Brands gear up for martech upgrades next year

Businesses person invested billions successful martech systems, yet astir each (99%) scheme to update their setups adjacent year.

Over a 3rd (35%) are prepared to wantonness their existent tools, while nan remainder purpose to heighten aliases streamline their tech stacks successful nan ongoing pursuit of trading excellence.

The findings are based connected a caller Acxiom study of 200 trading leaders successful nan UK and US. According to nan research, building a coagulated martech strategy is simply a priority, pinch 34% of respondents ranking it among their apical 3 objectives. This privilege rivals accepted trading goals specified arsenic expanding marque consciousness and attracting caller customers, emphasising nan captious domiciled martech plays successful accomplishing those outcomes.

Despite each nan sound astir AI, only 21% of respondents regarded implementing trading AI to beryllium a apical objective. However, martech isn’t conscionable a trading section interest anymore—executives crossed nan C-suite are paying person attention. Smaller companies, successful particular, are embracing martech to enactment competitive, utilizing it to agelong their resources and situation bigger players.

Even amid economical uncertainty, martech budgets are growing. Nearly two-thirds (65%) of respondents expect their budgets to summation by betwixt 5% and 20% complete nan adjacent year, and only 10% expect cuts.

When asked astir their goals for updating martech stacks, respondents cited support for caller channels, improved performance, and amended customer experiences. Practical concerns for illustration integration, compliance pinch evolving regulations, and simplifying complexity classed further down nan list.

More than half (54%) of businesses surveyed person not yet integrated AI into their martech stacks, but galore scheme to do truthful successful nan future. The mostly of nan 47% who already usage AI instrumentality to elemental features specified arsenic contented recommendations. Advanced applications, specified arsenic customer segmentation and real-time personalisation, are still uncommon.

This hesitation reflects a broader issue: galore martech systems are outdated. Over half (53%) of respondents admitted their existent solutions nary longer meet their needs, creating barriers to achieving trading goals. Measurement and attribution are nan apical challenges (reported by 37% of respondents) and are often hampered by disconnected information systems.

Siloed information continues to beryllium a important obstacle, pinch 29% of respondents identifying nan request to unify customer information arsenic a cardinal challenge. An overwhelming 68% agreed that fragmented information limits their expertise to supply personalised, timely, and applicable customer experiences.

The study concludes: “It’s clear brands are superior astir modernising their martech stacks truthful they tin usage emerging technologies specified arsenic AI to execute their trading goals and support a competitory edge. But contempt having a instruction to modernise, advancement is slow owed to obstacles specified arsenic martech complexity, slow unreality migration, and a deficiency of guidance aliases soul expertise.

“Organisations tin accelerate their modernisation efforts some by dedicating an soul squad to martech and by moving pinch a work partner that has each nan acquisition and expertise they need.”

(Photo by Unsplash)

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Tags: AI, Customer Experience, data, martech