Biz Plan To Significantly Increase Martech Investment Over Next 36 Months: Report

Mirum India, in collaboration with Salesforce and WPP, has launched the ‘Mirum India MarTech Report 2021’, a complete guide capturing the emerging landscape of MarTech in India. 

Key takeaways:

• Study identifies a new cohort of ‘MarTech Heroes’ -  organizations that plan to significantly increase investment in Martech over next 36 months.
• Over 50% of respondents said that ‘creating compelling content for digital experiences' is a key opportunity area over the next three years.
• 49% of the total respondents believe that their data is ‘completely siloed’ - demonstrating a significant opportunity for data unification in their organization.
• 50% of MarTech Heroes said that their marketing strategy is being driven by creativity.

The report is based on a survey administered by Kantar and the final insights are derived from a sample size of 250+ CEOs, and CMOs within industry verticals like BFSI, Retail, FMCG, Auto, Media & Technology. 

MarTech in India has been witnessing significant growth following the rapid expansion of the digital economy. This has further been accelerated by the shift in consumer behaviour due to the global pandemic. Digital has become a key channel for customer acquisition, engagement, conversion, and retention. The focus of this study is on identifying the trends and opportunities that are driving MarTech growth in India. 

The Mirum India MarTech Report 2021 has identified a new cohort of leaders in the industry named “Martech Heroes”. MarTech Heroes are extensive users of MarTech and will increase their spending substantially in the next three years. More than quarters of MarTech Heroes prefer to choose marketing technology that is part of an ‘Integrated Suite’ rather than a ‘Point Solution’ and one in two state that their marketing strategy is fully driven by creativity. 

While marketing technology is widely used across businesses, the Mirum India MarTech Report 2021 shows the top verticals using MarTech are BFSI, Retail, Consumer Durables, Media & Technology, and Automobiles. 

Arundhati Bhattacharya, Chairperson and CEO – Salesforce India said, “In this digital-first world, as customers cling to their pandemic-prompted digital habits, the nature of customer engagement continues to evolve, making well-rounded marketers’ technologists. Leveraging technology, marketers have effectively been able to hyper-personalise engagement, improve data quality, automate process building trusted relationships. We look forward to supporting organisations as they perform their marketing technology strategies to personalize every moment – all in one platform.” 

CVL Srinivas, Country Manager – WPP said, “Our clients are increasingly looking at us to help shape their MarTech strategies. Our end-to-end capabilities spanning strategy, media, technology, creative and data put us in a unique position of being able to deliver on this ask. We have brought together the best of WPP led by Mirum along with Kantar and collaborated with Salesforce to create this rich source of insights.” 

Hareesh Tibrewala, Joint CEO – Mirum India said, “Marketers are being bullish on using marketing technology for their brands considering the changing marketing dynamics in a data-driven era. With the adoption and acceleration of digitization, marketing, and technology, MarTech has become quite a preferred tool across mediums. We are foreseeing that MarTech investments will see a rise in marketing Analytics, Performance & Attribution, CDP, and eCommerce sectors. Around 82% and 68% of the respondents from the FMCG industry believe that Sales and CRM respectively count as the top business objectives they wish to achieve using MarTech in the coming 3 years. With MarTech being a business-led priority for marketers, we are certain that it will be the next big thing.”