Today, it is no secret that marketing and technology go hand-in-hand to streamline businesses’ functionalities.
A majority of the marketers, about 86% of marketers who have implemented artificial intelligence(AI) and other MarTech tools in personalization, have increased their revenue goals by no less than 30%. The latest study by Kelton Global, in association with Blueshift, titled “Marketer vs. Martech in 2020” has come up with this and some more exciting marketing insights.
The study of more than 500 marketers was focused on how global market leaders are tackling the everyday challenges of the technological roadblocks, which stand in the way of enhancing customer experience (CX) and business goals. The marketers were surveyed to help understand the causes of challenges and what they are doing differently to succeed.
As stated in the report, “Today’s marketing winners turn data, tech, and AI into a competitive advantage. Marketers who adopt best-of-breed technologies are finding that rather than acting as expensive replacement solutions or temporary Band-Aids, these platforms become bridges between their existing data, tools, and processes.”
In contrast, most marketers are efficient only with the data and technology they use. Thus it is also crucial to understand where martech goes wrong and how to overcome such gaps for long-term growth. Many marketers think that the friction in the martech stack set back their organization to move from the idea to execute new marketing strategies.
Some of the principal findings from the report are –
- AI and ML are setting up new standards for business functionalities. Almost 98% of marketers are using machine intelligence and predictive modeling tools in their business process, and it has resulted in marketing advances. With this, more marketers are willing to increase the utilization of AI over the next 12 months. In essence, around 60% of marketers revealed the same, including 41% who are already making use of AI and advanced MarTech.
- Nearly 95% of marketers said they couldn’t provide cross-channel personalization at the 1:1 level – although it is a necessity, it is seemingly unattainable.
- About 68% of the surveyed marketers said using customer data for improving customer experiences (CX) is a top priority. Besides, 90% confirmed it is the top priority this year for their enterprise.
- The tech stacks are filled with data that hardly gets used. About 36% marketer reported, “Our marketing department spends more time collecting/distilling information than executing against it.”
Josh Francia, Chief Growth Officer at Blueshift, has been reported saying, “Consumer behaviors are constantly changing and marketers need to be able to make and execute against decisions at the same pace…Our study with Kelton Global reveals how sophisticated technologies are needed now more than ever, as these platforms allow marketers to keep up and bridge the gap between existing customer data, tools, and processes. The report findings make it clear that in order for marketers to win and exceed their goals they need to: unify their data, integrate AI, and invest in technology that’s built for scale.”