Martech budgets create investment concerns

A study of senior marketing executives shows budgets and measurement are top of mind, writes Keith O'Brien.

A recent Marketo study found that marketers expect they will need to invest significantly in technology in the next three to five years, but are concerned about whether they will have sufficient budgets to do so.

The study, conducted by The Economist Intelligence Unit, interviewed 478 senior marketers and CMOs globally about issues ranging from the structure of their teams to engaging customers on a truly personal and one-to-one level.

Marketers also named their two largest challenges in the next 12 months. Nearly 40% selected sufficient budgets, the highest percentage, and 29% opted for measurement on marketing return on investment.

When asked where increased spending will go, respondents picked their three highest priorities: Social media (37%), mobile (28%), and marketing analytics (25%).

While budgets are expected to be an ongoing headache, overall results painted a rosy picture of marketers’ influence with their companies. Much of this stemmed from the perspective that sales departments have viewed customer relationships as transactional, whereas marketing asserted it was best placed to ensure new and existing customers were constantly and consistently engaged. Just more than 50% said marketing will be responsible for the customer journey in five years.

Marketers also expected companies to begin viewing their departments less as cost centers and more as revenue generators, though no specifics as to how or why this would happen were cited in the report. But, in addressing this potential change in optics, marketers confirmed their departments needed huge organizational overhaul, including a redefinition of skill sets they should prize in recruits. Digital engagement and marketing operations and technology were the top two responses.

Last fall, Marketo became the third major marketing platform – after Salesforce and Adobe – to strike partnerships with digital firms to offer its services to clients through its Engagement Marketing Platform, formerly its Customer Engagement Platform.

This story originally appeared on The Hub.

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