Marketing analytics has made strong inroads into agencies’ toolkits for the last three years. Machine learning-powered sentiment analysis, programmatic advertising, predictive analytics, and a cohort of other AI use cases are a frequent concern for the CMOs.
As per Gartner’s CMO Spend Survey, budget allocation for martech has fallen by 26% this year. Considering that investment rates peaked in 2017-2018, it can be extrapolated that most businesses are deep into exploring what they have purchased new technology and how it can be used to optimize in-house marketing processes.
According to Gartner, marketers have leveraged only 61% of the functions available in their martech portfolio. Most organizations lack people, skills, and a proper vision for their marketing analytics program.
Ascend2 research further mirrors that sentiment indicating that 61% of companies invested initially in martech solutions to improve marketing ROI and marketing efficiency. Yet, post-adoption, 47% of respondents still struggle to capture that elusive ROI figure, and 40% is far from being as productive as they’d like to be.