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WARC and BDO estimate that total spending on marketing technology in North America and the U.K. will reach $65.9 billion this year, up from $52.4 billion in 2018. This equates to a year-over-year growth rate of 25.8%. WARC and BDO had previously estimated that 2017 spending in these two markets was $34.3 billion. So, in North America and the U.K., the market for marketing technology has nearly doubled over the past two years.
The WARC/BDO study found that marketers’ commitment to technology is still growing. On average companies in North America and the U.K. will spend 26% of their total marketing budget in 2019 on technology tools and services, compared to 23% of the budget in 2018.
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While a big component of marketing intelligence is to improve the customer experience, many companies also use it for marketing needs. For example, roughly four in 10 respondents said they experienced faster innovation of marketing initiatives, while over a quarter said they expanded capabilities to test new marketing efforts.
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"The internet has broken down international trade barriers, making it possible for even small and medium-size businesses to become truly global players. But taking those first steps into the wider world can be daunting. Market Finder makes it easier by giving you a head start on your international marketing strategy."
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Chart of the day: Market research budgets have been cut whilst marketing budgets are being sustained Market research (increasingly referred to as "insight". Marketing topic(s):Customer research & analysis. Advice by Robert Jones.
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Keyword Planner Tool: The original and the best keyword research tool, with data taken straight from Google, we can quickly see how many people are searching for a phrase on the search engine and how that compares to other terms.
Google Insights: doesn’t just help you identify when to time your campaigns, it can also benchmark your whole company’s performance.
Answer the Public: It’s a tool with one simple purpose, understanding the questions people have about a topic.
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who do not have the required resources, knowledge or expertise. Visit us at ineomarketing.com. ◄
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who may not have the required resources, knowledge or expertise. Visit us at ineomarketing.com. ◄
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Digest...
You will need a combination of the quantitative data provided by your automation tool and the qualitative information collected from actual human-to-human interaction. >> You need to capture and understand what happened. Dissect all the data captured, and put it back together to paint “the story” of your different buyers’ journey. You want to look for similarities in level of engagement across your users and group them into segments, netting about 4-5 segments. The analysis of your data will help you identify segments. >> Once you’ve identified similar behavior and trends across your groups of buyers, you are ready to develop specific personas. For the most part, you will be building hypotheses based on secondary research and your expertise. >> Prioritize your prime segments and reach out to a specific sample to understand why it happened. Marketing automation can help you identify individuals who fell off at a certain point in the funnel, so you can contact them about why their journey ended, capturing their needs and trigger points.
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Advanced/ Excerpt...
[A] renewed approach to market research – understanding customers in their natural environments rather than asking them what they want – is exactly why social media listening is such an exciting opportunity for marketers today. Focus groups, surveys and user interviews all have their places, but social media research is quickly emerging as a faster, more cost effective way to understand what people are already talking about on their own. This information can be used to help us as marketers to better understand how our customers feel about our brands and our competitors, to develop better products, to uncover new content ideas and to improve the creative initiatives that we’re already putting out into the world. Every single day, there are 175 million new tweets posted online, along with two million blog posts, 250 million new photos and 864 thousand hours of video. This content is rich with actionable insights for those marketers who are wise enough to uncover trends and qualitative context within the posts. __________________________________ ► NEW: iNeoMarketing makes content marketing easy with the new Q8 Content. Q8 fills your content pipeline daily with relevant articles that your audience wants to read. Learn more and sign up for the beta program: http://www.Q8content.com. ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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For big B2B purchases, online channels are necessary but not sufficient. Person-to-person communication with buyers is richer as a means of conveying targeted information.
Intermediate/ Digest...
And it’s not just emotions that flow from personal interactions. It’s the precise information that prospects and customers seek. No search algorithm can match the response of a subject matter expert. In quantity of results, certainly; in keyword matches, no doubt. But inquiries from a person contain context that cookies do not know (or know in only a fragmentary and incomplete way). Psychologist Albert Mehrabian broke communication down into three Vs: visual (55% of the information), tone of voice (38%), and words (7%). The web offers only words. People communicate with words, but also the other 93%—which ensures that their conversational partners have a rich context to interpret their queries. __________________________________ ► NEW: iNeoMarketing makes content marketing easy with the new Q8 Content. Q8 fills your content pipeline daily with relevant articles that your audience wants to read. Learn more and sign up for the beta program: http://www.Q8content.com. ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Account-based marketers should gain industry knowledge to become aware of industry needs and nuances.
Excerpt...
While there are countless sources of industry knowledge, here are 10 good places to start: 1. Industry strategy documents and plans
2. Sales account plans
3. Corporate presentations (including vertical strategy overview)
4. Industry analyst reports
5. Interviews with industry team members (e.g. sales, services, strategy, product)
6. Industry council participation
7. Direct customer engagement (including interviews, sales calls, surveys)
8. Industry association participation
9. Industry Web sites (including customers’, prospects’ and competitors’ sites)
10. Industry conventions and trade shows __________________________________ ► NEW: iNeoMarketing makes content marketing easy with the new Q8 Content. Q8 fills your content pipeline daily with relevant articles that your audience wants to read. Learn more and sign up for the beta program: http://www.Q8content.com. ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Increasing revenue can be as simple as studying (and closing) the gaps between what your customers would gladly buy, and what you are currently offering. Easier said than done.
Digest...
The TransDR approach is simple but powerful. They interview company stakeholders and management, sift through company-customer correspondence, and then engage groups of customers in casual, non-research settings via customer focus groups. After trends emerge, they tailor quantitative surveys into relevant areas of concern, and “marry” the data and insights to create actionable results that can be leveraged into increased EBITDA, operational improvements, and a working group of brand advocates. When asked about the risks companies run by not giving enough attention to customer issues, Robinson replied, “Unless you’re talking to you customers on a regular basis and in the right ways, there are likely some disconnects out there that are creating real costs and causing you to lose substantial revenue and profitability. We find disconnects in every audit we do, and our results are guaranteed. Most of what we find is never even on management’s radar screen.” __________________________________ ► NEW: iNeoMarketing makes content marketing easy with the new Q8 Content. Q8 fills your content pipeline daily with relevant articles that your audience wants to read. Learn more and sign up for the beta program: http://www.Q8content.com. ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Summary...
Question everything you hear, see or read. Yes, everything. - Everyone has a bias.
- Everyone applies their own spin.
- Everyone has something to sell.
If new research says B2B buyers rely on social media, dig into the survey. Just how was social media defined? Did it indicate how important social media is in the buying process? Did it even indicate that they use it in the buying process, or that they just have a Facebook account? Were respondents recruited through social media or is it a representative sample? Be aware, there are lies, damned lies and statistics spun to the advantage of the company presenting them. Question it. There is almost always more to the story.
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B2B Software Content Marketing:2013 Benchmarks, Budgets, and Trends – North America
Excerpted from their Press Release...
Ninety-nine percent of software marketers are using content marketing, compared with 91% of their B2B peers overall. They use an average of 14 tactics, compared with the 12 their peers use, and they use those tactics more frequently. Software marketers allocate 29% of their total budget to content marketing. Their B2B peers allocate 33%. Fifty-three percent of software marketers (and 54% of their B2B peers) will increase this amount over the next 12 months. Like their peers, software marketers use an average of five social media platforms to distribute content. They use Twitter (89% vs. 80%), LinkedIn (87% vs. 83%), Facebook (82% vs. 80%), YouTube (69% vs. 61%), and SlideShare (29% vs. 23%) more often than their B2B peers do, and Google+ (33% vs. 39%) and Pinterest (21% vs. 26%) less often.
Excerpted from the CMI Web site... The Content Marketing Institute is excited to publish B2B Software Content Marketing: 2013 Benchmarks, Budget, and Trends — North America, sponsored by International Data Group (IDG). This report, which reveals how business-to-business (B2B) software marketers replied to questions on our most recent survey on B2B content marketing, shows that this group — in many ways — has embraced content marketing with more gusto than any other industry we’ve studied.
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Summary...
While big data will drastically improve marketing strategies (and, yes, persona development), relying on that information alone can be very risky for your marketing efforts. Big data usage within marketing teams has its faults, including: - Ineffective sharing and organization of data
- Using data as an end-all performance report
Ultimately, big data can show you what is, but personas have the ability to show you what could be, as they can be used to determine future behavior. In order to create a successful marketing plan for the long term, you need both the what is and the what could be aspects incorporated into your strategy. As Forbes contributor Jonathan Salem Baskin said, "big data insights will never substitute for imagining little souls." - Qualitative research gives insight into behavior.
- Personas (including qualitatively gathered stories) are easier to understand.
- Qualitative research allows for brand-customer interaction and new information.
- Qualitative research enables information gathering on topics big data can't deliver.
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FREE report from Neolane, and this is a report that B2B marketers, especially those using or planning on using marketing automation, ought to download...
In Q3 2012, Neolane and the Direct Marketing Association (DMA) surveyed more than 250 mid-level and executive-level marketers in a wide range of industries to better understand big data’s impact on marketing organizations. Overall, the survey revealed that many marketers are ill-equipped to handle the growing influx of data and are behind in planning for tremendous growth
Among the findings: - 60% do not currently have or are unsure if their company has a specific strategy for handling the challenges of Big Data
- 81% feel that they are either somewhat or not very prepared when it comes to the new rules and regulations of marketing data governance
- 50% say that skill sets are changing, especially with the growth of social and mobile channels
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Amazing how the growth continues.
Curated by CYDigital: Empowering Marketers, One Blockchain at a Time https://cyd.digital #zeropartydata #martech #marketing