Enterprise organizations’ are expecting to evaluate a number of different technology platforms over the next couple of years, finds Econsultancy in a recent study conducted with Teradata. Marketing attribution, marketing cloud and audience management systems are most commonly reviewed in the next 12 months, though some will also look at social media and email management systems over the 1-2 year horizon. So what will drive spending on new technology?
The top drivers, per the study, are all customer-related (and somewhat inter-related):
- Improving customer service / customer satisfaction (62%);
- Increasing customer retention (59%); and
- Deliver better customer experience (55%).
By comparison, few are motivated to invest in new technologies in order to increase channel ROI (35%) or reduce marketing spend/increase efficiency (25%).
Interestingly, when examining the key criteria for new technology, the largest share of respondents reported considering full integration with other technologies (49%). That follows a recent study from Signal which also indicated that for a sizable proportion of marketers, integration is a prerequisite to platform evaluation. In fact, that study also found that almost one-third of respondents feel that their current tech structure defines what they can do with their strategy.
Meanwhile, respondents to the Econsultancy study also find privacy and data security (45%) to be a key priority for technology evaluation, ahead of other criteria such as ease of use by marketers without IT involvement (26%) and the feature set meeting today’s needs (21%).
The complexity of managing multiple technology solutions (some use hundreds) isn’t the only difficulty facing marketers. When asked their top-3 challenges in technologies and data, a leading 52% cited challenges managing campaigns across many channels at scale. That’s to be expected, considering that the average respondent manages 37 digital campaigns simultaneously during the busiest season – with the busiest 25% having to manage an average of 112 campaigns.
About the Data: The report is based on a survey of 402 senior marketers from global organizations. All respondents are with companies having more than $500 million in revenue, with 56% having revenues over $3 billion.
Respondents were from a wide variety of industries, with an emphasis on automotive, consumer goods, consumer technology, retail and travel/hospitality. Only respondents who reported that they were decision makers or influencers in the marketing budget allocation process were shown budget-specific questions. Other respondents were asked questions about digital marketing and related technologies as well as corporate priorities and challenges.
The survey was conducted in July of 2014, using a questionnaire developed by Econsultancy.