A new report published by Gartner has highlighted a growing trend for companies to increase their digital marketing budgets this year.
According to the analyst’s findings, businesses will on average increase their digital marketing spend by ten per cent in 2014, building on similar double-digit growth in 2013.
Overall, 81 per cent of businesses were shown to have a chief marketing technologist in place to oversee investment in data management technologies and digital marketing budgets – up from 73 per cent in the previous year.
This increase in recruitment for this position marks a shift in many company’s attitudes towards digital spending, as firms are now understanding the importance of having a focused approach to targeted marketing and this requires additional resources for consumer data analysis.
Jake Sorofman, research director at Gartner, commented: “Tracking and responding to audience intent and delivering contextually relevant experiences to influence a complex purchase path is among the great challenges faced by digital marketers today.
“This requires a marketing technology leader who understands the requirements and issues associated with joining together disparate data sources and technologies, and who has a vision for future marketing requirements.”
Digital marketing spend is now set to grow to 3.1 per cent of typical business revenues and companies keen to leverage the best results from this investment are investing in the latest technologies.
Financial services and insurance, high-tech, communications, manufacturing, media, retail, government and healthcare were shown to be the major investors in updated digital marketing systems at present.
Overall, 11 per cent of respondents to the Gartner study stated they spent more than half of their marketing budgets on digital technologies in 2013, rising from just three per cent in the previous year.
Michael McGuire, research vice president at Gartner, concluded that with the increasing penetration of mobile phones over recent years, companies are now investing heavily in the mobile-optimised strategies for data management.
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