Marketing technology will command a greater share of a brand’s budget next year as the market for cutting-edge tools that streamline content creation and workflows continue to grow at a remarkable rate, a new report from Moore Stephens and WARC shows.
The global martech industry is now worth a considerable $100bn and brands in both North America and the UK are leading the charge. Half of respondents in these regions said that they are planning to spend more on marketing technology during the next 12 months.
The uptick in spending on new tools that are able to assist with content marketing and other activities ranging from data and analysts to customer acquisition is being driven by a desire to serve up excellent consumer experiences across the board. Respondents in wider Europe and APAC are also catching up as around six in ten said that they expect budget increases in this area.
With just three months left of the year, brands are now looking to update and overhaul strategies and campaigns in preparation for 2019. Brands in the UK are still expecting to divert the majority of their budgets to outsourced marketing tech while supporting media spend.
Increased martech investment does not appear to be leading to a drop off in spend on content, SEO, paid ads or social as 43% of UK brands said that they expect budget hikes in this area. This suggests that those with a more mature approach to marketing are able to integrate new tech seamlessly to support a variety of activities, channels and mediums.