Improved CX, Martech investments top two priorities for CMOs in coming year: Study
With increased scrutiny on marketing investments, marketers now have to review their spending priorities and justify them. A recent study conducted by Hansa Cequity reached out to leading Indian CMOs in different industries to understand their focus areas in the coming year.
Some key findings:
- Marketing spends to increase over the coming years. With the rise of contextual marketing and the convergence of MarTech and AdTech, marketers are now looking to invest in these platforms.
- Marketers have realised the importance of knowing who their customers are and mapping their needs with the existing processes. Mapping their customer journey and increasing their moments of delight has emerged as one of the top priority for marketers.
- Majority of the marketers are looking to invest in Content management systems, Web analytics, Mobile analytics and Omnichannel marketing automation platforms.
When marketers were asked what they think of marketing spends in the coming years, 47% of mareketers said they will neither increase nor decrease their marketing spends, 3% said they will decrease their marketing spends while 50% said their marketing spends will increase.
Coming to top priorities in the coming year, customer experience came on top with 30% marketers saying they will map customer journey to improve CX. This was followed by 26% marketers saying they will make Martech investments through tools for personalisation and data management. Next came Optimising investments in digital marketing (Search, SEO, Social, 1 to 1 Digital) at 17%, Understanding and harnessing customer data and analytics at 13%, Content marketing at 10% and Hiring, managing and retaining marketing talent at 4%.
Auto, Pharma and CPG marketers are looking to increase their marketing spends whereas a majority of Financial Services and Retail marketers say that the spends will remain the same.
Coming to investments in particular Martech capabilities, while Content Management is at the top of marketers agenda this year (53%), Omni Channel Marketing Automation and Web & Mobile Analytics & Tracking were at 43%, and DMPs/DSPs & Media Optimisers at 40%. AdTech capability has also caught their interest (27%)
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