Integrated marketing agency Alloy also found that marketers are expecting a more hostile environment. The audience of tech marketers reported shifting their focus from acquiring new customers to increasing revenue from existing customers. Two surveys with the same result counts as a trend, right?
You may recall Wednesday’s report that IT leaders expect higher budgets despite recession worries. This Twilio Segment survey found that marketers are not as confident: 63% expect their martech budget to fall in the next twelve months. A whopping 83% expect to simplify their martech stack while 57% say they’re spending on ineffective tools. Still, 71% are prioritizing first party data and 82% believe companies with excellent customer data will grow faster than companies without it.
Who knew IT folk were so cheerful? Splunk found data innovation leaders are more likely to say they can’t keep up with data growth (67%) than intermediates (41%) or beginners (15%), but are somehow less worried about it: leaders said they use more of their data and do a better job at real-time segmentation and recommendations than the others. Leaders also saw more opportunities to use sales, customer, and transaction data in the future.
Martech keeps taking larger bites out of marketing budgets: 17.3% last year, 19.9% this year, 23.5% next year, and 30.9% five years from now, according to the latest CMO Survey. This despite barely more than half (56.4%) of current tools being used and nearly half (48.8%) of the survey respondents reporting worse-than-expected results. Oddly enough, marketers rate selecting marketing technologies as the thing they do best.