What should CMOS Consider Increasing MarTech Budget in 2023?

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The marketing technology landscape has shown immense progress in the last two years. CMOS globally has invested millions of dollars in defining marketing strategies and other efforts to boost ROI. While some have successfully budgeted their MarTech stack, some are still looking for assistance to snowball their MarTech stack budget while entering 2023.

2023 is right around the corner, and CMOS must be knee-deep in planning a definite MarTech stack budget. This is when MarTech stacks should be defined, focused, and budget-proofed to begin delivering the best marketing efforts to gain prospects.

With the abundance of new marketing technologies gearing up, CMOS can easily get distracted. However, with a robust strategy, navigation into budget planning and ideas to maximize it can be a tranquil task.

A Gartner’s report in 2022 highlights the increasing dependency of digital marketing leaders on multichannel marketing technology pivots for business growth”. It also highlights that about 68 percent of CMOs aim to increase their technology expenditure on marketing.

What are the key considerations to snowball the MarTech stack budget in 2023?

It’s worth noting that the percentage of budget planning for MarTech remains a significant category, followed closely by other technological aspects. Nevertheless, back in the years when the budget for MarTech wasn’t much hyped or had shrunk, 2023 is probably good to tighten up the MarTech budget with some discipline in place. The objective here is to ensure CMOS acts upon some considerations while they are willing to exceed the budget for marketing technologies.

Define technology tools, strategies, and objectives

While planning the MarTech stack budget, it is essential to identify what’s beneficial and fits the business instead of merely identifying and using competitors’ tools. This allows CMOS to track business objectives, map goals, and determine how technology can make the marketing efforts smoothly hit the target. Investing in technology clearly defines the right conditions, objectives, and strategies. Ideally, a new tool should be a need-to-have over a nice-to-have.

A rising trend of implementing MarTech tools—AI tools and CRM to aggregate data – is pushing CMOs to spend more on a MarTech stack in 2023.

Create a roadmap connecting stacks with objectives

To increase the MarTech budget, it’s essential to effectively create a roadmap where stacks match marketing objectives to support technology investment. What will help maximize MarTech budgets is higher investments in data, clients, prospects, leads, potential clients, customer experience, and outreach. These examples, if in alignment, can help CMOs extend their MarTech stacks’ budget plans.

Getting the correct number of lead generation

Unlike the past years, CMOS evaluated MarTech stacks requirement based on the number of leads generated. Hence, to attract more leads (as per business goals), increasing the budget for the same is again an essential part of the inclusion of MarTech at pace.

Leads and potential leads slay the need for MarTech stacks to go ahead with. Seeking more marketing technology platforms for analytics, automation, and defining marketing efforts all support the decision to snowball the budget for MarTech stacks to sustain in the market and stand out from the constantly rising competition.

Have a plan for demonstrating the value of marketing technology

CMOS should make a clear point while planning for a definite MarTech budget to demonstrate the value of marketing technology that needs to be put in place and at pace. Establishing a set of metrics out of data, leads, and prospects should be the outcome that illustrates the value of technology usage in marketing. That will provide the result in terms of ROI to businesses.

In addition, factors like cost-savings, efficiency, and rate of pace of marketing action deliverables are other essential components that prove the value of MarTech in businesses. According to these, CMOS can decide the budget to foster ROI for 2023 and beyond in real time.

The above considerations to snowball the MarTech budget in 2023 are some specific dimensions that illustrate CMOS to direct their plans significantly with resources and capabilities required to create strategies and deliver results. Prioritizing the proper resources should be a mission-critical priority as the following year’s countdown begins.

Is the process of evaluating the budget for new marketing technologies begun for 2023?

Anushree Bhattacharya
Anushree Bhattacharya
Anushree Bhattacharya is a Senior Editor with Ondot Media, where she covers stories on B2B business technology strategies and corporate technology culture. She is a quality-oriented professional writer with eight years of experience. She has been curating content for the B2B industry, and her writing style is inclined toward how businesses want to perceive information about emerging digital transformations and technology developments in the markketing landscape. Anushree blends the best information on trending marketing technology-driven stories and is proficient in curating information-driven stories about all marketing technology for TalkMarTech publication.

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