THIS ARTICLE IS THE FIRST OF A 4-ARTICLE SERIES WRITTEN TO PROVIDE HIGH-QUALITY AND ACTIONABLE INSIGHTS FOR SALES & MARKETING PROFESSIONALS.
Martech is a $122 billion industry that’s growing by 22% year over year, and 70% of CMOs are increasing their investments in it (Harvard Business).
However, there’s an ongoing challenge related to generating ROI with marketing technologies (Gartner).
This article reveals insights into industry challenges for 2024.
We know what you’re thinking…
“Where do these insights come from?”
Since Incloud’s mission is to help its clients better leverage their technology stack, we have decided to mandate a market research firm to conduct a survey among sales and marketing leaders across Canada to provide deeper knowledge on how to better leverage marketing technologies to generate higher revenues.
Survey Demographics goes as follows:
- 12% are enterprise level above 1,000 employees.
- 44% are small-medium enterprises with 101-1,000 employees.
- 44% are small entrepreneurs with less than 100 employees.
If we look at the breakdown of the industries represented in this survey, it reflects the Canadian sector where distribution, manufacturing, IT, financial services and retail are the main industries and then various service-oriented industries are represented.
On October 3rd 2023, 3 marketing leaders from 3 different industries commented on these research findings during an Incloud panel discussion event:
- Pierre-Francois Lyonnais
Director of Ecommerce & Digital Strategy at Mondou
- Martin Aubut
CMO at nesto
- Marie Josée Laramée
Associate Vice President, Sales Support and Digital Strategy at National Bank Investments
And now, we’re going to share this event’s insights in a nutshell:
As marketing technologies continue to evolve, new challenges and innovative solutions are emerging in the landscape. In this first article, we cover three survey results and provide panelists insights as well as our own take on these topics.
1. Will Implementation of Marketing Automation be a Challenge?
- Yes: 34.3%
- No: 62.9%
- Not Sure: 2.9%
In recent years, marketing automation has become a cornerstone of modern marketing practices. The majority of marketers now find its implementation seamless as it aligns with their daily work. They see automation as a means to an end, not a goal in itself.
Example: Consider a mid-sized e-commerce company looking to implement marketing automation. They have various customer segments based on purchase history. By using marketing automation tools, they can set up personalized email campaigns that target different segments with tailored product recommendations.
As a result, they see an increase in customer engagement and, ultimately, revenue.
2. Will Reporting be a Challenge?
- Yes: 57.1%
- No: 42.9%
Surprisingly, over 50% of marketers still face reporting challenges in 2024. This is a crucial area for demonstrating the return on investment with the current reporting structures.
The Significance of Real-Time Reports:
Real-time reporting tools have become indispensable for modern marketing teams. These tools provide up-to-the-minute data on campaign performance, enabling marketers to make data-driven decisions promptly. Real-time reporting fosters a responsive approach to marketing by allowing teams to identify issues, capitalize on successes, and adapt strategies on the fly.
Example: Picture a social media advertising campaign. With real-time reports, a marketing manager can instantly see which ad creative is performing best, which demographics are engaging the most, and where the ad spend is generating the most ROI. This information empowers the team to allocate resources more effectively.
3. Will Measuring Return on Investment (ROI) be a Challenge?
- Yes: 62.9%
- No: 37.1%
In 2024, more than 60% of marketers struggle to find easy ways to measure ROI and justify their investments in marketing automation.
In the current marketing environment, real-time ROI tracking is no longer a luxury but a necessity. This is especially vital given the ever-shrinking marketing budgets. By tracking ROI in real-time, marketers can quickly identify the performance of their campaigns, allowing for swift adjustments to optimize results. This not only respects budget constraints but also enhances campaign effectiveness.
Example: Imagine a marketing team launching an email campaign to promote a new product. With real-time ROI tracking, they can monitor the campaign’s performance as it unfolds. If the campaign isn’t delivering the expected ROI, they can make immediate adjustments, such as altering the messaging or targeting, to improve results.
Combining Challenges for Comprehensive Solutions
Taking data and using it to inform creative ideas and communication approaches is essential for engaging your audience.
Successful marketing in 2024 necessitates a holistic approach that aligns real-time ROI tracking, real-time reports, and weekly reports. This alignment puts data at the center of creative ideas and communication approaches, aggregating these aspects under the umbrella of ‘engagement.’ It’s about understanding that data informs creative decisions and optimizing communications for better engagement.
Example: In a multichannel marketing campaign, alignment means using real-time data to adapt messages across various channels. If a social media post generates substantial engagement, this real-time insight can trigger similar messaging in an email campaign. The alignment approach ensures consistency and relevance in customer interactions.
Embracing Agility and Fluidity
In a rapidly changing marketing landscape, agility and fluidity are key. Marketers must be able to take data and act on it promptly in an informed manner. Being agile means adapting strategies and creative approaches as data unfolds, responding effectively to customer behavior.
It’s all about agility and fluidity, taking action based on data-driven insights. Marketing teams must be quick to adapt to changing trends and customer behavior.
Example 1: A retail company notices that their customer preferences are shifting toward online shopping. They quickly adapt their marketing automation to focus on digital channels. By using automation to personalize online shopping experiences and deliver tailored recommendations, they enhance customer satisfaction and drive sales.
Example 2: Imagine a retail brand launching a flash sale. Real-time data shows that mobile users are responding more than desktop users. In response, the marketing team quickly adjusts ad placements, directing more budget to mobile platforms, thereby maximizing the sale’s potential impact.
As marketing automation continues to play a central role in the marketing landscape, professionals must address these challenges head-on. By harnessing the power of marketing automation tools, agile strategies, and data-driven decision-making, they can overcome these challenges and unlock new opportunities in 2024.
With the right approach, marketing leaders can navigate the ever-changing landscape of marketing technologies and continue to drive business growth.