What’s Your Biggest MarTech Challenge?
MarTech adoption is no longer a luxury; it’s a necessity. However, despite the immense potential that Marketing Technology (MarTech) offers and the crucial role it plays in engaging audiences and ultimately growth, today’s economic climate and various challenges are holding companies back from harnessing its true power. In this article, we’ll dive into the current hurdles that businesses face, the repercussions of limited MarTech adoption, key reasons for this wastage, and the actionable solutions to identify and overcome the challenge you’re facing so that you can supercharge your MarTech adoption.
The Current Landscape
Brands are struggling to maintain MarTech operations
In recent years, MarTech teams have faced several challenges that hinder their ability to fully leverage the potential of marketing technology. The current landscape presents several key issues:
1. Less to spend
Marketing and Technology budgets are being cut down globally, which puts MarTech teams under immense pressure to keep delivering results with existing MarTech stacks. This constraint on resources can limit the scope for innovation and expansion.
2. High attrition
MarTech teams often experience high turnover, with key personnel leaving their roles. These departures create significant voids that can take months to fill, leading to disruptions in MarTech operations and strategy.
3. Increased go-to-market spend
Undertrained teams may require more time to accomplish tasks, which can compromise the quality of deliverables. Increased time and effort in day-to-day operations can result in missed opportunities for strategic improvements.
4. No scale
With limited resources and an ever-growing workload, MarTech teams often find themselves swamped with Business as Usual (BAU) tasks, leaving little room for innovation and the pursuit of new strategic use cases.
The limited adoption of MarTech technologies has a profound impact on a business’s marketing capabilities.
A 2022 Gartner study revealed the following statistics:
The Current Landscape
of CMOs acknowledge that "Martech plays a central role in their marketing strategy and is essential for meeting customer expectations."
of today's marketing budgets are dedicated to MarTech spend.
of marketers utilise their MarTech stack capabilities to their fullest potential, highlighting significant underutilisation of MarTech investments.
Key Reasons for This Wastage
The impact of insufficient adoption of MarTech goes beyond inefficiencies; it has a detrimental financial and cultural impact on organisations. The reasons for this wastage vary from one organisation to another but often revolve around the following common challenges:
Not Enough People
Limited people and capacity
Limited budgets and a shortage of skilled professionals can impede adoption. The costs associated with setup, maintenance, and optimisation of MarTech can be prohibitive.
Lack of Expertise
Knowledge and skill gaps
The rapid evolution of MarTech tools and platforms requires expertise in selecting, integrating, and effectively using them. Many organizations lack the necessary knowledge and skills to make the most of their MarTech stack.
Fragmented MarTech stack and not enough strategic use cases
Complex integrations of multiple tools and platforms can result in data silos, fragmentation, and inefficiencies. Without a seamless and informed approach to integration, MarTech can be more of a burden than a benefit.
Lack of Use Cases
Not enough strategic use cases and ability to demonstrate ROI
Another challenge is the absence of sufficient use cases that clearly define how MarTech can address specific business challenges, improve processes, or drive revenue. Without enough compelling use cases, securing budget and demonstrating ROI can be difficult.
MarTech adoption hurdles are real, but they can be overcome with determination and the right solutions.
By recognising these challenges, understanding their impact, and taking proactive steps to address them, you can fully harness the potential of your MarTech investments and thrive in today’s fiercely competitive landscape.
What is your MarTech Challenge?
At Dexata, we’re committed to helping businesses conquer MarTech adoption challenges and accelerate your MarTech adoption and ROI. We offer four dynamic solutions (learn about these here) to help overcome these challenges and reduce wasted MarTech spend.
Sharing your MarTech challenge is the first step.
Let us know and help you identify the right solution for you. Contact us today.