Many marketers invest a lot of money in technology, but do not reap its full benefits

Every now and then, a new martech tool appears, which is sold by the producer explaining how it will change everything – and make life easy for marketers – and before which marketers are very excited, convinced of its potential and carried away by its hype. This pull of new tools and their potential affects marketing departments’ budgets regardless of the reality of these promises. In the end, are the tools being used adequately to justify the investment?

Debate is prompted by the question. According to Benjamin Bloom, analyst vice president at Gartner Marketing, CMOs will dedicate a quarter of their marketing budgets to marketing technologies in 2022. Bloom adds that CMOs are proving the ROI of technology investments despite the recent budget turbulence and the current economic tailwinds.

In spite of this, marketers may not be doing all they can with their existing technologies. According to Gartner, this is true. A consultant reports that marketers only utilize 42% of the capabilities of their technology.

In recent years, they have lost their ability to exploit their technology because they are using it to a capacity that is far from its maximum potential. They used 58% of their capacity in 2020. Industry cannot afford a 16 percentage point drop.

The reasons technology fails

What are the reasons marketers are not getting the most out of their martech tools? Various factors contribute to this. In a survey, 30% of respondents recognized that this occurred because martech solutions overlapped significantly, 28% cited difficulties recruiting the necessary talent to properly use these tools, and 27% cited the complexity of marketing technology.

The problem is serious in either case. One the one hand, it creates new challenges and complications for the team, because using those tools improperly can lead to problems. Furthermore, martech finds itself paradoxically unable to demonstrate their value because they do not capitalize on this opportunity at a time when demonstrating the return on investment is much more important. According to Bloom, marketers struggle to demonstrate the value of martech due to its underuse.

According to Gartner, these types of problems can be avoided. Martech adoption strategies should start with a list of objectives. In addition, we must consider the risks and challenges associated with integrating technology with existing technology and analyze how it impacts what we are doing. Also, Gartner recommends investing in the default tech tools offered by other key industry partners rather than leaving them behind.