Savvy shoppers wait in anticipation, while Australian retailers are gearing up for the onslaught. Amazon’s arrival is imminent.
A new study has revealed a gap between marketers and the rest of the c-suite, as marketers realise struggle to push the value of martech at a business level.
According to software company Squiz’s latest State of Marketing Technology report, 78 per cent of marketers feel confident in explaining the value of technology investments, but there is a disconnect with the rest of the boardroom.
The report, which surveyed 600 senior marketing professionals across Australia, the UK and the US, found 97 per cent of global marketers believe that marketing technology has allowed the marketing department to become more strategic in its approach and 43 per cent say they’ve been able to develop more data-driven KPIs since investing in it.
Yet despite these benefits, the report revealed more than half of marketers think c-level execs don’t understand marketing and only 35 per cent think their CEO strongly realises the potential revenue uplift and saving of martech investment.
And while half of marketers surveyed feel they are most closely aligned with the CTO or CIO, only 27 per cent say their marketing team is working closely with the CEO. As a result, stakeholder buy in is still a challenge for 32 per cent of marketers and over a quarter still don’t feel they are able to confidently set goals that the whole business can support.
The report also revealed while 47 per cent of the c-suite outside of a marketing department use some marketing technology in their roles, marketers still do not believe that other functions understand martech’s potential impact on revenues in the way that they do.
“Our research confirms the strengthening role of digital within the boardroom, with more departments on-boarding the latest in martech,” Squiz’s Group CEO, John-Paul Syriatowicz, said. “There is now significant opportunity for marketers to ensure the value of this technology is being conveyed to key stakeholders. They also need to start leading by example, recognising their responsibility for using the technology to its full potential, and optimising its business impact.”
Marketers are investing in these products for numerous reasons, the survey found, including to better understand customers, to remain competitive, to take a data-driven approach to marketing and to automate processes and reduce time on admin.
“This increase in technology adoption is a real win for marketers, as their presence and influence among the c-suite grows,” Syriatowicz added. “They now need to start speaking in the c-suite’s language, and prioritise how to best communicate the benefits of martech for problem-solving, enabling more strategic business decisions, and driving growth across the entire organisation.”