Corporate marketing is changing, and the future is becoming increasingly digital. Although digital marketing investment is a well-acknowledged trend, you would be surprised at just how many major corporate executives’ firms are so behind the times that they can’t even hide it. We have discussed the High Tech CMO in the past and these numbers just help to bolster the case for upgrading your knowledge before moving forward.
Personally relevant experiences now has the biggest effect on long-term marketing methodologies.
A recent report released by Accenture revealed that a whopping 40 percent of marketing executives polled admitted to being unprepared to meet their goals. While the reasons for this varied, major concerns included insufficient funds and less-than-optimal business practices. The same study also revealed that 70 percent of the executives interviewed remain under the impression that the next five years will see dramatic overhauls in the way that corporate marketing works.
A big factor influencing these perceptions is the way market demands have clearly outpaced the ability of digital marketers to keep up via traditional methods. The old ways are being abandoned. Surveys show that digital consumers have extremely high expectations and that their love of personally relevant experiences now has the biggest effect on long-term marketing methodologies.
So how are corporations changing the way they do things? For starters, around 66 percent of marketing executives plan to allocate 25 percent of their next-year budget to digital marketing. For an additional 25 percent of execs, the amount invested on marketing will double.
Of course, indiscriminately throwing money at a problem has proven to be a poor solution countless times before. Because inefficient business practices were cited as a huge contributor to hindered marketing performance, these executives are clearly going to have to direct their efforts towards improving their internal processes as well. Common plans include hiring more digitally skilled work forces, increasing training and managing consumer or sales data by using more detailed analytics.