Whereas just a few months ago, many were arguing whether CMOs are even relevant post-digital transformation, marketing teams are now worried about more pressing issues: how many more people—and how much more money—may be cut from their teams in the coming year. Luckily, there is one aspect of marketing that seems to be doing well even in these highly stressful conditions: martech (the affectionate abbreviation for Marketing Technology).
Why will investment in martech grow, even amidst such huge loss? The following are a few reasons.
Data Matters Now More Than Ever
Data needs to be stored and mined for insights that can help not only marketers, but other departments as well. A culture of analytics isn’t just about data either. It’s about a fundamental way of running an operation to center itself around data removing bias from decision making.
Automation for Efficiency
It’s estimated that marketing teams will lose $222 billion in budget and 30 percent of their staff by the end of 2021. One of the best ways to make the same touchpoints with fewer people and budget is to automate. Even more than big data, marketing teams right now need to survive.
ROI has Never Been So Important
Now performance marketing may be measured in terms of customer satisfaction, lower phone wait times, more engagement on Instagram, etc. SaaS applications can help you determine different metrics for your ROI which can help companies get a solid grasp of how well their marketing stack is working, and where they can afford to cut spending if it isn’t working.