We’re also doing more with less. According to Gartner’s latest Spend Survey, marketing budgets overall have decreased since their peak in 2016, down to 11.2 per cent of total company spend in 2018-19.
Interestingly, spend on martech, as a subset of the overall marketing budget, has jumped from 22 per cent in 2017-18 to 29 per cent according to the 2018-19 survey; representing 3.25 per cent of company marketing spend, compared to 2.49 per cent last year. This indicates that martech is here to stay and has become a permanent feature of most CMOs’ marketing strategies.
As part of the study, Gartner asked CMOs to identify the most vital marketing capabilities supporting the delivery of their marketing strategies over the next 18 months. CMOs had to pick their top three, with the overall results showing:
- Marketing and customer analytics at 40 per cent
- Marketing technology acquisition and use at 34 per cent
- Customer experience at 30 per cent
Customer experience matters
In order to maximise your ROI, it’s important to combine the right platform with the right people in order to execute your strategy successfully. Technology is getting better and better and is an increasingly important part of the marketing mix.
However, it is a tool to help you achieve your marketing goals, and not a stand-alone strategy.
Businesses cannot rely on technology over people. We still need great colleagues and marketing partners aligned to business outcomes. Analytics and martech capabilities cannot come at the expense of customer acquisition and retention.
This is why CMOs put customer experience in their top three strategies. According to the Gartner report, CMOs estimate that 18 per cent of their marketing budget is allocated to customer experience initiatives.
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At oOh! we combine the best data, analytics, and insights to not only profile and target audiences across all oOh! formats nationally, but to also ensure that campaigns are delivered to gain the best possible return on investment.
Our unmissable content brings more engagement to more moments in more ways by providing you with a wealth of consumer and location-based insights. This enables the creation of highly personalised marketing messages targeted at exactly the right customer, at the right time, thereby reducing wastage on marketing spend, improving engagement, and increasing ROI.
Get in touch today if you’d like to learn more about how we can help you improve your campaign targeting and ROI.