It suggests that a significant number of organisations recognize the value of investing in data-related technologies to remain competitive in their industries.
According to a poll done by Lytics, a next generation consumer data platform, about 75% of firms aim to raise their IT budgets in 2023. (CDP). According to one-quarter of those polled, the rise may be as high as 30%.
According to the Lytics 2023 Digital Ad Expenditure Study, which was done in collaboration with Sapio Research, 58% of go-to-market decision makers will invest in new software and tools to better their data strategy, with 56% aiming to modernize their data infrastructure.
In 2023, 43% of go-to-market executives plan to engage in privacy and compliance activities, with roughly 30% aiming to minimize third-party cookie usage and 31% focusing on first-party data gathering and use. 60% of marketers plan to invest in new software to better their data strategy, while 56% plan to update their data infrastructure.
85% of marketers expect to raise their advertising spending in 2023, with 65% focusing on search advertising. Marketers also aim to double down on “owned channels” such as email marketing and Website improvements in 2023, with 58% indicating they would spend more on owned channels.
“Go-to-market leaders are investing in 2023 to better leverage their customer data while extending their media spending to the channels that have been shown to give the best ROI,” said Jascha Kaykas-Wolff, president of Lyrics. We anticipate that performance-based methods will reap the majority of the gains in early 2023, while other channels will witness slower growth.”
88% of marketers also stated that they will negotiate ad rates with their ad partners.
Data-related technologies such as data analytics, artificial intelligence (AI), machine learning (ML), and big data management have the potential to provide valuable insights that can help businesses make better decisions, improve their operational efficiency, and enhance customer experiences. By investing in these technologies, organisations can leverage the power of data to gain a competitive advantage.
It’s important to note that investing in data-related technologies requires not only financial resources but also skilled personnel to implement and manage these technologies effectively. Therefore, organisations should carefully evaluate their readiness and capacity to make the most of these investments.