A new Martech whitepaper, Stacks on Stacks on Stacks, has launched, giving the opinions of 15 Australian martech leaders.
The Lumery partnered with the Customer Experience and Insight (CXI) Research Group at Swinburne University of Technology to produce the whitepaper. The research aimed to explore the key challenges and provide a level-set for where the industry is currently.
“This white paper presents a comprehensive yet digestible review of the current state of marketing technology across the domains of people, process, and technology. It highlights the complexity that has emerged as a result of the incredible growth of the industry and the value it promises to deliver to businesses, noting much of this remains latent. Importantly, Stacks on Stacks on Stacks is not just an observational study – it presents a foundational structure of language, definitions and frameworks that simplify these complex topics, adding to the maturity and evolution of marketing technology in practice”, said Jason Bagg, chief marketing & commercial officer at Catch.
“This white paper is one of the few resources to include both in-depth insights as well as being open about the current challenges and opportunities for MarTech in Australian businesses. It’s somewhat sobering how many organisations are experiencing a similar set of challenges, but it does highlight the exciting potential for unified teams to deliver rewarding MarTech-based solutions to customers”, said Chris Rundle, chief digital officer at Visit Victoria.
“A great snapshot that captures the mood in MarTech right now. A logical walkthrough of the issues and challenges that normalise the experience we’re all having, and gives a bit of confidence that we’re not alone. I loved collaboration over competition – as an industry where we can all help each other to progress the MarTech agenda, wherever we happen to be”, said Elissa Ryan, principal – marketing automation & customer communications at Telstra.
Organisations are just now recognising the necessity of investing in interconnected areas such as technical expertise, education, legacy system upgrades, and central ownership approach. Neglecting to appropriately build capability that surrounds MarTech tools has resulted in underutilisation of the technology and a lower return on investment (ROI).
Dr Jason Pallant, co-director of CXI Research Group at Swinburne University of Technology, and director, knowledge enablement at The Lumery said:
“If your business is not already effectively using MarTech to improve customer experience, then you’re getting left behind. Multiple business leaders told us that the state of MarTech currently is like having an expensive sportscar sitting in the garage – lots of potential that is going to waste. Having businesses tell us the exact challenges they face in using MarTech, and the collaborative solutions that could help them, is a critical first step in helping businesses and ultimately customers”.
“What started off as a shared passion to find a definition of MarTech between The Lumery & Swinburne University of Technology, led us to a need to highlight a critical voice that perhaps isn’t heard as loudly in our industry”, said Rajan Kumar, co-founder & CEO at The Lumery.
“In a tech fuelled market, often we’re focused on the next thing as opposed to stopping, and reflecting on where we are. Stacks on Stacks on Stacks is a reflection directly from the people who are working in the brands we love, trying to make sense of this space to give you and I the experience we want, and deserve. It’s their view on where we are truly when it comes to delivering on the promise of MarTech.”
The key findings in the report showed that the variety and sheer number of tools left marketers feeling overwhelmed, there is a high turnover rate in martech roles and a resulting lack of technical expertise, and unclear ownership of martech tools within companies leads to duplication, inefficiency, and under utilisation.
To access the full research findings, download the Stacks on Stacks on Stacks whitepaper.
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