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To learn about E-Mark, ting, identify the strategies, their implementation and their success stories. Everything that was expected of this year has been left half due to the coronavirus crisis. One of the direct effects of the crisis has been to impact marketing and advertising budgets. Although some companies have increased investment, as consumer goods firms have done due to increased interest in their products, many have paused or cut their budgets.
In crises and times of economic instability Solomon Islands Email List marketing and advertising are often among the first to fall for the cuts that companies make (although maintaining a fluid relationship with consumers is important to remain relevant and continue selling). So, out of all this, marketing and advertising budgets are not coming out the way they came in. If marketers have less money, they have no choice but to adjust what they do with their budgets and what they spend that revenue on. And, although technology is positioning itself as a key element in this crisis to continue connecting with consumers, marketers plan to cut their investment in martech. It will be the collateral damage of the crisis.
That is what the latest Gartner study on the matter points out. The investment in marketing technology had made it through the early part of the crisis smoothly. It had stayed out of budget cuts and adjustments. However, in this second phase of the crisis it has lost the armor that protected it. About 60% of marketers surveyed acknowledge that they expect moderate to severe cuts in their martech budgets.
Why they cut back on marketing tech,
Possibly, the key to this cut lies in the perception that a lot of money has been invested in technology and that it is not getting the most out of it. Several studies have already pointed out that this is a reality when analyzing the use of martech. This study is no exception. Marketers acknowledge that they are using no more than 58% of their marketing technology capabilities, a figure similar to what they estimated last year. Since they have invested money in these tools and their improvements, their failure to achieve results “puts their credibility in question.” At a time when money is cared for with special attention, that perception becomes a drag on the martech. 66% of those surveyed say they have cut or delayed investment in marketing technology despite being already approved. 35% say they have started a review process of their martech tools to see what they have.
As explained in the conclusions of the analysis, three-quarters of the companies that face cuts in martech also have problems when it comes to using them. The funny thing is that, despite everything, marketers continue to view technology optimistically and positively. 81% of those surveyed believe that they have a set of marketing technology tools that are effective and only 20% acknowledge that they have problems getting the most out of them.