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How your tech stack will change in 2024
To help you answer this question, Ascend2 and Insightly fielded The Future of MarTech 2024 Survey in September, 2023. This report, titled The Future of MarTech 2024 from the SMB Perspective, represents the opinions of the 310 marketing professionals responding to the survey who represents companies with fewer than 500 employees. Throughout the report, you will see references to both the small (fewer than 50 employees) and mid-size (50 – 500 employees) cohorts.
Here’s a peek inside:
The survey explores key questions about what specific applications businesses are using and how successful these businesses perceive the applications to be. You’ll see how budgets make an impact, particularly for small businesses with tighter budget constraints.
A big theme is integration. Whether integration is through an all-in-one platform, direct software integrations , or an integration software tool, ensuring that technology integrates seamlessly is critical to success. An overwhelming 88% of respondents say this is important.
Three big trends emerge in the research: AI (artificial intelligence), personalization, and data security. While each presents it’s own set of unique challenges, they are all top of mind in MarTech. Half of small and mid-size business marketers surveyed expect that emerging AI and machine learning will have the most significant influence on how digital marketing strategies are executed in the coming five years. Solutions that enable personalization will also have a significant impact on digital marketing strategies according to 43% of small and mid-size business marketers. Data security was identified as key by 37%.
Key takeaways:
Small and mid-size business marketers are hopeful that AI will help improve their marketing strategies in the future, most significantly in the areas of improving content personalization, increasing content generation, and allowing for more automation of routine tasks according to be 46%, 45%, and 45% of those surveyed, respectively.
Data still reigns. When asked about the most important data sources, small and mid-size business marketers most commonly report relying on data from sales teams to make effective decisions – most commonly derived from their CRM. Data and metrics collected from website and search tools, social media tools, and email marketing solutions also important for small and mid-size business marketers according to 39%, 33%, and 32% of those surveyed, respectively.
A final theme of the research centered around cost. Much like the top challenge of overall cost that small and mid-size business marketers are faced with, rising costs and staying within marketing technology budgets are also the top concern regarding the future of the tech stack according to 59% of those surveyed.
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Survey Respondent Demographics
N = 310 SMB Marketers
Company Size 50 to 500 35% Fewer than 50 65%
Primary Role in Company Owner / Partner / C-Level 58% Vice President / Director / Manager 29% Non-Management Professional 13%
Primary Marketing/Sales Channel B2B (Business-to-Business) 24% B2C (Business-to-Consumer) 51% B2B and B2C Equally 25%
Methodology
Ascend2 benchmarks the performance of marketing strategies, tactics and the technology that drives them with a standardized online questionnaire and a proprietary 3-Minute Survey format. This survey was fielded to a panel of marketing professionals and marketing research subscribers.
The Future of Martech 2024
FROM THE SMALL AND MID-SIZE BUSINESS PERSPECTIVE
Small and mid-size businesses rely heavily on their marketing technology (martech) to enable efficiencies of smaller teams as well as improve overall marketing performance. But what kind of impact can martech have on small and mid-size businesses and how can marketers overcome challenges by harnessing the power of their technology? To help you answer this question, Ascend2 and Insightly fielded The Future of Martech 2024 Survey in September, 2023. This report, titled The Future of Martech 2024 from the SMB Perspective, represents the opinions of the 310 marketing professionals responding to the survey who represents companies with fewer than 500 employees. Throughout the report, you will see references to both the small (fewer than 50 employees) and mid-size (50 – 500 employees) cohorts.
Gauging Success
When small and mid-size business marketers have the right technology implemented, it has the power to enable them to more effectively meet strategic goals. Only 28% of those surveyed, however, report that their marketing technology is very successful in helping them meet and achieve strategic goals, indicating substantial room for improvement of small and mid-size business martech stacks.
Current Use of Marketing Technology Solutions
The most common tool among small and mid-size business marketing technology stacks are social media management or advertising tools, with 59% of marketers surveyed reporting they currently utilize this kind of technology. Email marketing software, CRM, and SEO tools are also among the most commonly reported solutions that marketers currently utilize.
Impact of Integrated Technology
For small and mid-size business marketers, it isn’t enough to have the right technology in place. How that technology integrates directly impacts the overall success of marketing efforts according to 88% of those surveyed. Whether integration is through an all-in-one platform, direct software integrations , or an integration software tool, ensuring that technology integrates seamlessly is critical to success.
Challenges with Tech Stack Structure
Cost of marketing technology is the most critical challenge in the face of small and mid-size business marketers with nearly two-thirds (63%) of those surveyed selecting this as a top challenge with the current structure of their martech stack. Martech costs can add up, which is why it is critical for small and mid-size businesses to optimize their use of every solution they have.
Smaller businesses are 2x more likely than mid-size businesses to feel challenged by the integration of tools. Nearly half (48%) of marketers from businesses with fewer than 50 employees report integration of tools is a top challenge of their martech stack and 26% report scalability is an issue (compared to 23% of those from mid-size businesses)
The Future of Emerging Trends
Half of small and mid-size business marketers surveyed expect that emerging artificial intelligence (AI) and machine learning will have the most significant influence on how digital marketing strategies are executed in the coming five years. Solutions that enable personalization will also have a significant impact on digital marketing strategies according to 43% of small and mid-size business marketers.
Most Important Data Sources
Small and mid-size business marketers most commonly report relying on data from sales teams to make effective decisions. Data and metrics collected from website and search tools, social media tools, and email marketing solutions also important for small and mid-size business marketers according to 39%, 33%, and 32% of those surveyed, respectively.
Mid-size businesses are 2x more likely than smaller businesses to be relying on marketing and sales automation data (29% vs 15%). Using marketing and sales automation data allows businesses to analyze customer behavior, track conversion rates, and identify key performance indicators. This enables data-driven decisions, leading to more precise targeting, personalized messaging, and optimized campaigns. By harnessing these insights, companies can adapt and refine their strategies in real-time, ensuring they stay responsive to market dynamics and customer preferences.
Budget Allocated to Martech
Nearly half (45%) of small and mid-size business marketing budgets will allocate between 10% and 20% of marketing dollars to the management, training, and platform costs associated with marketing technology next year. Nearly one-quarter (24%) of small and mid-size business marketers say that more than 20% of their overall marketing budget will be allocated to martech in the coming year.
Smaller businesses report spending more of their budget on martech. Small (82%) and midsize (66%) companies spend at least 20% of their marketing budget on marketing technology. SMBs can successfully allocate their budget for marketing technology by carefully assessing their specific needs, aiming to strike a balance between technology investments and other marketing activities to ensure they leverage tools that enhance efficiency and performance while staying within budget constraints.
The Evolution of AI
Concerns with the Future of Martech
Much like the top challenge of overall cost that small and mid-size business marketers are faced with, rising costs and staying within marketing technology budgets are also the top concern regarding the future of the tech stack according to 59% of those surveyed. Keeping up with rapid changes (50%) and ensuring data security (45%) are also of top concern.
Finding skilled personnel is a greater concern for mid-size businesses. Over one-third (34%) of mid-size business marketers surveyed say that finding skilled personnel is a top concerns regarding the future of martech. Mid-size businesses see the opportunity for advanced ways to use marketing technology but also experience the challenge of securing individuals with the requisite expertise to manage and leverage these technologies effectively.
About the Research Partners
Insightly elevates the customer experience by aligning sales, marketing, and service in one platform. Built to deliver key customer insights across all teams, Insightly’s unified CRM helps organizations sell smarter, grow faster, and build lasting customer relationships. Insightly is trusted by more than a million users worldwide.
Companies partner with Ascend2 to create original research, from survey conceptualization through report and content creation to media outreach. Ascend2 helps companies fuel marketing content, generate leads, and engage prospects to drive demand through the middle of the funnel.
