define the many unique features of a person’s face, algorithms are proving to be reliable enough to define identities through geometric and spatial calculations. Of the many applications for facial recognition, one of the potentially profitable is financial transactions. While these technologies are proving to be reliable, privacy concerns are being raised. Key companies in this area include Alibaba, Baidu, and Face++.
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Marketing technology has become a fact of life, as new data from digital agency Squiz attests. Roughly two-thirds of senior marketers surveyed in Australia, the UK and the US have invested heavily in marketing technology over the past year, the study shows.
Another third of respondents said they have either invested a little to add to their existing marketing technology stack, or have taken their first steps in marketing technology.
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- Of marketers under age 35, 86 per cent are optimistic about the power and influence of marketing in an organisation over the next few years while 56 per cent of marketers age 56 and older feel confident.
- Of younger marketers (35 and under), 78 per cent are confident that organisations should be making investments right now; only 59 per cent of marketers age 36-45 felt now was a good time. But this growing optimism from younger marketers has not yet resulted in growing budgets.
- Marketing budgets are ripe for growth. More marketers are expecting increased budgets in the next six months. 36 per cent of marketers expect an increase, up 8 per cent from Q2 2016. This is a stark contrast from January 2016, when 22 per cent of respondents felt their marketing budgets would decrease.
- Marketing budget allocation has remained stable, but when it comes to budget cuts, 24 per cent of respondents said they would reduce their media placement budget, but only 4 per cent would cut their analytics budget.
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Nobody loves them. Everybody hates them. Pity the poor CMO.
- Marketers say 47% of the c-suite outside of their department use some marketing technology in their roles.
- 52% of global marketers feel that other C-level execs do not understand marketing.
- 35% think that their CEO strongly realises the potential revenue uplift and saving of martech investment.
- Marketers think that just a third (33 per cent) of CIOs understand the value of martech at a financial level.
- 27% say that their marketing team is working closely with the CEO.
- 97% say that marketing technology has made the marketing department more strategic in its approach
- Last year there was increased investment in platforms such as CMS (83 per cent) and CRM (62 per cent)
- 97% have invested in some form of marketing technology in the past 12 months. 60% were adding to their existing stack
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According to software company Squiz’s latest State of Marketing Technology report, 78 per cent of marketers feel confident in explaining the value of technology investments, but there is a disconnect with the rest of the boardroom.
The report, which surveyed 600 senior marketing professionals across Australia, the UK and the US, found 97 per cent of global marketers believe that marketing technology has allowed the marketing department to become more strategic in its approach and 43 per cent say they’ve been able to develop more data-driven KPIs since investing in it.
Yet despite these benefits, the report revealed more than half of marketers think c-level execs don’t understand marketing and only 35 per cent think their CEO strongly realises the potential revenue uplift and saving of martech investment.
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The American Marketing Association 2017 Marketers Confidence Index increased by six points from a year ago, to 69 out of 100 possible points. Despite the slight rise, 30% of marketers said they’re more concerned that their organizations aren’t investing in the right customers, a 13% decrease in confidence compared to the 2016 findings.
The study also found that 32% of marketers had confidence in their teams’ ability to understand the ROI of marketing plans. That’s 11% lower than the prior year’s findings, when confidence was at 43%. Only 25% of survey respondents said their teams have the right tools and processes in place, an 8% decline from 2016.
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Nearly 80 percent of companies spend less than 30 percent of their time and budget on customer retention-focused messaging and content, according to Corporate Visions' State of the Conversation Report, "Customer Retention and Renewal Messaging: Mission Critical, But Missing in Action."
What's more, the report found that 42 percent of respondents say their companies invest less than 10 percent of their marketing budgets on renewal messaging efforts.
Interestingly, the survey reveals that nearly 60 percent of B2B professionals don't think the messaging for their renewal conversations should differ from their customer acquisition messaging—a finding that flies in the face of recent Corporate Visions academic research, which found that the messaging strategies that work best for winning new customers are not effective for securing renewals.
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- True ABM adoption will skyrocket.
- More B2B marketers will turn to consumer marketing for inspiration.
- The mass consolidation of martech companies as microsegments will emerge. In 2017, the grid will shift dramatically as we continue to see innovative marketing technology companies get acquired or at least enter the public market. This will likely change the technology climate overall, as big tech companies continue to get bigger and small companies begin to create microsegments that specialize in early stage markets.
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Last year, the Adobe Digital Trends report showed data-driven marketing to be the top priority for marketers, with 90% of survey respondents citing it as their number one choice.
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- Digital marketing and micro-targeting: Digital marketing, or the delivery of marketing through online channels, is a significant part of most marketing programs. Over the past few years several technologies have converged to create highly targeted and individually impactful messaging. This new capability, micro-targeting, uses big dusts through data clouds and other rapidly growing data sources, advanced analytics, behavioral modeling and a variety of delivery channels ranging from social networks to proximity based sensors and is highly effective. The accuracy of the models and the broad use of micro-targeting is moving main stream.
- Marketplaces: Online marketplaces evolved out of some of the earliest online business models pioneered by B2C companies like eBay and Amazon. From consumer roots though, it expanded to B2B with companies like Ariba, CommerceOne and others. Today the model is disrupting businesses in transportations, hospitality and commerce. Marketplaces are an important distribution channel for an increasing number of B2B products an services.
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1. 42% of B2B marketers plan to test or deploy marketing automation this year (DemandGen Report) 2. 59% of companies do not fully use the technology they have available (Ascend2) 3. 80% of marketing automation users saw an increase in leads (VentureBeat) 4. 12% of marketing automation users saw an increase of leads by 50% or more (VentureBeat) 5. 10% of marketers feel they are able to fully execute mature marketing automation strategies (Forrester) 6. 80% of B2B marketers consider it a core requirement of their jobs to understand and use marketing technology (Forrester)
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From MOCCA speakers, Kathleen Schaub of IDC and Rishi Dave of Dun & Bradstreet:
1. By 2020, More Than 50% of Commercial Content Will Be Created Outside of Marketing (IDC)
2. Events Will Surpass Advertising as the Biggest Spend
3. Marketing Will Displace Part of Your Sales Budget
4. B2B Marketers Will Spend More on Marketing Technology
5. Brands Will Shift Focus From Acquiring New Customers to Retaining Existing Customers
6. Brands Will Shift Their Social Marketing Efforts to Private Messaging Apps
7. Team Enablement Will Be Crucial for Brands Moving Forward
8. Persona-Based Marketing Will Be Fundamental to Driving Growth
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- Brace for More AI-Based Bots
- Contextual CRM Will Take Center Stage
- Omnichannel CRM Will Take Over
- Social CRM Will Thrive
- Predictive Analytics Will Come Into Its Own
- Verticalized CRM Will Set In
- The Suite/Best-of-Breed Seesaw Will Keep Swinging
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It's a mixed bag, but definitely lower than the past few years.
Curated by CYDigital: Empowering Marketers, One Blockchain at a Time https://cyd.digital #zeropartydata #martech #marketing