Today, Insightly, the modern, affordable CRM teams love, reveals its top takeaways from 2023 and predictions for the 2024 MarTech stack. In partnership with Ascend2, the report, The Future of MarTech 2024, surveyed over 300 marketing professionals from small to mid-size businesses for deeper insights, which revealed that integration, data analysis, and cost considerations will continue to be top of mind.
“In 2023, we saw a concentrated effort to focus on customer needs – because companies grow with satisfied customers – and the businesses who did it best used MarTech effectively to ensure a smooth experience,” said Anthony Smith, CEO of Insightly. “While at the heart, customer experience will always be central to successful business strategies, our predictions for 2024 are more focused on business operations. Companies this year will look at their tech stacks critically and make changes – 64% of those surveyed say their current MarTech is somewhat successful, which means there is certainly room for improvement.”
Here’s a look at Insightly’s top predictions for 2024 MarTech stacks:
- Cost Considerations: Overwhelmingly, the respondents shared that their biggest concern is the cost of their marketing tech stack. With 63% expressing this concern, we know that small and mid-size businesses, many of which have been impacted over the last few years by Covid and the economy, need to ensure that they’re spending the right amount of money in the right places to see their revenue and customer bases grow. With that said, 45% of respondents reported that 10-20% of their budget will be dedicated to MarTech and the associated expenses of management, training, and platform costs in 2024, showing they know the value that MarTech investments bring to their business.
- AI Co-pilots: AI stole the show in 2023 and it will continue to be an important asset moving forward. The Future of MarTech report found that 50% of respondents saw AI having the most impact on their SaaS product in the coming future. What does that mean for the SaaS industry? AI is becoming a critical tool for team productivity, but it should not be the main focus. AI works best as a co-pilot, reducing manual labor that comes with the optimization of the software. In 2024, companies should ensure that their tech stack has efficient and streamlined processes, which may include AI. But it also should not make or break a company’s decision when considering investing in a product that does or does not include AI. The leaders will focus on whether AI supports the product in a way that allows them to have a more seamless workflow or improved efficiency and outcomes.
- Content Personalization: 43% of respondents say that this trend will have the most significant impact on digital marketing strategies in the next five years, so 2024 will certainly see more personalized content for consumers. The new email restrictions from both Google and Yahoo being released in early 2024 aimed at reducing unwanted email will only enhance the need for personalization. With more AI integrations, plus smart, interconnected marketing tools that allow creators to customize their campaigns and funnels based on interests of their customers, this is a top way to build those relationships and create brand loyalty.
- Integrated Technology Impact: With 32% of respondents sharing that the integration of their tools is a current top challenge within their MarTech stack, it’s no surprise that companies will continue to look for ways to ensure their various SaaS systems are communicating with each other seamlessly. And if not? They probably won’t make the cut. Instead, with that healthy MarTech budget mentioned above, companies are considering changing their stack or adding new tools that integrate – with 88% of respondents saying that these integrations are essential for their teams to stay organized and mitigate the overuse of multiple unnecessary applications.
- Data Security: Another top concern of 45% of respondents, data security will continue to be a must for companies of all sizes. With AI, multiple SaaS applications, and customization also comes the responsibility to protect that collected information and prevent it from being stolen by bad actors. SOC2, data encryption, HIPAA compliance, two-factor authentication, strong passwords, and good training for employees all help to keep that data safe and the trust in your company.