Marketers are shifting from home-grown tools and upgrading to new martech tools, while hiring fresh talents to use them
Organizations are playing catch with the evolving marketing technology landscape. As per the recent survey, 83% of marketers upgraded to at least one new martech application in 2018. The study titled MarTech Replacement Survey 2020 highlights the organizational martech updates in the past year. A total of 398 digital marketers were surveyed earlier in October.
As per the survey, companies are moving away from in-house solutions and are migrating from martech tools developed in-house. Nearly half of respondents (49%) were likely to have upgraded or replaced a homegrown technology, while 51% of them restored homegrown tech and moved to commercial applications. One of the main reasons marketers moved away from in-house technology was that available SaaS software had better features. One in four said their homegrown system was being replaced as the management decided their enterprise was “not a software company.” Meanwhile, one in five said their homegrown system was too expensive to maintain. The survey revealed that 43% of respondents indicated they hired a new team to support their new martech tools. One in four said they trained the existing staff with new hires, while another 25% said they trained new staff entirely, the study found.
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The report also shared some insights on emerging martech trends. Companies will continue to focus on maximizing the return on their martech investments. This will be done through ongoing upgrades and new hires or retraining of the existing staff. The top three most likely applications to get replaced, commercial or homegrown, are marketing automation (21%), CRM (18%), and analytics, or business intelligence (18%).
New technologies present opportunities for marketers who keep their skills relevant and transferrable as technologies evolve and change. It has become difficult to justify maintaining homegrown applications as SaaS products develop and natively support integrations with other solutions.
The market would soon see more acquisitions by martech vendors along with integrations as providers aim to give marketing teams more comprehensive solutions.