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When it comes to the world of the marketing technology stack, there has been no shortage of growth – that’s for sure. It makes sense, too. As marketers are being tasked with providing more in-depth analytics for their various marketing efforts, they’ve looked to technology and tools to simplify their complex to-do lists.
Marketing technology stacks are not only helping simplify the day-to-day lives of marketers, but they’re helping them be more effective and efficient in their marketing activities.
As the tools within the stack work both together and individually, they help identify tactics that are driving new customers, converting leads, and helping companies overall bottom lines. That means better ROI, and a happier C-suite.
If you need to express the importance of a strong marketing technology stack, pull a few of the statistics below, and share them with your leadership team.
1. The marketing tech industry has seen an average annual growth of 170%, increasing from 100 companies in 2011, to nearly 2000 in 2015. - Scott Brinker
2. A survey from Conductor reports that 50 to 65% of marketing executives plan to spend more on marketing technology in the coming year, including 28% who plan to increase their spending by more than 25%. - Conductor
3. CMOs will outspend CIOs by 2017. - Gartner
4. 50 to 65% of marketing executives anticipate spending more on marketing technology in the coming year. -Gartner
5. More than $50B has already been invested in marketing technologies, and there were $6.2B in investments and acquisitions alone in the last three months of 2014. - VentureBeat
6. Marketing automation companies increased from 51 total in 2014 to 83 in 2015. - Scott Brinker
7. Marketing software spending is projected reach $32B+ by 2018. - Radius
8. On average, 49% of companies are currently using marketing automation, and more than half of B2B companies (55%) are adopting the technology. - EmailMonday
9. 27% of CMOs were concerned with staying ahead and taking advantage of digital technology trends, such as the marketing technology stack. - Korn Ferry
10. Businesses that use marketing automation to nurture prospects experience a 451% increase in qualified leads. -Annuitas Group
11. Only 9% of companies have a complete, fully utilized martech stack, according to a 2015 report. - Ascend2
12. A 2015 report found that 51% of organizations use 21 or more digital marketing solutions—a 42% increase from three years ago. - Econsultancy
13. 87% of marketers believe martech is improving marketing performance at their companies. - Ascend2
14. The rise of marketing technology has created new C-suite role: the chief marketing technologist (CMT). 81% of large companies (with $500 million+ revenue) now have a CMT as of January 2014—and 8% of large enterprises expect to add one in the next 24 months. -Gartner
15. Marketing technology tools like conversion rate optimization (CRO) solutions show an average ROI of 223.7%. -VentureBeat
There are a few key conclusions we can draw from the stats outlined here that marketers need to know, understand, and communicate with leadership.
For those who still haven’t tapped into all it can offer, now is the time. As competitors are already improving their efficiency (thanks to their martech stacks), those who continue to wait will only fall behind. Conversations about how you’ll approach (and spend) on a marketing technology stack need to start today.
Each company’s marketing technology stack should be different, and structured to meet the company’s unique needs and objectives.
Before diving in and purchasing components of a stack, think about which tools will help you accomplish your goals, and then build your stack with resources that can help you reach them.
Once a marketing technology stack is in place, insights provided by it need to be shared beyond the marketing department. From sales to customer service to business development – the numbers and stats produced from the stack are valuable.
Don’t depend on the technology alone – put it to work for different departments so the overall customer experience can be improved.
Do you agree with the data outlined here, or have you had a different experience with a marketing technology stack? We want to hear how a martech stack has impacted your organization, so feel free to comment below with your personal experience.
Ultimately, all marketing tech tools have a specific focus of how to scale your marketing and content to optimize demand generation. Getting the most engagement and conversion out of your campaigns and then continuing to improve upon them is the tech stack working at its best.