According to a survey by ‘Conductor’, the search marketing software platform, 68% of marketing executives say they are planning to spend more on marketing technology in 2018. The survey looked to gain an insight into MarTech strategies for 2018 by surveying 500 marketing executives.
Of these, 30% said their spend next year would rise by between 11% and 25%. 28% currently spend more than £75,000 ($100,000) on marketing platforms with 4% spending more than £750,000 ($1million).
The survey was conducted via email with the aim being to understand better the marketing technology landscape and where the industry is heading for 2018. 84% of those surveyed were CMOs, VPs or directors.
29%, the largest share came from B2B organisations. Others represented were B2C (Business to Consumer) companies, publishers, non-profit organisations and agencies.
In 2017, 80% had introduced at least one to five new marketing technologies. 8% six to ten and 2% introduced between eleven and 20 new technologies. The survey also asked how many technologies each respondent was currently using. 43% said between six to ten MarTech solutions and 28% said over 10.
Multiple questions were used in the survey in a bid to cover the concerns that marketing executives had regarding the technology they were using now and for future technologies coming into play. It was interesting to see that as many as 56% admit they feel overwhelmed by the amount of data available from their martech stacks. Looking forward to new technologies, executives were asked which technologies were they most unprepared for. For 34% it was ‘AI’, for 29% it was ‘VR’ or ‘AR’, for 23% it was ‘voice search’ and 11% said it was new ‘social networks’.
Asked to rank internal challenges they feared may negatively impact their online performance in 2018 — Respondent’s top concern was “lack of budget,” followed by “not having the right team” and “not having enough time.”
Last on the list of the biggest internal challenges faced by marketing executives was the inability to prove ROI, although 88 percent reported using two or more dashboards or reports to understand their overall marketing performance, and 51 percent claimed it was “easy to get visibility” into their company’s global performance.
The marketing executives said this year’s primary KPIs will be revenue and conversions — a shift from last year, when survey respondents said leads and traffic would serve as their main indicators of success.