CMOs spent 29% of their budgets on marketing technology (martech) in 2018, according to Gartner’s CMO Spend Survey 2018 – 2019. Yet only 33% of organizations feel that their martech effectively meets business needs.
Marketers may have neither enough nor the right technology in their portfolios. It’s also common, however, for marketers to have an incomplete view of the technology capabilities they have, and therefore not use everything they’ve paid for.
“Marketing technology leaders face many challenges in managing and getting the most out of their investments,” says Colin Reid, Senior Director Analyst, Gartner. “They must make sense of an evolving constellation of tools and technologies, face a complicated landscape of vendors and address a shifting range of C-suite demands.”
To ensure a high return on investment (ROI) to the business, marketers should start with a thorough audit of the organization’s martech ecosystem and use the findings to inform a martech sourcing and management strategy and to cultivate executive support for upgrades.