According to a survey conducted by Statista, approximately 26.6% of marketing budgets were spent on marketing technology in 2021. This equates to CMOs losing out on 13.3% of their budgets last year due to underutilised marketing technology stack.
Marketing technology budgets remain strong, however an ongoing challenge is optimising the use of technology. Human factors were highlighted (55%) as the biggest reason marketing technology is not used to its full potential. With 16% of respondents (20% in companies of 5,000+ employees), believing its due to a lack of knowledge and experience in their teams. An indication that the majority of marketing teams are made up of marketers, not technologists. Marketers need more input and support from other sources if they are to achieve their objectives and get the most out of their technology.
With CMOs under constant pressure to demonstrate the value of their technology and increasing technology spend, they are presented with the added constraints of resistance from employees. 14% of CMOs say resistance to change is an issue that halts progress. Another obstacle that is hampering performance is the lack of digital implementation and execution skills. 57% of CMOs said it is one of the biggest factors their teams come up against.