As the marketing technology landscape and capabilities continue to evolve, organizations are on an ongoing quest to update and improve their technology stacks. In fact, the vast majority (83%) upgraded at least one martech application in the past year, according to our Martech Replacement Survey 2020 published Monday.
To better understand the frequency and motivations behind organizational martech updates, we surveyed 398 digital marketers in October. Several interesting trends emerged.
Organizations are moving away from in-house solutions. In a striking find, many companies are migrating away from marketing technologies developed in-house. Respondents were nearly as likely to have upgraded or replaced a homegrown technology (49%) as a commercially available solution (51%), with many of those replacing homegrown tech moving to commercial applications.
The number one reason marketers said they shifted from in-house technology was that available SaaS software had better features, with 49% of those who switched to a commercial solution citing that as a reason.
Nearly one in four said their homegrown system was being replaced because management decided their enterprise was “not a software company,” and nearly one in five because their homegrown system was too expensive to maintain.
New martech adds new people. Fear of job losses caused by machine learning and AI-based technologies may be unfounded — at least when it comes to the need for human oversight and management of marketing technologies.
With new martech features designed to increase efficiencies, a surprising 43% of respondents indicated that they hired a new team to support their new tools. One in four said they combined retraining existing staff with news hires, while another 25% said they retrained exclusively.
Martech replacement trends in 2020. The findings of this report hint at several trends we expect to see in the coming year. Organizations will continue to focus on maximizing the return on their marketing technology investments — whether through ongoing upgrades and new hires or retraining. Rather than a threat, new technologies present opportunities for marketers who keep their skills relevant and transferrable as technologies evolve and change.
As SaaS products improve — and natively support integrations with other solutions — it’s becoming harder to justify developing or maintaining homegrown applications. We can expect to see more acquisitions by martech vendors as well as integrations as providers aim to give marketing teams more comprehensive, one-stop-shop solutions.
To read more findings, insights and key takeaways for marketers, click here to download The Martech 2020 Replacement Survey.
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Source: IAB