How MarTech is changing the landscape of marketing? How to select and invest in technology? And finally - what is the future of the marketing & technology marriage? - find out the answers for these and more questions in an interview with Scott Brinker, CEO HubSpot and ChiefMartec.com. The interview took place during the InfoShare conference 8-9 May 2019.
Artur Maciorowski: According to research (e.g. eMarketer) we spend from 5 to 20% of our digital budgets investing in marketing technology. How could you explain this approach?
Scott Brinker, CEO HubSpot/ChiefMarket.com: This a great place to start. Technology is still new item on marketing budgets. You know so far marketers have focused on investing in staff or considered outsourcing like cooperation with agencies, and of course investing in media. We should also remember that investing in technology was not a task for marketing departments.
But it changes. Now we can observe an explosion of marketing tools and we can see more and more marketers spending money on purchasing different types of software. An interesting thing is coming - marketers taking greater responsibility for LTV - lifetime value cycle. And that’s a need for technology to get better attribution to influence some revenue.
But still we try to find a tradeoff between media spending, technology and...people.
Artur Maciorowski: What is your recommendation for technology investment? How to split the marketing budget thinking about MARTECH?
Scott Brinker: The budget allocation… I’ll be reluctant to give one number (laugh). It is a ratio between technology and talent investment. I think 80% should be invested in talent and 20% in technology. Talent is much more important than technology. Certainly I don’t consider media.
Artur Maciorowski: Scott, you are publishing a MARTECH map every single year. How do you actually select and assess vendors on this infographic? Are they basically leaders of a category?
Scott Brinker: Sure. It is an imperfect process. We don’t actually capture every single company in every single category. These categories are constantly changing and products and categories on this map may cross, multiple. This, this map can be imperfect.
But the idea is to provide people with some sort of sense of the overall skill of the marketing technology landscape. It’s incredible how it develops… but the process we use to collect the companies based on it is complex - we do a lot of google searches, we go to review websites, we attend different conferences, etc. What is more important, on this map you will find not only leaders but also small companies - very innovative and in some cases really disrupted.
Artur Maciorowski: Do you remember any Polish vendors on your map?
Scott Brinker: Well, I don’t look carefully on country location, but the company that comes to my mind...
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