Martech 2023: The latest trends of business and marketing transformation
There are 11,038 Martech (Marketing Technology) companies, an 11% increase from the 9,932 last year. This number is not significant at all. So, what and why does it matter for businesses?
May 2nd is the International Martech Day. For this occasion, ChiefMartec revealed the 2023 Marketing Technology Landscape and hosted the Best of Breed Marketing Summit this year. Here are my key takeaways:
What could we gain from a company with a Marketing Ops team?
Marketing Ops (Marketing Operations) is the function of overseeing an organization's marketing program, campaign planning and annual strategic planning activities. Other responsibilities include technology and performance measurement and reporting and data analytics. (Source: Gartner)
74% of companies can prove the marketing operations value in terms of Return on Investment (ROI), Net Present Value (NPV), or any kind of indicator.
Martech tools help businesses reduce work time by 40% on average.
Companies with a Marketing Ops team have a 41% higher company revenue/employee ratio.
How much return on investment of Martech on average?
Whether businesses are in the B2C or B2B industry, the return is relatively high of 16.3 times of its investment.
Martech trends in the future
Since 2011 up until now the martech landscape has been continuously growing tremendously. While looking at the first published marketing technology landscape in 2011 it was only about 150 marketing technology companies. Now the number has risen to 11,038 marketing technology companies.
Not only the benefits, the affordable price, and the user-friendly solutions of Martech for businesses but also the advancement of technology and the arrival of generative AI, are the potential to dramatically upend the dynamics of every industry. This would be about the same as we knew Google 20 years ago that the world would never be the same anymore. This means Martech will continue to become more accessible to more businesses in this near future.
Digital Mindset and Less Legacy
Martech is used widely in every size of business. However, the older the company the less uses of Martech. This is because the younger tend to be less legacy oriented and have the tendency to have a mindset that is open to using or trying new technologies. Cultivating the right organizational structure and culture can enable the business to gain more benefits from Martech.
What everyone gets wrong about transformation
This is the very first topic of the Best of Breed Marketing Summit. Technology is not just a tool for the optimization of businesses. Because of the limits of optimization, the percentage gain from optimization finally drops over time. It doesn’t help businesses sustainably.
What businesses need to do first is you must design a new strategy to respond in a rapidly changing world. Next is marketing transformation by using technology and data in marketing processes to support the business transformation plan in terms of creating new efficiency, designing new customer experiences, and building new business models.
What is your next move for innovating and driving your business transformation?