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As per a recent Gartner CMO survey, one third of a CMOs budget is now going into marketing technology. Recognizing the growing importance of martech, it was imperative to generate some data points that help us all to understand how this space is evolving in India. Thus the Mirum India Martech Report 2020. Mirums own journey in the digital space mirrors the evolution of digital in India. We were born as Social Wavelength in 2009, as a social media agency. Around 2015 we got rebranded as Mirum, and as lines between social and digital blurred, we become a 360 degree digital agency. And now with the addition of martech in the basket of services offered, we are an end-to-end digital solutions company. This report is our attempt to bring the Indian Martech fraternity and other stakeholders on to a common platform, to discuss and share ideas that would be beneficial to all of us. Do write to us at martechmirumindia Sanjay Mehta Joint CEO, Mirum India 1 CEOs Note I am delighted to present to you Mirum India MarTech Report 2020. Digital marketing continues to be in a state of constant change. From the early days of Yahoo! directory listing of websites, to modern day use of DMP to accurately track browser behavior and dish out relevant contentit has indeed been an exciting journey. As digital evolves, technology will play an even more important role in consumer engagement. This report attempts to understand the current Indian landscape and how brands are adopting MarTech, and what are the some of the challenges and opportunities in this adoption journey. One of the most interesting takeaway for me has been that successful digital marketing will require creativity and technology working hand in hand, a convergence of the left brain and the right brain. A great creative idea, riding on top of great technology, eventually creates a fabulous consumer experience resulting in brand engagement. We all need to up our game on the tech front, if we need to remain relevant for the consumer of the 2020s. Happy reading and look forward to your feedback! Hareesh Tibrewala Joint CEO, Mirum IndiaExecutive Summary The inaugural Mirum MarTech Report is at once both encouraging and sobering. The former observation has been backed up by increased spending commitments on MarTech, and bullishness on the impact of various technologies. Indeed, those who are invested in the MarTech space will find the next few pages quite encouraging! And those who are still on the fence will hopefully start thinking about taking a dive in this space soon. There are several trends that could be spotted, and for MarTech to truly take off, the industry should take cognizance of them. Digital marketing is maturing, placing more emphasis on ROI than flag-planting. The next few years are likely to see firms skill themselves internally, to be able to take advantage of the increasingly sophisticated MarTech tools. The industry is still priming up to new-age technologies like blockchain, IoT, AR/VR, AI, etc. and their impact is yet to be ascertained. MarTech firms have to partner with companies to ride this wave together. Indeed, these are not challenges, but opportunities. The subsequent few pages will take you through the ten top insights that we derived from our respondents survey data. 23 Key Insights MarTech spends are poised to increase 80% marketers expect their organizations to invest more in tools and technologies over the next few years. Business results are driving marketers decisions ROI & efciency are the key drivers for adopting MarTech, reected in the use of “old guard” tech like CRM & personalization. MarTechs benets follow a maturity curve 87% of those who invested in MarTech nd a denite positive impact, over a 3 year period. The era of cautious experimentation is upon us Technologies like wearables and voice search need to show solid use cases before being considered. Both B2C and B2B offer big opportunities for MarTech and solutions providers While consumer-facing firms are more bullish on new tech opportunities, B2B businesses are not far behind. MarTech companies need to help clients with internal skilling and integration 64% marketers see the lack of internal skills while 59% marketers see cross-organization adoption as hurdles.Our findings from the surveyAcross company sizes and sectors, MarTech spends are poised to increase 1 It should not come as a surprise that marketers across India are bullish on MarTech. As many as 80% of those surveyed expect their organizations spends on these technologies to increase over the next 5 years. It is also encouraging that marketers have a good grasp of what MarTech tools can deliver - as well as high expectations. This is something that will become clearer from subsequent trends. How marketers expect spends on MarTech in their organization to evolve over the next 5 years Stay the same 17% Decrease 2% Increase 81% 61 7 This is congruent with MarTech awareness and adoption as well: 79% of respondents said they are either very or somewhat aware of such tools, and 75% of them have at least partially implemented them. Awareness of MarTech tools Adoption of MarTech / automation tools Somewhat aware 38% Very aware 41% Not aware 21% Partially implemented but not completed 32% Completed as per our goals 25% Discussions have started and we will get started soon 28% Not thinking about it yet 15%MarTechs benefits follow a maturity curve 2 One of the most telling findings from our study was that the maximum benefit of MarTech accrues to marketers who have stuck with it for a longer time. 87% of our respondents who have been using MarTech for over 3 years say that it has definitely had a positive impact on their marketing activities. This starkly contrasts with those who have adopted it for less than a year - where all those who adopted were unsure of the impact it had. Duration of implementation of MarTech tools by respondents organizations 8 Less than 1 year of implementation 1-2 years of implementation 3+ years of implementation 33% 41% 26%2 9 Vivek Zakarde Head - Business Intelligence Visualization & Data Warehouse, Reliance General Insurance Biggest challenge is that the most companies have several decision makers involved in the process of implementing MarTech solutions. Adding to this is the pressure caused by marketers evaluating solutions only after they identify a specific business need, which leaves them with little time to plan before arriving at a decision. Another challenge is marketing budgets. For several companies, one of the key issues in implementing MarTech solutions lies in the technical challenges posed by the same. The marketers found budget limitations as one of the biggest challenges that kept their companies from implementing new MarTech solutions. This was followed by the technical challenges posed by the new solutions when it came to linking them with other existing technology as well as resistance in adopting a change by internal stakeholders. Percentage of marketers who felt MarTech has denitely beneted their organization, according to the number of years they had used it. What this shows is that it takes time to see the benefits of using MarTech tools. While there might be some immediately visible benefits, our respondents have also told us that they increasingly value ROI and efficiency - both of which are more likely to reflect in the long run. This should also act as a motivator for organizations to give MarTech tools a fair chance - 64% of our respondents cite internal lack of skills and 59% see lack of cross-organization adoption as challenges to fully realise tools potential. This maturity curve has a flip-side as well - those who dont see benefits immediately are likely to have a more pessimistic view of the technology. However, the outlook looks positive - as currently, only 25% respondents have used MarTech for 3+ years, so the overall percentage of marketers who find it useful is likely to increase over the next few years. 1-2 years of implementation 3+ years of implementation Less than 1 year of implementation 0% 84% 42%3 10 Marketers motivations to adopt MarTech / automation ROI continues to be a priority for marketers Over the last few years in various industry fora we have seen a perceptible shift towards marketers demanding more business results from their spends. The same is reflected here as well - as many as 90% of the respondents said improved marketing ROI and efficiency was the key motivator in adopting marketing technology or automation - by far the top answer. The strategic deployment of various digital marketing channels is also reflected in the second strongest motivation for adopting MarTech - 62% of respondents looked for a single platform to track all their digital activations. This means marketers are increasingly looking at mediums holistically, as well as are more confident of running omni-channel campaigns. Given the emphasis on ROI, MarTech tools should focus on the bigger picture, and not just platform goals. It is also worth noting that marketers look for MarTech tools to give them consumer & marketing insights, not just delivery, with this being a priority for 60% of the respondents. This is not surprising as automation will free up time for more experiments and A/B testing across mediums, and testing hypotheses become easier. Increasing marketing ROI & efciency Single platform to track all digital activations Getting better insights from current marketing activities Automating activities to save time and resources Creating better sales attribution Improving data security 45% 91% 62% 60% 34% 28%3 11 Challenges marketers face using digital medium for marketing The focus on ROI is further reflected in what marketers look for in the digital medium as a whole, where ROI and reaching the right TG were top concerns. We see both of these addressed with MarTech solutions such as granular audience definitions and targeting. Juzer Tambawalla Director Marketing, Franklin Templeton Investments I think over the last few years, expectations from digital marketing have matured. If a few years ago, it was the new toy everyone wanted to experiment with, now its expected to deliver results. There are enough examples, models and past experience to drive this. At the end of the day, digital is also a part of the marketing discipline, so it was inevitable that the emphasis on ROI would catch up with it. Its a good thing the industry has moved on from finding pride in just vanity numbers. The role MarTech has to play here is an important one. Unsure about the ROI on digital investments Unsure if the TG is being reached Too much change and ux in the mediums Unsure about attribution Our audience is not digital-rst Lack of creative expertise to best leverage platforms Lack of technical expertise to best leverage platforms Lack of understanding of the mediums 57% 32% 26% 22% 22% 20% 20% 10%4 12 Brand building and sales are the leading objectives for deploying MarTech Despite all the shiny new toys that the digital medium offers and are in vogue among technology writers today, marketers expect MarTech tools to contribute to traditional business goals such as brand building and sales over the next five years. These responses point towards the maturity of the digital marketing industry, and a realisation that no matter how newer the tech, it still needs to deliver business results at the end of the day. 84% of our respondents felt data-driven, individual-focused marketing presented the most interesting opportunities for their organization in the coming couple of years, while 70% were keen on optimizing customer experience. In contrast to this, less than 30% were keen on adopting new technologies. Business objectives marketers see MarTech playing a role for, in their organizations over the next 5 years Brand building Sales Lead generation Audience engagement CRM 28% 54% 61% 64% 66% 73% PR & reputation4 13 This is a signal for exponents of such technologies to pitch their solutions accordingly - marketers are unlikely to adopt such tools unless they see a specific use case or benefit. For example - if Blockchain technologists can demonstrate how adopting their tools can lead to say, better data security for customers, or IOT-makers pitch a better customer experience, they are more likely to get facetime with decision makers. Technologies / tools that present the most interesting opportunities for marketers over the next 2 year 84% Data-driven marketing that focuses on the individual 70% Optimizing customer experience 63% Using marketng automation to increase efciency 61% Social marketing 59% Creating compelling content for digital experiences 45% Utilizing AI/bots to drive campaigns and experiences 45% Consolidating customer data to create a single customer view 27% Internet of Things/ connected devices such as wearbles 22% Engaging audiences trrough virtual or augmented reality 22% Application of blockchain technology5 14 Marketers choose CRM and Personalization as the most effective technologies The emphasis on ROI weve seen earlier is reflected in choice of technologies as well: The old guard of CRM, Personalisation, Dashboards & Remarketing were what marketers felt made the most difference in terms of effectiveness, with at least 80% of marketers vouching for each technologys effectiveness. On the other hand, new age-technologies like IOT, Blockchain and wearables scored quite low, ostensibly due to lack of any specific use-case. Technologies that marketers feel can make a lot of difference from a digital marketing effectiveness point of view CRM Personalisation Dashboards & Visualization Tools Unied View Remarketing Geotargeting DMP ORM Chatbots AR/VR Voice search Facial Rec AI IOT Wearables Blockchain 95% 90% 89% 85% 82% 80% 78% 73% 62% 62% 57% 48% 48% 42% 37% 36%5 15 This is a departure from the more tech-happy days at the beginning of the last decade where case studies often found sufficiency in adopting a new technology or achieving a milestone more than its impact on the business. For MarTech companies, this is important as marketers will increasingly rely on them to deliver solutions. 85% of them, after all, are interested in data-driven marketing, while 77% feel analytics will be key for understanding their CX requirements. Its also interesting to see how marketers put their money where their mouths are. Out of a list of 16 technologies, marketers chose the following 8 as the most effective and most implemented technologies: Ranked most implemented Unified View Personalisation DMP ORM Remarketing CRM Dashboards & Visualization Tools Geotargeting 8 7 6 5 4 3 2 1 Ashwini Nithyanandam Head of Marketing, Prestige Group I dont think youre going to see too many marketers rushing to adapt the latest fro
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