Originally characterized by rapid development and relentless innovation, the marketing technology (martech) industry is today going through a saturation, notwithstanding its past traits. With around 14,000 products on the market as of 2024, the industry has evolved to such that many businesses have advanced martech stacks fit for their specific needs. This directly has resulted in a significant decline in demand for net new agreements. According to the most recent annual CMO Spend Survey by Gartner, average marketing spending is lowering; the proportion of total firm sales dedicated to marketing is dropping from 9.1% in 2023 to 7.7% in 2024. To fit this change, Martech providers will have to reconsider their strategic orientation.

Incremental purchases of Marketing tools

Companies are not seeking major changes to their martech stacks as the market is already full. Rather, they are focused on little changes meant to optimize or enhance the current systems.

These purchases are like condiments, which are used to enhance the flavor of a well-prepared meal. Among the most crucial areas of further expenditure are:

Tools called integration enhancers help to improve the interoperability among existing in-use systems.
Performance optimizers are those solutions that allow one to adjust campaign performance or analytics capabilities.
Tools targeted toward specific needs, including video marketing and conversational marketing, are niche innovators.
This trend shows a shift away from broad changes and toward targeted improvements, which is in line with Gartner on decreasing spending on martech and similar sectors associated with marketing technology.

Methodologies of Approach for Marketing Technology Providers

1. Think about maintaining clientele and expanding your company (https://peorient.com/).

Given the low net new sales, martech suppliers must maintain relationships with their existing client’s top attention. Funding customer success teams guarantees that the products bought will maximize their benefits for the clients. Prospects for cross-selling and upselling within the current clientele might appear to be more lucrative than the acquisition of new ones. Apart from keeping consistency in communication, talks should not be limited to sales presentations.

2. Create New Works Aimed at a Specific Goal

Though the sector is crowded, there are still opportunities for actual creativity. The discovery and treatment of unresolved pain issues that have not received enough attention might inspire the development of new features or products that could be readily included in existing stacks. Emphasizing the unique value these technologies provide helps one to establish them as necessary additions. Generative artificial intelligence (AI), for example, still offers great opportunities for innovation if it is used sensibly and with a clear aim in mind.

3. Develop an attitude grounded in ecosystems.

By means of partnerships and integrations with other martech enterprises, a cooperative ecosystem may be created wherein different tools can coordinate their activities free from any conflicts. By adding value to customers, this frequently referred to as “coopetition” approach has the ability to make offerings more appealing. The martech ecosystem’s integrated character means that every participant stands to gain, therefore generating a more appealing value proposition.

4. Offer a level of customizing and flexibility.

Standardized solutions are becoming much less appealing for seasoned marketers as well. Offering customized solutions designed to fit the specific needs of different business sizes or industries can help to improve the appeal of products. Moreover, the usage of variable pricing and deployment decisions may help to reach a larger customer base and more appeal.

5. Invest money on ideas seen as leaders and education.

By presenting original ideas, research, and best practices, one may identify oneself as a thought leader and thereby increase customer loyalty and attract fresh possibilities. Providing instructions on how to negotiate the convoluted martech environment can help to build confidence and trust. Stressing the need of open architectures and composability can help to improve the value proposition even more.

6. Use data with artificial intelligence.

Using data and artificial intelligence will let one develop predictive and prescriptive analytics, therefore acquiring a competitive edge. Implementing solutions that provide insights based on past performance helps one significantly enhance decision-making by means of feasible actions. Though many chief marketing executives are limited by financial constraints, generative artificial intelligence offers opportunities to increase the impact of marketing operations beyond the boundaries of financial resources.KNOW MORE (https://peorient.com/blog/2024-martech-landscape-super-graphic/)

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Дата документу: 19 липня 2024 р.