Here's what we know so far: CMOs now hold more power than CIOs on budgeting and spending on technology; budgets have increased steadily from 9-12% of company revenue in past 3 years; 75% of CMOs control tech spend for marketing, ecommerce and similar areas, and also own more of sales funnel; 80% have P&L responsibility.
As the MarTech world offered up a plethora of valuable automated marketing tools in 2017, Chief Marketing Officers across the globe allocated 22 percent of their marketing budgets to related technology in 2017, says Gartner.
Though that number was down from the 27 percent realized in 2016 after several years of growth, it continues to represent significant investment. And some pundits see marketing spending growing again this year; for example, researcher WARC predicts enterprise marketing technology budgets through North America and the U.K. will grow by an average 10 percent to put spending at $36 billion to $43 billion.
“(It’s) a testament to just how far the marketing technology industry (and profession) has come in the past five years,” notes Scott Brinker on Chiefmartec.com. “It will change even faster in the next five years ahead.”
So how will CMOs across the globe spend this year’s MarTech budgets — and what might they avoid, according to pundits?
As technology continues to evolve, some companies may struggle to find optimal MarTech solutions while juggling budgetary constraints. But that doesn’t mean they should stop trying new solutions that could serve as competitive differentiators and save them time, money and effort.
“Marketing departments are under pressure to acquire the best combination of services while staying within their financial means,” notes Jonathan Crowl on Skyword.com. “(But) few, if any, businesses are prepared to spend what it takes to build a perfect stack right from the get-go. As a result, businesses are forced to pick and choose their most essential marketing technologies, with an eye toward continued development in the future. If this describes your current situation, you aren’t alone.”
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