Are Emerging Martech Trends Good For Business, Or Just Hype?
Emerging technologies such as blockchain, artificial intelligence (AI), and internet of things (IoT) platforms –– systems of interrelated computing devices –– are gaining traction in the marketing world. But how effective are they in terms of turning a profit?
New research from GetApp –– a recommendation engine for small businesses –– shows that marketers are excited about emerging martech but are not getting the results they desire.
Out of 301 marketers surveyed, 65% reported that emerging martech inspires them to do their best work, but 49% said they faced integration issues, governance complications, and high costs when using these technologies.
In comparing new technologies and well-established technologies, GetApp’s study measures which tech delivers marketers’ the best return on investment (ROI).
Out of the top-rated emerging tech, which generated the best ROI for marketers within two years, chatbots ranked highest, with 69% of marketers reporting ROI in under two years.
Second was virtual and augmented reality (60%), followed by AI and machine learning (59%).
Positive returns on blockchain took the longest, as 42% of marketers using blockchain said it took between two and five years to generate positive ROI.
Yet, marketers reported that they were adopting emerging technology despite the time it took to generate ROI, saying it can “help enhance the customer experience, offer a competitive advantage, and create improved products and services.”
Fifty-nine percent of marketers have invested in voice search over the past year, followed by 53% in IoT platforms and 49% in chatbot technology.
Still, 58% of marketers surveyed preferred established alternatives to emerging or “disruptive” technologies. Such as social media management, customer relationship management, and marketing automation platforms.
In addition, 42% of markets said that there aren’t enough smaller scale options for new technologies.
“Emerging martech is exciting, as it could provide marketers with a great competitive advantage,” said Meghan Bazaman, senior marketing analyst at GetApp, in a recent statement. “However, it’s important to take a step back, set expectations, and evaluate business priorities before jumping in. Businesses should also be prepared to play the long game as a positive ROI for these investments takes time.”