CMOs Plan to Increase Martech Spending in 2023

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More than 63% of CMOs expect that their marketing technology budgets will increase in the next 12 months, an increase from 61% in 2021.

budgets

This is one of the findings from our new State of Martech 2022/2023 report. Just 11% expect martech budgets to decrease, which reflects the importance of technology to the modern marketer. 

The majority of the marketers we surveyed expect budgets to increase by 6% or more, with 12% of CMOs planning budget increases of 20% or more.

What is top of the CMO’s shopping list?

CMOs are planning to add or upgrade an average of six martech tools in 2023, with digital commerce platforms, digital experience platforms, and customer data platforms on the shopping list.

Which major martech tools does your organisation / your typical client plan to add to the marketing stack in the next 12 months?

Marketers are also keen to use emerging technology to power marketing strategy, with Internet of Things (IoT) top of the list. We can also see an increased investment in metaverse related technology, 53% of CMOs are planning to use metaverse related tech in the next 12 months.

Which of the following emerging and disruptive technologies is your organisation / your typical client planning to use to drive the marketing strategy in the next 12 months?

With coverage around this technology peaking in the past year, and Facebook’s transition into Meta, it’s natural that marketers will turn their attention in this direction.

We’ve seen some major brands making metaverse-related moves. Nike launched Nikeland, a branded virtual interactive space on Roblox. This was a blend of sales, marketing and gaming, a virtual showroom where people could dress avatars in Nike gear.

Other key takeaways from the report:

    • The need for martech training is highlighted by the fact that 68% of CMOs find it hard to recruit people with the necessary skills and knowledge around martech and marketing operations.
    • 53% of CMOs are planning to use metaverse related tech to drive marketing strategy in the next 12 months.
    • The global market for martech and salestech solutions was worth $509.8bn in 2022.

You can download The State of Martech Report 2022/23.