Marketers Increase Martech Budgets, Prioritising Data and Analytics

Category

Marketing

Read Time

2 min

Published

06 June, 2024

As the economy steadies, marketers are spending more on tools to protect their budgets and adapt to new technologies.

As a result, martech budgets are increasing having previously been constrained by delayed investments during the marketing spend slowdown.

A survey of 140 marketers carried out by consultancy Plural highlights that 63% of marketers cut technologies that did not contribute to their core business goals in 2023, while 60% of technology decisions and 55% of investments were delayed by finance teams trying to save money.

As we enter the second half of 2024 it seems data and analytics capabilities are emerging as key areas for investment.

Almost half (47%) of marketers said marketing analytics and attribution platforms, along with digital commerce platforms are a priority. This was followed by social media management platforms (40%) and digital experience platforms (38%).

Throughout this period of recovery and stabilisation, there is a significant emphasis on first-party data as this allows for more targetted campaigns and improved personalisation.

In terms of B2B marketing, in-person events and capabilities to better capture digital footprints are becoming increasingly important.

43% of marketers surveyed believe events will gain traction over the next two years, with spending focused on maximising the potential of existing events rather than increasing the event footprint.

Securing more booth space at events they already participate in (62%) and investing more in booths to better engage target audiences (57%) were noted as big areas for future investment.

As B2B buyer journeys become more intricate and complex, ‘intent data’ is expected to capture a larger share of spend from paid-for leads. 14% of marketers believe the importance of intent data will significantly increase over the next two years.

Audio and visual are a further two areas gaining importance for B2B marketers, with 84% saying video content will surge and a further 84% noting social media as a key channel for communication and promotion.

Digital versions of print publications were the only media to record a decline in importance reducing by 10%.

Hi, I'm Amy, Content Strategist at Canny. In my day-to-day role, I'm responsible for creating content that gets you noticed and makes you stand out from the competition. Naturally, I love writing and creating engaging copy that brings your brand to life.

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