The average marketing technology budget represents 29% of the total marketing budget, according to Gartner’s CMO Spend Survey published last month. This is a significant increase over 2017 when survey respondents estimated that 22% of their budgets went to marketing technology.
Marketing leaders give multiple reasons for spending more on martech:
• 55%: To compete more effectively in their market
• 54%: To build out marketing technology stack
• 46%: To deliver more personalized experiences
However, there are signs that some CMOs and their teams are ill-prepared to manage their marketing tech stack and establish a road map.
According to Gartner’s 2018 Marketing Technology Survey, 24% of respondents said they have no formal martech leader or team in place. (Clients can access, “Marketing Technology Survey 2018: Martech Adoption Surges as Brands Pursue Personalization, Measurement and Advertising Accountability.”)
What’s the value of a marketing tech leader? A person in this role works toward integrating existing technologies, improving the existing stack’s effectiveness and stay aware of disruptive trends. (Clients can scope out different types of martech leaders in the report, “CMO Perspective: Six Types of Marketing Technology Leaders”).