Only one in five marketers have a strategy in place for optimizing their martech stack

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30-second summary: Ascend2’s Martech Stack Optimization survey asked nearly 300 B2B and B2C marketers how are they addressing the challenge of optimizing their martech stack in 2020. 19% of respondents indicated that they’ve implemented a martech stack strategy, while nearly 60% of respondents are currently working on or developing a strategy. Improving marketing efficiency is the top challenge respondents faced, followed by improving revenue attribution. Data analysis, integrations, and real-time processing are key features that marketers look for when implementing an effective martech stack. Nearly 90% of respondents indicated that they either plan to, or will continue to, invest in their martech stack in the coming year. In January, research-based marketing firm, Ascend2, surveyed nearly 300 marketing professionals to assess how they’re addressing the increasing use of different marketing technologies (martech) within their organizations. The survey, conducted during the week of January 13 th , 2020, was answered by a combination of B2B and B2C marketers, though respondents skewed more on the B2B side. Companies ranged in size from fewer than 50 employees (54% of respondents), to more than 500 employees (24% of respondents). A breakdown of respondent types is illustrated in the following table. Source: Ascend2 The challenge of martech optimization The Ascend2 survey sought to answer one foremost question facing today’s marketers—how are they addressing the challenge of integrating multiple marketing technologies into their businesses? Since most of the tools and technologies required to compete in today’s client-focused, experience-driven environment necessitate a considerable investment, it is incredibly important for companies to address how marketing technologies are utilized and managed. To this end, there is clearly room for improvement based on most survey responses that addressed the question, “Which best describes the current situation as it applies to optimizing a martech stack strategy.” Source: Ascend2 As the above chart demonstrates, only 19% of respondents indicated that they’ve implemented a martech stack strategy, while nearly 60% of respondents are currently working on or developing a strategy. 23% of respondents don’t have a strategy in place at all, but the fact that most respondents are either thinking about—or actively implementing—a strategy reflects the growing trend toward the focus on martech stack optimization. Per Ascend2, “It seems that marketers have recognized, and are slowly taking action when it comes to addressing how marketing technologies are utilized and managed.” Improving marketing efficiency: pain points and priorities When asked to name their top barriers …

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UX is the top brand differentiator among marketers in 2020

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30-second summary: Bynder commissioned Survata, to conduct an anonymous survey of over 1000 marketing and branding professionals in the US and UK. The goal of the survey was to assess how marketing automation and technology contribute to improved brand awareness and perception. Faster, more efficient content creation is the most effective use of marketing automation. Marketers, by and large, don’t feel that branding can be automated because it produces less brand differentiation and diminishes creativity. Respondents felt the best use of automation for marketing/branding purposes was in creating content more efficiently and faster. Respondents indicated that user experience was the strongest brand differentiator (over brand authenticity and superior product innovation.) About 1/3rd of respondents plan to increase their branded content efforts in 2020. In December 2019, Bynder commissioned independent research firm Survata, to conduct an anonymous survey of over 1000 marketing and branding professionals at organizations in the US and …

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Brands aren’t using the full slate of available first-party data

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30-second summary: Invoca surveyed 500 B2C marketers within a range of industries, each of whom oversee a budget of over $1 million, to gain insight into how they view first-party data and what they’re using to access and collect data. 90% of respondents are confident or very confident with purchase history data followed by 86% with company website data. Phone call data was lowest on the list of data sources that inspire confidence. Websites were the number one source of data that marketers used to inform digital marketing strategy, followed by mobile apps and purchase history. Just 26% of respondents listed phone call data as a source that informed their digital marketing strategy. Most marketers don’t have a clear vision of how to leverage data across channels. Respondents who use call tracking were more likely than those who didn’t to invest in both online and offline conversations. 92% of respondents …

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What leading consultants say about the usage of automation in marketing

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30-second summary: As per the CMO Survey Report 2020 by Deloitte, the implementation of AI and machine learning is likely to grow in three years to 3.5. As per an article by McKinsey & Company, organizations introducing technology to sales can find ways that deliver double-digit gains in return-on-investment. Automation is possible in 30% of sales activities. The most recent AI survey by Bain and Company analyzed that organizations that make use of AI were 4.2 times more likely to have access to standard tools and technologies than the others. A study co-sponsored by EY in 2020 revealed that 85% of participants have already implemented AI within their organizations and expect to use AI for new use cases in the coming years. According to a survey by Accenture, around 83% of more than 6,000 businesses accepted that technology is a crucial part of the human experience. As per a recent …

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A guide to the changing role of the modern CMOs

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30-second summary: Domo partnered with global research company Censuswide to conduct a survey of nearly 700 senior marketers across seven international markets to assess the challenges and responsibilities facing modern CMOs. One major finding is that perpetual change in technology, data sources, and media channels is significantly impacting how CMOs do their job. The issue of who owns data—and how to manage it—is clearly a pain point for CMOs. Without any clear idea of who owns the data, managing it becomes a critical challenge, as does gleaning actionable insights from data that can hinder growth. 23% of senior marketers respondents indicated that the C-Suite’s focus on short-term over long-term results was a top communication barrier. Domo’s survey revealed that the data that matters most to marketing leaders is focused more on customer experience versus ROI. 23% of large enterprise organizations are planning to allocate over 40% of their marketing budget …

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Why digital transformation should be your new demand gen strategy

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30-second summary: Ensuring that your business has the right digital tools can facilitate growth by enabling marketing and sales teams to improve brand engagement, better analyze data, more easily create content, and improve CX. Demand generation is facilitated by the right tools which can help marketing teams scale activities such as content management, lead nurturing, social media optimization, ABM, and more. There is no such thing as an average martech stack. Customization of tools is key to figuring out what works for you to achieve business growth. Chiefmartec’s Stackie awards include nearly 50 illustrations of martech stacks from a vareity of businesses which demonstrate how varied martech stacks can be. Incorporating tools that enhance and facilitate customer experience is an important (even critical) ingredient to using digital transformation for demand gen. Using technology to enhance business processes is nothing new. The very first business computer — The Lyons Electronic Office …

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Five tools that can help you break free from data paralysis

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30-second summary: Data paralysis is a natural consequence of the marketing technology businesses use daily, but there are tools that can help manage the proliferation of data so that it can be used efficiently and effectively. In this post, we review five tools, each of which help mitigate the data paralysis connected to a specific area of data usage including CRM, lead management, business insights, customer experience, and website traffic/campaign analysis. The tools listed here are examples of the technology that exists to help manage and leverage data. There are many more tools available, so be sure to research solutions that fit within your budget and business type. Data paralysis is a real problem. The proliferation of martech tools and marketing touchpoints has created a wealth of data which, while a boon for businesses, can also present challenges when it comes to data management, analysis, security, and consistency. A 2018 …

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What leading consultants say about the usage of AI in marketing?

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30-second summary: In Deloitte’s 2019 CMO Survey Report, 56% of participants anticipated using AI for content personalization. 33% of respondents foresee applying AI for improving marketing ROI by optimizing marketing content and timing. Mckinsey’s survey found that 44% of companies reduced operational costs and increased business revenue by using AI in marketing. The Bain and Company found that marketing insights gathered through new machine-learning capabilities helped gain 10x in marketing performance. The company also saw a 25% increase in additional revenue through cross-selling. An EY study of CEOs and business leaders reveals that 62% of respondents believe artificial intelligence will have a significant impact on creating efficiencies at their company. In a survey conducted by BCG, 90% of respondents agreed that artificial intelligence represents a business opportunity for their company. However, 70% of companies report minimal or no impact from AI so far. Marketers have started using artificial intelligence to …

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Understanding the role of voice in martech

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30-second summary: Voice technology is being widely adopted, thanks to the global distribution of voice assistants like Google Assistant, which is installed in over 1 billion devices as of 2020. Improvement in voice recognition accuracy is also helping with widespread adoption of voice technology. Google achieved a 95% accuracy rate for the English language as of March 2017. This is the same threshold for human accuracy. 82% of consumers expect an immediate response on sales or marketing. Voice recognition technology, which enables the immediacy of customer service responses, is addressing this need for many businesses. Voice-enabled tools are increasingly being employed within an organization’s martech stack, to facilitate internal operations. Examples include speech-to-text transcription tools, real-time conversational analysis, and automated call listening/conversational analysis platforms. Voice technology is playing an ever-growing role in a variety of martech applications, from AI-powered transcription tools like Trint to signal-based AI tools like Cogito that …

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5 tips to accelerate your company’s AI implementation

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30-second summary: The potential of artificial intelligence is almost boundless. AI solutions are starting to be introduced by organizations across many industries and fields. A strong starting point for any AI implementation is to get buy-in from company decision-makers. If key stakeholders understand AI’s potential, they’ll properly resource any transition. AI is particularly useful in the field of data analytics. If you are going to join the ‘Big Data’ era, you need robust data governance. There’s no one-size-fits-all approach to AI implementation. You need to explore and test the different tools and solutions available to you. Don’t neglect the human side of your business in seeking AI-driven answers to your problems. Make sure you train staff effectively in all automation or AI tools you introduce. It’s not insider information to know the unmatched potential of company-wide AI implementation. Even with all the advancement in recent years, it still feels like …

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The cost of complexity: ClickZ’s advisory board discuss the latest trends in martech

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30-second summary: COVID-19 has caused a seismic shift in digital operations and consumer behavior, leading to an acceleration in digital transformation. commerce penetration grew from 16% to 27% over an eight-week period this year, for example, fundamentally changing the way retailers sell goods. As martech players emerge to address increased shifts to digital, companies are caught in the middle of an explosion of complexity, trying to figure out how best to leverage new technology with little time to plan. The digital skills gap has widened with the increased rate of digital transformations. Businesses are scrambling to find talent that has experience across ad tech, martech and data.. Sales and marketing alignment has become even more important as teams balance decreasting marketing budgets and increase in pressure to deliver more sales with less to keep the business alive. The cost of complexity is high when companies purchase technologies they don’t use, …

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