Tableau Software, Inc., and Marketo, makers of campaign management and data reporting software, filed separate IPOs within days of each other in April. The announcements underscore the growing importance of marketing analytics and the expansion of IT solutions into marketing departments.
Marketo creates cloud-based marketing automation tools. According to a report in Information Week, the technology IPO underscores demand for Marketo products and the large growth experienced by the company. Marketo has reported revenues of $14 million in 2010, $32 million in 2011 and $58 million in 2012.
Tableau Software, Inc., creates desktop and enterprise-wide software for business intelligence and analytics. The company has also experienced strong growth over its 10-year history as demand for its many software products grew. The technology IPO is expected to raise more than $150 million in capital for the company.
The Chief Marketing Officer Council indicates a growing trend of marketing departments improving their use of data and analytics to bolster revenues.Among companies using marketing automation and ROI metrics, “69 percent reported an increase in total marketing revenue contribution,” according to their website. If CMOs see they can improve revenues by using these tools, companies offering marketing software will see increased demand for their products and services, with potential expansion and job growth.
Top marketing VPs indicate, however, that jobs for those who can use such tools will reside within marketing rather than IT departments. John Kenny, VP of Marketing for IBM, states in an Information Week article that the reason for this is that IT departments do not yet understand the changing role of marketing within major organizations. Marketing is rapidly becoming a quantitative rather than a qualitative discipline.
According to an article in Forbes magazine, chief marketing officers indicate that the new breed of marketers must be focused on quantitative marketing methods. Marketers remain concerned with consumer beliefs and behaviors, but insights are gleaned from data rather than observation. Forbes reports that the technology revolution is impacting marketing in many ways, with more marketers relying on data and statistical analysis to make marketing decisions.
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