This is a very interesting prediction made by Gartner’s recent study. What accounts for this shift? Why are marketing initiatives lead by technology?
It is very apparent that we have moved to a “Digitalization Era”. Customer experiences have changed and buying journeys are now self-directed and digitally driven. Marketing technologies, which historically played a very small part in enterprise IT, are now gaining momentum, as they become one of the core business functions of an organization.
It is not surprising that CMOs will be spending more on Technology than CIOs. Digital Marketing, E-Commerce Platforms, and Mobile Applications have enabled organizations to be more successful in client engagement, client retention, client acquisition, and branding. Technology driven marketing is targeted, data driven, and able to adjust and adapt to customer and market behavior and demands. Essentially, a digital marketing technology platform within an organization plays a vital role in driving revenues and profits.
We have entered a time where social, mobile, real-time analytics, automation and CRM tools are becoming the norm. Successful adoption of these digital assets requires multiple teams, mainly IT and Marketing, to collaborate and work together.
According to Forrester’s Research, CIOs and CMOs must work closely to increase focus on customers or risk losing market share. We believe it’s time CMOs and CIOs start strategic partnerships so both marketing and IT can begin sharing ownership of business goals and initiatives. After all, the business landscape has shifted, and it’s no longer only marketing that drives business growth – it’s digital marketing.
As CMOs start to spend more and more of their marketing budgets on Technology, it is important that there is good synergy between IT and Marketing. A successful marriage between these two disciplinary groups will drive business success.