Despite increasing MarTech spends, 64% of marketers see a lack of internal skills as a hurdle to MarTech growth
With the rapid advancement of the digital marketing landscape, 80% of the marketers are expected to raise MarTech spends over the next few years, according to a seminal study conducted by Mirum India. Titled ‘India MarTech Report 2020’, the study highlights how marketers are increasingly adopting new technologies such as blockchain, internet of things, virtual reality, and artificial intelligence to support their digital campaigns.
Moreover, the report indicates a shift in focus towards return on investment (ROI) rather than the flag-planting approach with the advancement in marketing. As per the report, customer engagement and personalisation of experiences are the key drivers for MarTech spends. However, across India, 64% of marketers see a lack of internal skills, while 59% cite cross-organisation adoption as a hurdle to MarTech growth.
According to Mark Read, CEO, WPP, India is an exciting market for brands and marketers, especially with government initiatives like Digital India and there is a huge scope for marketers to reach and engage with the audience via integrated marketing tools. “Effective MarTech innovation enables brands to assimilate numerous touchpoints and data-driven solutions, enabling intelligent decision making and process automation. With increasing consumer demands, MarTech is the key to sustained consumer relationships and ROI,” he added.
Interestingly, the report also shows that data and analytics skills will become a major hiring criterion for marketers as 70% of marketers believe that confluence of creativity and technology will be the key to crafting successful digital campaigns across sectors. MarTech is significantly transforming India’s marketing landscape by generating curiosity and empowering marketers to create engaging campaigns for brand communication and consumer engagement, Hareesh Tibrewala, joint CEO, Mirum added. “We hope that the insights will benefit the industry and decision makers to build robust strategies for optimal consumer engagement,” he said.