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MarTech Day, the annual State of the Union for marketing technology geeks, was a significant event yesterday.
Every year, Scott Brinker from Chiefmartec and Frans Riemersma from Martechtribe host this event to discuss the state of the MarTech industry. Here are some of my key takeaways:
๐ ๐๐ก๐ ๐๐๐ซ๐๐๐๐ก ๐ฅ๐๐ง๐๐ฌ๐๐๐ฉ๐ ๐ข๐ฌ ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐
This year marked the highest increase in marketing technology tools, putting the CAGR of marketing tools at 42%.
๐ด ๐๐ก๐ ๐๐๐ซ๐๐๐๐ก ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ข๐ฌ ๐ฆ๐๐ญ๐ฎ๐ซ๐ข๐ง๐
This year, only 263 companies exited the list, the lowest number ever. This low number in a challenging year for the SaaS industry shows that MarTech companies are doing well!
๐ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐ข๐ฌ ๐ง๐จ๐ญ ๐ก๐๐ฉ๐ฉ๐๐ง๐ข๐ง๐ ๐๐ฌ ๐ช๐ฎ๐ข๐๐ค๐ฅ๐ฒ ๐๐ฌ ๐ฐ๐ ๐ญ๐ก๐จ๐ฎ๐ ๐ก๐ญ
Tech stacks are decreasingin size, and there is a trend that larger vendors pull more functionality to their platforms. But, small tools (the long tail) are not declining as a percentage of real-life martech stacks. In fact, a survey showed that roughly 83% of companies interviewed used a specialist tool for functionality also available on one of the bigger platforms they were using. This indicates a high level of creativity and innovation in the MarTech space.
๐ฉโ๐จ ๐๐๐ง ๐๐ ๐ญ๐จ๐จ๐ฅ๐ฌ ๐๐ซ๐ ๐ฆ๐๐ข๐ง๐ฅ๐ฒ ๐ญ๐๐ค๐ข๐ง๐ ๐จ๐ฏ๐๐ซ ๐ญ๐ก๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ ๐ฆ๐๐ซ๐ค๐๐ญ๐ข๐ง๐ ๐ฌ๐ฉ๐๐๐
About 50% of Gen AI marketing tools address content marketing.
๐ถ ๐๐ ๐ข๐ฌ ๐ฆ๐๐ค๐ข๐ง๐ ๐๐ฅ๐ฆ๐จ๐ฌ๐ญ ๐๐ฅ๐ฅ ๐ญ๐๐๐ก๐ง๐ข๐๐๐ฅ ๐ฌ๐ญ๐ฎ๐๐ ๐๐๐ฌ๐ข๐๐ซ
AI is increasingly capable of doing technical tasks for us, which leads to increased composability and more functionality becoming available in no-code and low-code platforms.
๐ ๐๐ง๐ญ๐๐ ๐ซ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐๐ซ๐๐๐๐ก ๐ญ๐จ๐จ๐ฅ๐ฌ ๐ข๐ฌ ๐ ๐๐ข๐ง๐ข๐ง๐ ๐๐ฐ๐๐ซ๐๐ง๐๐ฌ๐ฌ, ๐๐ฎ๐ญ ๐๐ฑ๐๐๐ฎ๐ญ๐ข๐จ๐ง ๐ซ๐๐ฆ๐๐ข๐ง๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐ฉ๐๐ซ๐ญ๐ข๐๐ฅ๐ฅ๐ฒ ๐ฌ๐ฎ๐๐๐๐ฌ๐ฌ๐๐ฎ๐ฅ.
APIs' availability and quality/scope have become top requirements when selecting new martech tools; however, where over 50% emphasise the importance of the requirements, only 17% state that they also use these APIs to their full potential.
๐ฅ ๐๐จ๐ฉ-๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐ข๐ง๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐ก๐๐ฏ๐ ๐ ๐ก๐ข๐ ๐ก๐๐ซ ๐ฅ๐๐ฏ๐๐ฅ ๐จ๐ ๐ฆ๐๐ญ๐ฎ๐ซ๐ข๐ญ๐ฒ ๐ข๐ง ๐ญ๐ก๐๐ข๐ซ ๐๐๐ซ๐๐๐๐ก ๐ฌ๐ญ๐๐๐ค๐ฌ.
The annual survey showed that, when plotted on the hype cycle, these top companies were further along than less-performing companies. Funny enough, their confidence level in their capability was lower because they had seen more than companies still on the cycle's initial growth curve.
