One in five Australian marketers described their martech stacks as a ‘convoluted mess’ according to a new study.
One in five Australian marketers described their martech stacks as a ‘convoluted mess’, according to a new study.
New research from ntegrity reveals Australian companies are lagging on martech know-how, and while 49 per cent of marketers speak positively about their marketing stack, one in five have only negative things to say.
The study shows one in four companies get duped and experience buyer’s remorse by buying into a martech platform that fails to live up to expectations, and three in 10 are unable to identify which martech provides them with the best ROI. This is in part due to the top 76 per cent of marketers reporting there is a lack of digital talent in Australia overall.
The annual report, Australian Digital Success Report, looks at how Australian organisations - spanning mid-to-top-tier firms, NFP and government - are performing digitally, and what is holding them back from achieving digital success. It is administered by independent market research agency, The Insights Grill.
The report is based on qualitative research with well-known brands, such as Dyson, Bupa, Target, WorldVision and Greenpeace, as well as quantitative surveys taken of more than 300 marketers, including senior executives and department heads, conducted over five months.
It found the largest challenge companies face with their martech is knowing what to invest in. The number two challenge companies face with their martech is training staff on how to use the technology, highlighting the need for ongoing training.
One in four companies are unable to use the martech they’ve invested in, as it has proven not as simple as expected.
The findings revealed company size had no bearing on whether an organisation could achieve digital success and yield the associated revenue growth; 84 per cent of Digital Achievers reported revenue growth, with almost half experiencing a 10-19 per cent incline, while only 67 per cent of Digital Sideliners experienced a revenue spike.
Across the board, 76 per cent of companies reported finding digital talent is a challenge, with 42 per cent revealing it is their greatest challenge. Against the backdrop of these findings, the report discovered 48 per cent of businesses are increasing their spend on training or development for existing staff.
Founder and CEO of ntegrity, Richenda Vermeulen, said the research reveals Australian companies growing in revenue are investing in digital training for their staff, bucking the national trends.
“When leaders prioritise investment in training, they retain talent and grow revenue more rapidly. We need to stop thinking about staff perks, like a Christmas party or beer fridge, as investments that drive a culture of performance, and instead, think about the professional development of our workforce,” she said.
“There are major issues the report dives into around the marketing tech stack, with links to the existing problem of hiring and retaining talent. If you hire talent but they don’t have the right tools in place, it’s like hiring a Michelin Star chef and then giving them a microwave to cook with.
“How can organisations navigate the more than 7000 martech options? Don’t fall into the art of ‘what’s possible’ and be duped by a flashy sales pitch. Understand what you need, be led by your strategy and always insist on a pilot run. Speak with existing users of the tech to understand their experiences, as the most valuable intel will come from those who have been there, done that,” she added.
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