Martech’s Budgets and Impact on Marketing ROI with Case Studies

The world of marketing technology (Martech) has been growing fast, becoming one of the biggest markets. Just a few years ago in 2019, it was worth around $121 billion. Now, it’s estimated to be a whopping $509.8 billion globally, according to a report by LXA. 

Even when the pandemic made companies tighten their budgets, Martech remained strong. A survey found that about 26.6% of marketing budgets were still spent on Martech tools like analytics and automation platforms, customer relationship management tools, social media analytics tools and the like. What’s interesting is that many marketing leaders (68% of them) plan to spend even more on Martech in the future. This trend makes sense as more and more Martech solutions are becoming available – they grew by 13.6% in just a year. This growth was especially big (25.5%) for tools that help handle data, possibly because people care more about privacy these days. 

In this blog, we delve deeper into why martech budgets are rising and what the future holds for this department. 

Factors Fueling the Rise of MarTech Investments 

Martech spending is surging worldwide due to several key factors: 

When businesses switch from old-fashioned ways and embrace digital operations, Martech steps in to make this change happen. For example, think of a small brick and mortar bookstore. With Martech, it can set up an online store, let people book events through their website, and even advertise on social media to get more customers beyond their store’s location. 

Martech gives businesses the ability to use data smartly. Imagine an online travel company. With Martech, they can look at how people book trips and use this info to create personalised travel deals. This makes customers happier and leads to more bookings, just like when you find a trip that’s exactly what you want. 

Consumers expect personalised experiences. Take Starbucks as an example – they use Martech tools to create special experiences for customers. Through their mobile app, they make ordering and paying for coffee easy. The app also remembers what customers like and gives them deals they’ll enjoy. Plus, if you’re close to a Starbucks, the app tells you and offers discounts. With a rewards program and keeping track of what you order, Starbucks uses Martech to keep you coming back, learning from your preferences to make things even better. 

Martech tools automate repetitive tasks. A marketing team can use an automation platform to schedule and post social media content, freeing up time for strategising and engagement with followers. 

With customers interacting across various platforms, Martech helps maintain consistency. For example, Tesco, a leading UK-based supermarket chain interacts with customers through its website, mobile app, and social media channels. By utilising Martech tools, Tesco ensures that their promotions, offers, and branding messages are consistent across these various touchpoints. This ensures that customers have a unified experience when shopping online, using the app, or interacting with Tesco’s social media posts, enhancing their overall engagement and perception of the brand. 

Martech provides data to assess marketing effectiveness. For example, an online fitness platform can use tracking tools to monitor sign-ups and engagement rates, enabling them to refine campaigns and optimise their advertising spend. 

It enhances digital shopping experiences. An electronics retailer, for example, can integrate augmented reality features on their website, allowing customers to visualise products in their own space before purchasing. 

Staying ahead requires innovative tactics. Volvo, for example, has introduced virtual reality (VR) showrooms that allow customers to explore their vehicles in a virtual space. With this technology, potential buyers can take detailed virtual tours of Volvo cars, experiencing their features and designs without visiting a physical showroom. This approach not only provides convenience to customers but also gives Volvo an edge in the competitive automobile market by offering a unique and engaging way to interact with their vehicles. 

Martech aids in complying with regulations. A healthcare provider, for example, can use secure messaging platforms to communicate with patients, ensuring sensitive medical information is shared safely and in line with data protection laws. 

Businesses invest in Martech to remain relevant. The Netherlands-based food delivery brand, Just Eat Takeaway, for example, has embraced AI-powered chatbots that efficiently process orders and provide customer support. By integrating this technology, JET showcases its tech-savvy approach, streamlining the ordering process and staying at the forefront of the food delivery industry. This not only enhances customer experiences but also solidifies their position as innovative leaders in the market. 

In conclusion, as we look ahead to the future of Martech, we can expect gradual yet impactful changes. Tools might become more intuitive, making our interactions smoother. Security will continue to be a priority, ensuring our data stays safe. Automation will likely simplify tasks, offering more efficiency.  

A Merit expert concludes, “With the evolving digital landscape, Martech will adapt to new platforms, ensuring steady communication. While not flashy, the future of Martech promises steady progress, enhancing how businesses and consumers connect in the digital era.” 

Merit’s Expertise in Marketing Data Intelligence 

Using our proprietary technology, we source, filter and qualify marketing data from thousands of online sources. We further enrich the data with expert research to deliver accurate contact lists that yield maximum conversion rates. Merit’s marketing data has proven to: 

• Multiply your event RoI with the best target data possible  

• Drive attendance at niche events and conferences 
• Be accurate, up-to-date and tailored for your exact audience  
• Be fully compliant (GDPR in particular), transparent and audit-friendly  

We are more than just a list broker; with a proven 10-year track record in building and validating over 100 million global contacts a year, our clients can rely on us to target relevant and engaging audience groups. 

To know more about Merit’s marketing expertise, visit https://www.meritdata-tech.com/service/data/marketing-data/