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Chief Marketer released a “2019 Martech Outlook Survey” this week which reveals some interesting insight into the industry. The survey includes responses from both B2B and B2C marketers.
Key findings include:
54% of marketers think martech budgets will increase next year.
Many marketers (39%, the largest group) report spending 10-25% of their marketing budgets on martech.
Top choices of types of martech where people plan to invest in the next year are email, automation, and social media.
50% of marketers said their biggest frustration around purchasing is the volume of solutions in the market.
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WARC and BDO estimate that total spending on marketing technology in North America and the U.K. will reach $65.9 billion this year, up from $52.4 billion in 2018. This equates to a year-over-year growth rate of 25.8%. WARC and BDO had previously estimated that 2017 spending in these two markets was $34.3 billion. So, in North America and the U.K., the market for marketing technology has nearly doubled over the past two years.
The WARC/BDO study found that marketers’ commitment to technology is still growing. On average companies in North America and the U.K. will spend 26% of their total marketing budget in 2019 on technology tools and services, compared to 23% of the budget in 2018.
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Marketers are facing a “challenging” 2018 as tepid economic forecasts and a “loss of momentum” caused marketing budget growth to slow to its lowest rate for almost two years in the final quarter of 2017.
According to the IPA’s quarterly Bellwether report, 23.9% of marketers surveyed said they increased their budgets in the last three months of the year in an effort to support brands, help new product launches or in response to greater competition. However, cost pressures, client caution and ongoing economic uncertainty caused 15.2% to cut their budgets.
While the resulting net balance of +8.6 marks five straight years of budget increases for the marketing industry, it is down from the +9.9% figure in the previous quarter and the lowest net balance score since Q3 2016.
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ZBB is designed to scrutinize every dollar. In a low-growth environment, it’s easy to see why keeping costs down would be especially attractive. But the fundamentals of P’s & L’s have largely been ever thus, and today’s ZBB renaissance comes from more than just typical margin forces at work. In fact, the current climate of disruption is unique because it has brought a heightened scrutiny about which business models make the most sense (even when that means a dramatic shift from the company’s traditional focus) and how resources should be allocated to best effect. Decisions must be made faster, results are expected more rapidly, and performance details are laid bare to a broader audience than ever before.
Leaders should turn human biases into a force for positive change: present ZBB not as a loss but as a gain; make ZBB the path of least resistance; and tap the power of transparency. Add to that, as well, the very human preference for order above chaos—now addressable through powerful, intuitive digital tools that simplify, expedite, and put everyone on the same budgetary page—and the likelihood for success is even greater.
But to really drive the changes home, organizations must build a cost culture—which means, in turn, that additional measures are critical. A crucial step is to align compensation with ZBB conviction. We’ve found that rewarding high-performing business leaders—with both hard and soft incentives aligned to controllable performance elements—is essential.
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Jobs related to marketing made several appearances, with SEO/SEM marketing taking the eighth spot, followed by marketing campaign management taking 11th spot which put roles such as online marketing manager, digital marketing specialist, digital marketing manager in the spotlight. Mobile development also took the ninth spot, featuring jobs such as mobile engineer, mobile application developer being in demand.
The report also highlighted the demand of some hard skills relating to data management and analysis making several appearances in the ranking, with roles such as data scientists and data analyst being in demand.
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Melnick shared the following recommendations into how marketers should tackle budget planning in 2018, and evaluating tools and tactics to support the process:
Align and balance the budgeting process. Strike a balance between budgeting top-down – aligning plans at the corporate/strategic level – with budgeting bottom-up to guide actual execution. Melnick recommends a hybrid approach that sets top-down targets, then builds a bottom-up activity plan. This gives marketers budget plan autonomy while staying true to the leadership priorities.
Leave room for experimentation. The most successful companies allocate at least 20 percent of the budget to trying new things.
Spread extra budget money thoughtfully. If marketing gets extra funds, don’t simply spread them equally across business units, activities, or campaigns. Invest them where they best support the business and have the highest growth potential.
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Most companies expect to increase their spending on digital marketing in 2018, and say social and content marketing will be the most effective tactics. Check out the details of this research.
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eMarketer estimates that US business-to-business (B2B) advertisers will spend $4.07 billion on digital advertising in 2017. The B2B digital ad market is growing steadily, and in 2018 it will jump 13% to reach $4.60 billion.
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We surveyed 500 execs across multiple industries to see where they’ve been this past year — and where they’re going. In 2018, balancing the goals and spend for marketing and technology are a big point of concern.
What else are marketing executives focusing on for next year?
• 68% will increase marketing spend in 2018
• 76% of marketing execs are increasing investment in content marketing
• Conversions and revenue are replacing leads and traffic as top KPIs
• The biggest point of uncertainty is the rise of artificial intelligence
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To make next year’s budget support both the short and long term for your brand, you must be able to answer two questions:
1) How large is my pool of “receptive consumers” – those who are receptive to marketing investment in my brand?
2) What form of investment in my brand – product, A&P, pricing, distribution, other – are they most receptive to?
The answers to these questions will tell you where increasing investment will result in both a big, profitable volume response and a sizeable bump up in your longer-term brand equity. Just as important, they’ll tell you where and how you are overinvesting in your brand. This is the key to unlocking funds for increasing investment without having to trade-off next year’s margin for more growth.
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The 15% drop in martech spend sounds more surprising, at first, until you consider three things:
Enterprise CMOs are still allocating 22% of their budget to marketing technology, and that is a large investment.
Some of the cash pulled from martech was reallocated to paid media — but within advertising, it’s notable that 67% of CMOs are increasing their digital spend while 63% are decreasing offline spend.
The other place where martech cash moved was services, which rose from 22% to 25% as well. Combined with the 27% of the marketing budget allocated towards internal staff, CMOs are spending over half of their budget (52%) on people. This is where budget should be going!
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1. Severely outdated technology
2. Marketing measurements that are simply not actionable – Our study found that only 6% of marketers feel that their measurements help determine the next best marketing action. That leaves 94% of those in our study without prescriptive guidance on where to spend their limited budget and resources.
3. Misalignment between Marketing and the business
4. CFO and CMO relationship troubles – The best organizations in our study were 3X more likely to align the functions of Marketing and Finance. However, only 14% of marketing organizations overall saw Finance as a trusted strategic partner, and 28% either have no relationship with finance or speak only when forced to.
5. Poor investment, budgeting, and planning data quality
6. Lack of visibility into baseline metrics
7. Inconsistent use of MarTech
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About 40% of survey respondents expect budget for traditional advertising to decrease.
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Growth in marketing budgets has stalled after continued increases over recent years, according to a survey by Gartner, Inc. The survey found that marketing budgets hit a plateau in 2017 after three years of growth, with budgets falling from 12.1 percent of company revenue in 2016 to 11.3 percent in 2017, representing a return to 2015 levels.
Chief marketing officers (CMOs) have modest expectations in 2018. Only 15 percent say they expect a significant increase in budget; 52 percent expect a slight increase. One-third expect their budgets will be cut or frozen.
The survey found that two-thirds (67 percent) of CMOs plan to increase investment in digital advertising, while traditional media faces budget losses. More than half of CMOs expect their investments in event marketing and partner/channel marketing to fall or flatline, with 63 percent of marketers stating they expect flat growth or cuts in offline advertising investment. At the same time, investments are growing across a range of digital channels, including websites (61 percent of CMOs expect to increase investment) and mobile (59 percent expect to increase spending). CMOs also show a strong and continued commitment to social marketing, with 64 percent planning to boost budgets.
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If an organization is large enough, to the point where it has distinct marketing, inside sales and external sales teams, then it may make sense to have inside sales live within the marketing department. This is great for a sales team that needs to qualify leads and prioritize those that are more likely to engage. But it’s also a big step forward for B2B marketers.
Making inside sales part of marketing could provide marketers better ability to measure their work, opening the door to accountable revenue metrics. You can’t do revenue marketing if you don’t have resources following up on the demand that is being created by marketing. There will always be a natural, unintentional lack of accountability if marketing has no control over sorting through the demand or resulting disposition of the leads to measure its effectiveness.
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Forrester predicts that marketing technology budgets will “grow by double digits” in 2018 as brands deploy consumer experience technology designed to cozy up to current and prospective users.
If brands don’t take this step, digitally adept firms like Amazon and Apple will continue to serve as gatekeepers between brands and audiences, providing the connectivity, stimulation and emotional experience that customers crave.
Forward-thinking CMOs who “blend tech savviness, an insights-driven mindset and deep emotional empathy with their consumers” will turn their brands into platforms, according to a report released today. They will become obsessed with understanding consumer emotion, measuring it and tapping into it with precision.
In a related trend, more brands will fold the responsibilities of CMOs into the newly created role of chief growth officer: an executive who can blend marketing and tech to drive growth.
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And these challenges are reflected in the findings of this year’s CMO Spend Survey:
CMOs have pulled-back on the proportion of budget allocated to martech, falling from 27% of the marketing budget in 2016 to 22% in 2017.
Marketing analytics investments represent the single biggest area of investment, taking 9.2% of budget in 2017, but questions abound regarding how well aligned analytics efforts are to delivering strategic measures to CMOs.
CMO’s relationships with CFOs are uneasy, not surprising when half CMOs still use basic techniques to build their budgets, rather than modelling the returns that their budget will deliver.
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In this illustrated guide, we explore the various costs and options associated with starting a website -- from base-cost to full-featured estimates.
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Martech & Marketing Automation
Avg. Salary Range: $80,000 to $130,000
UX
Avg. Salary Range: $70,000 to $180,000
Machine Learning
Avg. Salary Range: $90,000 to $150,000
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Monthly recurring revenue, or MRR, can be notoriously difficult to calculate accurately. As customers join and cancel, projecting your monthly recurring revenue for two, three or six months into the future can be a serious challenge, even for the most data-focused businesses. Add upgrades, downgrades and discounts into the picture and staying on top of your projected MRR can become a major cost of time for your business.
Luckily, you can accurately calculate and project monthly recurring revenue trends using Net Promoter Score data. By looking at your Promoter, Passive and Detractor numbers, you can gain a reasonably confident view of your company’s MRR trends and trajectory.
In this post, we’ll explain how you can do this, as well as how you can use your NPS data to adjust your business to increase MRR, improve retention and generate more revenue.
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Chart of the Day: Only 2% of respondents will invest more than $5 million in the next 12 months - Part 7 of 10 So far in this 10 part series, breaking down. Marketing topic(s):Inbound marketing strategy. Advice by Carolanne Mangles.
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1. Hire marketing specialists who can be generalists
2. Hire data-driven marketers who are good with numbers
3. Hire marketers who can sell
4. Hire marketing technologists
5. Hire marketers who are biased toward action
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Hubspot says that cost per lead in financial services is $272. That can't be right.
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Myth one: If it doesn’t upend the whole company from top to bottom, it isn’t ZBB.
Reality: ZBB programs can vary significantly, both in scope and intensity.
Myth two: ZBB is just a more aggressive version of the same old productivity initiatives.
Reality: ZBB is fundamentally different from typical cost cutting because it switches the “burden of proof” for spending.
Myth three: ZBB is only about cost cutting.
Reality: ZBB gives managers an entirely new way to understand their business, with better cost management resulting from better performance management.
Myth four: ZBB hasn’t changed much since it first emerged.
Reality: The ZBB methodology has been evolving for half a century, with digital innovation making it more sustainable—and easier to start.
Myth five: Reinvested savings won’t show up on the bottom line.
Reality: Reinvestment is designed to drive growth—profitable growth.
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![[FREE] The 2018 Marketing and Technology Plans of 500 Executives - Conductor | The MarTech Digest | Scoop.it](https://img.scoop.it/my5ftj9tWJrSspVNpk15jKWwCjYPSNRaTxwW-1h4YRQ=)
It's a mixed bag, but definitely lower than the past few years.
Curated by CYDigital: Empowering Marketers, One Blockchain at a Time https://cyd.digital #zeropartydata #martech #marketing