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The marketing technology space is seeing substantial growth as the market continues to mature, but lack of budget and difficulty of implementation has many unsure of where to even begin.
A July 2015 study by Walker Sands found that marketers are split on whether their firms are doing enough to adopt the right technology. More than half of US marketers believe their company does not invest the right amount in marketing technology, and 42% said the marketing technology in place at their company is not up-to-date or sufficient for helping them do their job more effectively.
While they wait for more investment, marketers are researching and learning about marketing technology—an important part of the marketing technology purchase cycle. In fact, 59% US marketers prefer to first engage with marketing technology vendor representatives during that stage of the sales cycle.
That engagement is likely to be triggered by sources other than marketing tech vendors, however. Peers and their recommendations are far more influential. Almost a third of marketers look to their peers or colleagues as the primary source to first learn about new marketing technology. And 63% consider peer recommendations to be very influential when researching marketing technology services.
There are several factors holding companies back from implementing new marketing technology services. Budget is the No. 1 barrier, according to 69% of US marketers. Difficulty of implementation and integration, internal resistance to change and lack of executive buy-in were other key factors.
A similar August 2015 study by Ascend2 revealed that 39% of B2B marketing professionals worldwide felt that inadequate budget and resources were a leading obstacle to marketing technology success.
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