It’s estimated that the martech solutions market has grown from less than 200 solutions in 2011 to almost 5,000 in 2017. Why? The same reason any market grows: increased demand. So there are more than 5,000 marketing technology (martech) vendors selling, developing, and evolving solutions to make marketing leaders’ lives easier—and their jobs more impactful. But despite the proliferation of tools, finding the “right” solutions can be a confusing—and daunting—process. Indeed, a survey by the Foundation Capital found that technology spend by CMOs will increase 10x in the next 10 years, from $12 billion to $120 billion. But there’s a good chance much of that spend will be the martech equivalent of throwing spaghetti at the wall to see what sticks—unless you’re adopting your martech with a clear strategy in mind.
As the digital marketplace continues to grow and expand, so do marketing teams’ roles in supporting—and leading—their firms.
No technology, however wonderful, will be a magic bullet for your company. And with so many martech options available, it helps to understand the issue other companies have experienced in the martech race.
A recent survey from The Marketing Scope, for instance, showed more than 54 percent of marketing teams are having problems integrating new technology into their current systems. Honestly: this is not surprising. Few companies today are “100% transformed” when it comes to digital transformation.
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