{"id":8066,"date":"2024-07-03T14:37:11","date_gmt":"2024-07-03T14:37:11","guid":{"rendered":"https:\/\/tup.kxe.temporary.site\/how-martech-vendors-can-navigate-the-slow-death-of-net-new-deals\/"},"modified":"2024-07-03T14:37:11","modified_gmt":"2024-07-03T14:37:11","slug":"how-martech-vendors-can-navigate-the-slow-death-of-net-new-deals","status":"publish","type":"post","link":"https:\/\/okdesign.ca\/en\/how-martech-vendors-can-navigate-the-slow-death-of-net-new-deals\/","title":{"rendered":"How martech vendors can navigate the slow death of net-new deals"},"content":{"rendered":"


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Based on my conversations across the marketing technology landscape, we\u2019re at saturation. Net new deals are dwindling, with the market resembling a stagnating pond instead of a dynamic ecosystem.<\/p>\n

The industry\u2019s growth, once fueled by a relentless drive for innovation and differentiation, now sputters as most companies have what they need (and if they don\u2019t, they\u2019re making do). Average marketing budgets have fallen to 7.7% of overall company revenue in 2024, down from 9.1% in 2023, according to Gartner\u2019s latest annual CMO Spend Survey. CMOs are living in an era of less.<\/p>\n

When they make purchases, it\u2019s more about adding a dash of flavor than a fundamental shift. What\u2019s a martech vendor to do in this landscape where a martech solution purchase is like buying condiments? Let\u2019s explore.<\/p>\n

The current state of martech: A saturated market<\/h2>\n

The martech industry has exploded over the past decade, ballooning from a few hundred solutions to over 14,000 products in 2024, according to Scott Brinker and Frans Riemersma\u2019s 2024 State of Martech Report<\/a>. <\/p>\n

This ongoing explosion in martech has empowered businesses with tools for every conceivable need \u2014 from customer relationship management (CRM) and marketing automation to data analytics and personalization. But the expansion has also led to a point of diminishing returns. <\/p>\n

Many companies now boast a robust martech stack tailored to their specific requirements. The result? A market where the appetite for net new deals has significantly chilled.\u00a0<\/p>\n

The condiment phase: Incremental purchases over major investments<\/h2>\n

New purchases in today\u2019s martech landscape are less about fundamental changes and more about incremental improvements. Businesses seek solutions that enhance or optimize their existing stacks rather than replace them. Think of these as the condiments that add extra flavor to a well-prepared dish:<\/p>\n