75 percent of respondents to a New Zealand martech State of the Union 2019 report say they have inadequate marketing technology capabilities, despite 51 percent believing martech is critical to their organisational success.
The report, released by Adobe in partnership with FCB New Zealand finds that New Zealand businesses recognise the importance of martech, however, a lack of talent and investment prevents effective adoption of the new technologies.
The survey features 77 responses from technology professionals across New Zealand. Of those, 27 are marketing director/managers and 11 are CEO/managing directors.
When asked about the marketing technologies they are adopting in, the most adopted include Web Analytics (80 percent), Customer Relationship Management (75 percent) and Content Management Systems (71 percent), however, the full take-up of martech in New Zealand is slow by global standards.
As well as looking at martech according to specific technologies, the report also looked at how different categories are performing when it comes to the implementation of new technologies.
The report revealed that while Retail, Manufacturing and Wholesale industries responded with the greatest understanding of the value of martech, Government and Tourism sectors are lagging behind.
The latter two are becoming increasingly dependent on external parties who offer the expertise to accelerate implementation of new technologies.
But what’s stopping businesses from adopting martech?
According to the report, the barriers to further adoption of marketing technology across industries include talent (45 percent) and funding (44 percent), followed by current technology resources and cross-functional alignment.
On top of this, the report indicated that investment solely in technology – without the right investment in people and process – can fail to provide adequate returns from the adoption of martech.
On the note of funding, the report revealed that its the limited measurement capabilities that stop investment being secured.
Explaining that, FCB’s head of data and technology, Qassem Naim, says measurement is a critical hurdle for business to prioritise and overcome in order to secure the necessary investment to curate experience consumers increasingly expect, particularly in the context of marketing where historically the difficulty in attributing revenue has been a disadvantage.
The report says marketing and finance departments are often speaking different languages and marketers struggle to quantify ROI, however, it points out that martech can help to measure true campaign effectiveness.