Two-thirds of CMOs aim to boost marketing technology spending: Report

About 68 per cent (two-third) of the chief marketing officers (CMOs) aim to increase their technology spending on marketing this year, a new report said on Monday.

In 2021, Gartner estimated that Martech (marketing tech) made up 26.2 per cent of the average marketing budget.

This is clearly not enough as CXOs want to expand their Martech stack further.

Resulticks, a global leader in Martech, which was named in the 2022 Gartner Magic Quadrant for Multichannel Marketing Hubs (MMH), has shared predictions about the road ahead.

Digital, as a way to target customers, is now centre stage. While legacy companies are feeling the pinch, digital natives are moving ahead, knowing that the marketing paradigm anchored on the virtual world is what will work.

The trend for 2022 seems to echo Gartner's 2021 projection that 68 per cent (about two-thirds) of CMOs want to increase their technology spending on marketing.

"The shift to digital is permanent," says Dinesh Menon, Global Chief Strategy & Business Officer, Resulticks.

Resulticks is a global leader in real-time customer engagement solutions and was recently named in the 2022 Gartner Magic Quadrant for Multichannel Marketing Hubs (MMH).

The 2022 report, according to Gartner "highlights digital marketing leaders' increasing reliance on multichannel marketing hubs for business growth".

This marks the sixth consecutive year in which Resulticks has been recognised in this report. This is a recognition of the fact that the way brands engage and converse with customers has changed.

Resulticks is being used by HDFC Bank, UTI MF, ABFRL, Tanger Outlets, among others. Martechs tend to "measure the return on investment of marketing expenses".

Thanks to this, Resulticks has on-boarded new customers during the pandemic.

According to Menon, among customers of Resulticks, "There is a growing demand for a more cohesive or integrated system which can consolidate data, be available at customer preferred touch points and provide real-time insights for personalised content and campaign dissemination. We on-boarded Sonkim Retail during the pandemic, while Tata Digital was onboarded just before the pandemic."

The magic formula for Martech clearly seems to be to create and nurture an ecosystem that reinforces benefits to marketers. Top companies, other than Resulticks, include Adobe, Salesforce, HCL Unica, etc.

Most good softwares can be periodically upgraded with new channels and new capabilities. Elements of the service include hyper personalisation, context-based targeting and bringing together real-time customer signals to deliver top-line growth and optimise ROI, said the report.

--IANS

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