Indian Cos spend less than 15% of marketing budget on MarTech solutions: Mirum
Mirum India, a Wunderman Thompson company, launched the 3rd Edition of the 'Mirum India MarTech Report' today. The report, powered by WPP, provides an insightful guide to the emerging MarTech landscape in India. The report captures how MarTech solutions are being utilized by brands to effectively communicate their brand messages to the right set of audiences at the right time.
The report highlights that while the global spend on MarTech solutions is around 25% of the total marketing budget, in India, majority organizations spend less than 15%, indicating significant potential for growth. With MarTech spending set to increase across company sizes and sectors, 88% of respondents expect to increase their MarTech spending over the next three years. The report also emphasizes the need for brands and organizations to work with growth partners as preferred by MarTech HEROES, focusing on ROI, and delivering value to the brands.
Data-driven organizations, which make up 15% of the respondents, have a data-driven marketing edge that most other organizations might miss. However, the report cautions that with the advent of Web3, and the shift towards a cookie-less world, rethinking marketing strategies is on the cards for most organizations.
The report aims to provide clarity to the industry, enabling brands and growth partners to understand how the ecosystem can drive value for themselves and their clients.
Speaking on the launch of the report, Hareesh Tibrewala, Joint CEO, Mirum India, said, "The estimated size of the MarTech industry in India is expected to be between $35bn and $50bn by 2026, presenting a sizeable opportunity for businesses. Our latest report highlights how brands are using MarTech solutions to effectively deliver the right brand message to the right customer at the right time, creating fabulous customer experiences and increasing brand loyalty. It is interesting to note that marketers globally spend 25% of their budgets on MarTech solutions, and our report shows the emergence of MarTech EXPLORERS, who are keen to leverage the power of MarTech. This presents an exciting opportunity for businesses to grow and thrive in the ever-evolving digital landscape."
CVL Srinivas, Country Manager, WPP India said, "To succeed in the rapidly evolving tech and data driven world, organizations need good marketing automation tools and diverse skill sets. The report highlights the need for growth partners, preferred by MarTech HEROES, to ensure strong ROI for clients. It brings clarity to the ecosystem and presents an exciting opportunity for businesses to create fantastic customer experiences and increase brand loyalty. At WPP, we've invested heavily in building our tech and data practices, creating a comprehensive ecosystem where value is delivered at every touchpoint."
Overall, the report offers valuable insights into the MarTech industry in India, and it will serve as a useful guide for businesses looking to leverage MarTech solutions to drive growth.
Access the full report here: https://www.mirumindia.com/martech-report-2023