To update or not to update? That is the question.
What is Martech? Simply put, it’s the collective term for evolving marketing technologies. It’s no secret that the capabilities of the marketing technology landscape are evolving rapidly. The Martech Replacement Survey 2020 revealed that ‘about 83% of marketers have upgraded or replaced at least one martech application in the past year.’
What martech updates and motivations mean
The survey documented some interesting trends relating to the motivation for updating their marketing technology, not least of which was due to Software as a Service (SaaS).
SaaS software is part of the cloud computing phenomenon whereby businesses have on-demand availability of system-enhancing resources such as data storage which can be stored without active management. Cloud computing also allows companies to get all technical aspects set up and going quicker.
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Here are some of the primary motivations for martech updates as found in the survey.
- Businesses are moving away from in-house martech solutions
The survey asked the question, ‘why are you upgrading this homegrown application?’ A massive 49% of the respondents said that it was because commercial SaaS software offered features that were suited better to the business. Many companies also cited that their homegrown solutions were too expensive to maintain.
- New martech allows for new skillsets
New martech is continually being designed with features to increase productivity, but as good as the technology may be, there is a need for staff to oversee it. The survey showed that companies either hired new teams of staff or spent time retraining existing staff; some companies did both.
Whichever avenue was chosen, new martech solutions propelled the need for businesses to acquire up to date knowledge. As we know, marketing is a competitive, fearlessly dynamic industry which demands all team members be on the pulse of changes in the landscape.
What does the future hold?
It seems that businesses will start or continue to maximise return on investment in new marketing technologies. Whether this is achieved by employing new staff or retraining is a company’s prerogative.
It’s important that ‘rather than a threat, new technologies present opportunities for marketers who keep their skills relevant and transferrable as technologies evolve and change,’ according to MARTECH TODAY.
The report concluded by saying, ‘It’s becoming harder to justify developing or maintaining homegrown applications. We can expect to see more acquisitions by martech vendors as well as integrations as providers aim to give marketing teams more comprehensive, one-stop-shop solutions.’
We understand that change isn’t always easy (or may not seem necessary in the short-term) but you need to consider the big picture, updating now could save you a lot of money in the future which, in turn, will directly influence your businesses’ revenue growth.
Do you want to know more about martech and how it can bolster your business revenue? Speak to the experts today.