I recently flew out to San Francisco to attend the MarTech 2015 conference. I was struck by the different perspectives on marketing in the US from what I had encountered in the UK.
What do I mean and why does it matter?
In the US, marketing technology is seen as being more disruptive to the existing marketing status quo, than it is in the UK.
Firstly it is going to become a huge industry. Neeraj Agrawal of Battery Ventures talked about it growing from $5bn to $40-50bn. And Ashu Garg of Foundation Capital believes that Technology spend by CMO’s will grow 10x from $12bn to $120bn over the next 10 years.
Secondly it is going to disrupt every part of the marketing value chain. This will include design, marketing automation, customer data, experience optimisation, personalisation and many others and not just ad technology.
Thirdly the development of marketing technology is going to disrupt every aspect of the business and not just marketing. This is an exciting prospect. Nothing will be untouched by this phenomenon.
Conversely in the UK, the discussion is much more about ad technology
I believe that the UK should catch up and understand the significance of the marketing technology movement. In part this will require it to understand that the marketing industry is still over obsessed by
- campaigns and not products
- ads and not relationships
- awareness and not trial and usage
It will need to obsess more about how marketing can create enduring growth.
And it will need to recognise that advertising technology is going to be dominated by the big guys; Google, Facebook, Twitter etc. There just isn’t enough room to accomodate the myriad number of start-ups and platforms launching into this space.
There are many exciting new technologies coming to the market, but if you are the Marketing boss, you are going need to see how the full ecosystem works before you can make point decisions about the sexiest thing on the block. This is about marketing and not advertising