CMO & MarTech Spending, Marketing & Advertising News, ET BrandEquity
CMOs are seriously considering increasing spending on “MarTech” marketing technology. The pace only accelerated after the pandemic.
According to a recent Gartner report, two-thirds of surveyed CMOs aim to increase spending on marketing technology.
In 2021, Gartner estimated that MarTech accounted for 26.2% of the average marketing budget.
The above data highlights the fact that MarTech has gained a huge place in the minds of brands in general and marketers in particular.
Digital is now on the front of the stage. While traditional businesses are feeling the pinch, digital natives are stepping forward, knowing that the marketing paradigm rooted in the virtual world is what will propel the way forward.
Experts that ETBrandEquity.com talks about from time to time believe that the right talent with specialized capabilities will be needed to accelerate MarTech’s journey in India.
Is now a good time to look at all marketing through a technology lens? With the pandemic hitting, the business world has also accelerated the pace of digitalization, and therefore brand marketing services.
According to Kantar BrandZ India 2022, the brand value of Tata Consultancy Services has been accelerated by the global demand for automation and digital transformation following the pandemic.
According to the report, TCS ($45.5 billion) is India’s most valuable new brand. Digitization has taken a surge in numbers where organizations are optimistic about digital in their daily operations and how to reach their customers/end users.
Even Mirum’s 2021 MarTech Report indicates that digital has become a key channel for customer acquisition, engagement, conversion and retention. This has been further accelerated by changing consumer behavior due to the global pandemic.
India ranks third globally and first in the Asia-Pacific region in terms of customer experience (CX) maturity. According to the findings of the Zendesk CX Accelerator report to digitally transform customer service and reap the rewards, Indian companies need technologies that make this journey agile.
Efficient implementation, increased visibility into data sources, and automation of time-consuming tasks open the door for more companies to become CX champions, he added.
With the resulting mass Internet and technology initiatives, there is a confluence of accessibility, data, and user behavior change that is being supported and accelerated at the same time.
For small businesses or start-ups, they face the challenge of not having the marketing skills or expertise to identify, integrate and automate the right MarTech tools for their brands. Consumers in all segments are increasingly informed about new communication channels. Their expectations for CX are much higher than before and will only be met through the strategic adoption of MarTech platforms and tools.
The Mirum report had mentioned that although MarTech is widely used across all businesses, the top verticals using MarTech are BFSI, Retail, Consumer Durables, Media & Technology, and Automotive.
Interestingly, Kantar BrandZ India 2022 revealed that six B2B tech brands and 11 consumer tech brands contribute 35% to the total ranking value, reflecting the rise of tech in India.
How the journey of MarTech is bringing changes to brands and how they reach customers, are some of the themes we explore and try to bring to our readers.