The latest report from Ascend2 has revealed insights into how B2B marketers are addressing the increasing use of different martech tools.
Ascend2, a research-based marketing firm, recently surveyed 300 B2B and B2C marketers about the challenges and priorities they face with implementing their marketing technology stack strategy. As per the survey, only 19% of respondents said they have achieved a martech stack strategy. Meanwhile, nearly 60% of respondents are currently developing a strategy, and almost 90% of respondents indicated they plan to continue to invest in their martech stack in 2020. The study says only 23% of marketers do not have a strategy in place at all.
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Marketers are slowly becoming more mindful while managing and utilizing marketing technologies. Integrating systems, improving marketing ROI, and enhancing customer experience were some of the challenges listed by the marketers. Forty percent of the respondents to the survey stated that improving marketing efficiency is their top challenge, while 38% of them listed improving attribution of revenue as another barrier towards successful optimization of the martech stack.
Businesses find it challenging to select and implement the correct tools while evaluating the efficiency of the new technology they purchase and integrate. However, marketers also need to optimize these technologies once they are in place. Adopting technologies to bridge the efficiency gap is slowly becoming important for them. According to the survey, 55% of respondents recorded improving marketing efficiency as one of the key priorities.
Identifying their desired capabilities for achieving marketing efficiencies, 38% of marketers felt that integration with other technologies in the stack is one of the required capabilities, while 36% of them believe the ability to improve customer experience is essential. When asked about what they considered the essential features for implementing an effective martech stack, marketers listed data insights/analysis, with just over half of respondents listing this as a critical feature. Systems integration, real-time processing, and data centralization were some of the other features marketers are looking for
Data Management Platforms Spend is Higher than Operational Tech
The survey brought to fore some key observations -businesses can improve marketing efficiency by selecting the right martech stacks tools. They need to evaluate and implement new tools regularly if they want to compete in this new highly technical landscape. And finally, marketers need to use a more efficient and relevant martech stack to create a go-to-market plan with clear goals and requirements.
