Marketing technology continues to be a priority investment for businesses across the board, driven by increased demands for personalization and a need to collect, authenticate and analyze rapidly increasing amounts of consumer data to improve the customer experience (CX). Overall marketing budgets have remained flat year on year at 11.2% of company revenue, as CMOs and CMTOs (Chief Marketing Technology Officers) continue to focus on ROI and efficiency. However, the proportion of marketing dollars going to marketing technology is on the rise. Martech spending grew from 22% of overall marketing budgets in 2017 to 29% in 2018, according to Gartner’s CMO Spend Survey 2018-19 (see Table 1). Optimism is high and 63% of North America and UK-based CMOs expect their budgets to increase in 2019, despite economic uncertainty surrounding potential trade conflicts and the UK’s imminent exit from the European Union.
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