As another turbulent year comes to a close, marketers are bracing for new and bigger challenges in the coming year.
Businesses are preparing for the unpredictable challenges that the year ahead may hold after another turbulent year in 2022. Marketing budgets are constrained. Budgets for travel and expense reports are no longer uncapped. Unnecessary technology is nowhere included in the annual budget.
Here are a few key marketing technology trends that businesses should be aware of in the coming year:
Consolidation Will Become Common for Both Vendors and Purchasing Organizations
In the ultimate quest for efficient revenue growth and creation, vendors will try to become alpha platforms by providing greater functionality across the sales and marketing technology stack. While the goal is to improve purchasing efficiencies and user experience, buyers should carefully consider whether acquisitions are merely surface-level or if the technology actually adds value. They must conduct thorough research when purchasing because superficial features will not help them meet their business objectives.
Internal tech consolidation will occur within purchasing organizations as well. Traditional marketing technology vendors are expanding their sales capabilities and working their way down the funnel. Traditional sales technology vendors, on the other hand, are adding marketing functionality and working their way back up the funnel. Everyone is striving for greater alignment, and marketing must be cautious to avoid products that do not actually add value to their company.
Also Read: 6 Forecasts for Marketing Technology in 2022
As Go-To-Market Strategies Evolve Rapidly, Flexibility Will Become a Common Technology Requirement
There is no such thing as a one-size-fits-all GTM strategy. Leaders must be ruthless in their pursuit of technological flexibility to ensure that it actually works with their business. People, time, and money are all valuable, and they will be jeopardized if they choose the wrong vendor. In 2023, this will be a “must-have” requirement for marketing technology purchases.
Sales Will Become More Involved in Technology Decisions and Implementation
Marketing technology interacts with sales technology and vice versa. Every year, the lines become more blurred. Account-based marketing necessitates close collaboration among marketing, sales, and customer success. Alignment in most companies will improve as ABM adoption grows.
Vendors will continue to provide functionality that connects sales and marketing, resulting in the unavoidable shared budgeting and decision-making process with technology. Leaders must prepare for it, strengthen relationships, and adapt as needed.
Also Read: Efficient implementation of Marketing technology’s latest currencies
Visibility and Transparency in AI and Decision-Making Will Become Increasingly Important
AI is here to stay and can be found in the majority of tools used by people in both personal and professional contexts. However, if businesses do not understand how AI works within the technology they use, it will become a problem.
For example, businesses may have purchased what appeared to be a great technology that did not perform as expected. This newly purchased technology could cause them to lose trust and confidence in sales. Even losing trust in one person can cause significant alignment rifts.
Regardless of how brilliant AI is in marketing technology, companies must ensure transparency in how it works and how decisions are made.
Churn Will Be High for Technologies That Do Not Reduce Wasteful Spending and Improve Efficiency
Any technology that does not enable businesses to do more with less while generating a positive return will most likely be phased out. Technology that makes it easier to function with less money or fewer people will stick around.
When comparing the performance and cost of branded and non-branded paid searches over the last two years, there are already indicators of this trend. The broader they are, the more difficult it is to demonstrate value. Businesses that advertise must conduct research to determine who can provide the most targeted advertising solutions in order to avoid wasting money.
Businesses will undoubtedly face challenges in 2023, but they should all have a better game plan in place to achieve even greater success.
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