New research study reveals a surge in AI investment by B2B CMOs despite current martech underutilization
An annual survey of 315 B2B CMOs, Digital Connections 3.0, reveals that 7 out of 10 CMOs use less than 50% of their martech stack largely due to a lack of team expertise, particularly strategic skills. Marketing technology strategy has jumped to top position as the most chronic skills gap, rising from 5th to 1st place in just two years, from 20% in 2022 to a significant 30% in 2024. CMOs cite the multifaceted demands of the martech strategy role as the driving force behind this surge. The role requires a broad understanding of technology platforms as well as business and customer needs, and the ability to navigate their interdependencies. Unsurprisingly, this role is difficult to fill which leaves a void in their marketing arsenals.
Digital Connections 3.0, an annual research study conducted by Modern, delves into marketing technology strategy, challenges, and priorities of B2B CMOs over the next 12-18 months.
This 2024 study underscores the critical necessity for improved strategic skills especially with AI becoming increasingly integral to marketing strategies. The research indicates that artificial intelligence investment tops CMO priorities with 72% of CMOs integrating it into their marketing strategy in 2024. 28% of CMOs say AI is at the core of their marketing initiatives and a further 44% are integrating it into select strategic marketing areas.
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As AI adoption increases, so too do the concerns around its use. Challenges regarding the reliability and accuracy of AI outputs (36%) and managing costs associated with AI/ML maintenance (35%) are particularly notable amongst those surveyed.
Investment in new marketing technology and the lack of strategic skills is pushing the ROI nirvana further away, with only 19% of CMOs reporting that they have seen ROI from their efforts. However, there is hope. Only 2% of CMOs believe they are more than three years away from achieving ROI, and 45% believe they are 9-18 months away, according to our research.
Nicola Ray, CEO of Modern, highlights, “Addressing the strategic skills gap presents a significant opportunity for business growth. By nurturing strategic skills and aligning martech strategies with customer journeys, CMOs will increase marketing’s ability to fully leverage their marketing investments.”
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