As we come to the end of 2020, we are all set to unveil the MMA modern marketing survey results and help the industry decode the impact it can have on business decisions in a dynamically changing connected mobile world and how it can impact the choices we make?
This is the era of modern marketing, the marketer is upskilling to enable personalized user experience, Martech implementation, and business transformation as must-haves for marketing and business plans to succeed.
Our panelists who have joined in unveiling the report and to share a view on the takeaways of the survey are Kunal Aman (Head- Marketing & communication) at SAS, Vijayant Dhaka (Senior Vice President) at ValueFirst, Rajeev Dhal (Chief Revenue Officer) at ZEE5, Moderator- Namrata Balwani (Digital and customer experience consultant) and our Host- Moneka Khurana (Country Head India) at MMA.
It's a pleasure and a privilege to have all of you engaged today to unveil the modern marketing survey report.
Our mission is to enable marketers to drive innovation and enduring business value in an increasingly dynamic and mobile-connected world.
Here are some of the key takeaways before we break in to the panel discussion:
Share of the Marketing budget for Martech: 81% of marketers spend 10-30% of their marketing spends on technology license and technology usage fees and 60% claim to increase their MarTech budgets.
Current usage of Martech: Increasing marketing efficiency and ROI is the top reason to adopt or use MarTech. Integration between marketing and technology solutions is the biggest impediment in MarTech adoption according to 70% of marketers.
Types of marketing technology most used: 58% say that their company prefers an integrated suite approach to a best of breed approach. 51% of the marketers said their current marketing technology investments are in analytics, measurement, and insights.
Analytics, marketing automation, and experience optimization: are the top 3 areas where marketers plan to use a MarTech tool.
2021 is around the corner!
60% of marketers would actually increase their marketing martech spending.
AHH! It looks promising just in terms of how much marketers believe that MarTech is an integral part of their overall plan. Let’s capture the trends of increasing spends in MarTech.
There is a trend of the overall increased number of communications going out that's already happened, the challenge is different which the adoption of these platforms and technology is.
What's lacking is probably the awareness or the right decision system because here there is not enough empowerment, education, or awareness or information around MarTech.
“An interest in spending is also about how well it's adopted by companies and how do they actually make full use of it.”-Vijayant Dhaka
https://www.youtube.com/watch?v=6Vkm6cWZrtM
What’s next? Is the integration a key challenge or a key impediment or are there any other factors?
Integration is certainly one of the tougher challenges out there. You know most marketers start looking at MarTech solutions as an attempt to either solve a business problem or enhance the customer experience.
The reality is! We actually go out there, research the solutions, find a good enough tool and that actually typically gets deployed in much-siloed ways. Our survey indicates that 88% of our marketers use specialist individual MarTech providers for solving certain cases right so that means basically solving those point problems.
What you end up with is having one tool for social media listening, another one for campaign management, another one for which sales users for managing leads, that naturally causes things to fall through the cracks especially at the key transfer points. That's the reason integration is an issue.
“The market space is moving so fast that companies are actually struggling to keep up, that’s the issue.”
If we are connecting two systems the bar that we should be holding integrations to is, what both these applications combined make better together. Because at the end of the day we want to be connecting systems for more coherent customer journeys as opposed to a crazy quilt of you know horizontal or vertical integrations that exist.-Kunal Aman
The main reason that marketers want to invest in MarTech solutions is to increase marketing efficiency and ROI. Let’s see how does that resonate with your business have you seen ROI
improvements with any kind of investments and some insights.
Yes, it definitely does resonate. At ZEE5, we aim to deliver a habit-forming customer experience. One of the biggest areas that we focus on is looking at the insane amount of data that is available on a customer and try and figure out what are the taste clusters.-Rajeev Dhal
In our business the more the consumer spends time on our platform and talks about us because of better experience more is the lifetime value or it increases. So our dependence on MarTech is very high and we clearly see ROI going forward and clearly see the adoption of multiple new tools that are AI-enabled or state of the art.
Access to our Live video to capture some major questions:
What are the kinds of things that the next five years it's going to be important for marketers?
What are your motivations to adopt and use marketing automation?
What do you look for in a future ready marketing team?
The top three areas where they plan to use a MarTech tool. Does ValueFirst have some other approach to it?
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