The top technology that has a lion's share revealed, marketing technology budgets see a 10% high, 220+ marketers say their current martech stack is "average", and more on market shifts for B2B vendors.
As the holiday shopping season inches closer, this week we revisit our Pulse Survey to uncover key insights around the marketing technology industry, budgets, top tier technology, why B2B vendors possibly lost business, and more.
We’re back with some interesting findings from our Pulse Survey 2020 which peeks into Director+ level executives’ minds to discover where the marketing technology industry is headed in terms of budgets, technology preferences, and more.
These are some key findings:
While our previous key insights showed how technology adoption is the great divide between high growth and low growth businesses – our survey found that marketing technology budgets are actively increasing.
Marketing technology budget spends have consistently seen an upward curve. This is a straight 10% jump from 32% in May 2020 to a good 42% towards the end of July 2020.
We further looked into what kinds of technology are winning the marketing right now. Content & Experience is a category that has stood tall as the marketers’ choice throughout the survey until August.
People being indoors and looking for new ways to educate themselves about the current climate and consumer content can safely be considered as one of the reasons businesses are tirelessly looking to enhance their target audiences’ experience.
The story doesn’t end at this. You’re definitely curious to know, “What about the rest of the technologies?”
To give you a panoramic yet concise view of the marketing technologies we ran further analysis of all the six categories to pick out winners from each of them. Below is the list:
While there is money on the market and there is a sea of marketing technology vendors, how prepared are they to retain and win business? Or are they losing business? Our next segment tackles this.
AI platform, PROS conducted a global survey of purchasing professionals to understand how COVID-19 has affected companies and B2B buying trends.
What are the top three challenges businesses face with existing B2B vendors?
40% of the respondents said that their B2B vendors were prepared to enable digital purchase.
PROS found that seven out of ten B2B buyers are taking business elsewhere. The top three reasons for doing so were:
Our Pulse Survey also has some crucial reasons that can supplement this key finding and help you foresee the cracks.
In our Pulse Survey, 220+ Marketers mentioned that their current marketing technology stack is “average” in terms of achieving their goals. Marketers’ confidence in their martech stacks ability to achieve their goals brimmed around 64%.
PROS also found that 58% of buyers would readily switch to a vendor that offered dynamic personalized pricing. These insights will definitely give you a taste of the power personalization can hold for your business. Now might be a good time to get cracking into your data to understanding how your business is faring in the customer-centric market, right?
This week our readers have been interested in uncovering our weekly key insights, social advertising changes, and AI applications.
