Amid the uncertain economy, the marketing technology stack application remains flat or drastically reduced among businesses globally.
In the pandemic-induced digital era, CMOs look for business agility and strategic partnerships. With the marketplace slowly getting strength back from the first phase of COVID-19, about 60% of marketing leaders indicated severe to moderate budget cuts on martech tools – reveals a recent Gartner study.
In effect, these are the highly protected martech investments, and nearly 35% of businesses are initiating an effective way to overhaul the martech stack. Given the current situation, martech stack utilization is a struggle for many organizations.
Even the marketing agencies are using around 58% capabilities of their martech stack – a flat period ever since 2019. Unsurprisingly, nearly 66% said they had delayed a purchase – even the previously approved martech solutions.
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However, these low levels of deployment mark a considerable threat for the companies themselves – particularly in the middle of the widespread economic crisis. In fact, organizations that are facing cuts for the last three quarters are also struggling with technology utilization.
In this context, organizations that demand attention to streamlining technology acquisition or improving usage could hinder. Despite the continuous turbulence, most marketers are hopeful about the impact on their business.
Almost 81% of the surveyed respondents believe that their existing martech stack is commendably meeting the business objectives. However, only 20% of a marketing technology leader who indicated having an active martech stack have been struggling to utilize their stack’s overall capabilities.
As explained by Ben Bloom, Senior Director Analyst at Gartner Marketing – “What we are seeing is a false sense of security for many marketing organizations…When times are good, and the organization is growing, under-performing investments may be able to evade scrutiny. Overconfidence is a major risk that could impede critical business evolutions, and marketers will be hard-pressed to deflect blame to unfulfilled vendor promises.”
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This shows that the competencies that are not being used cannot generate business value. As a result, industry experts from Gartner suggest marketers execute regular audits of their martech stack. This is also important to determine the best vendor approach in 2021 and beyond.
Businesses that have accepted an agile approach are delivering more in this fast-evolving, demanding market. Even collaborations can help struggling businesses overcome integration and utilization challenges – by ramping up innovative use cases and technologies.
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