Accenture has released their findings of their fourth Chief Marketing Officer (CMO) Insights survey 2013/2014, based on the views and challenges of over 580 senior marketing executives from 10 different industries, from around the world. Relevance reviews the survey results.
Relevance reviews Accenture’s fourth CMO Insights Survey findings.
With the digital world advancing at such a rapid rate, businesses that have not yet immersed themselves online, are finding it extremely difficult to keep up and maintain brand awareness. Nowadays, most CMOs are starting to embrace digital channels, as they realise their increasing importance in aiding customer service delivery and satisfaction. New positions are being created imminently due to the new generation of digital natives that are emerging. CMOs believe that these positions will help their businesses deliver a customer experience, which is more integrated and relevant. With this is mind, how will marketing change over the next five years?
From this year’s CMO Insights survey, 78% of senior marketers agree that marketing will undergo a fundamental change over the next five years, with 37% of them believing that 75% of the marketing budget will be spent on digital and 35% believing that 50% of the marketing budget will be spent on mobile alone. This will of course mean that Analytics will become a main factor in the business in order to track goals. Only 49% of mature CMOs believe that it is Important to transform their business in to a digital one, compared to 69% of emerging and new generation of CMOs.
At the moment high-growth companies are focusing more on the use of digital channels. For them, analytics has helped them to improve their marketing impact by 86%, marketing strategy by 84% and customer experience across all channels by 80%; compared to low growth companies whose results are 65%, 67% and 59% respectively. We can conclude that low-growth should be focusing on digital more to improve their results. High-Growth companies have obviously realised that digital is not only a distribution channel, but also a growing community.
Digital definitely offers a large and expanding field of opportunities for businesses. In order to achieve results, CMOs must now use digital as their main competence in order not to be left behind. By going digital, CMOs can use digital marketing initiatives to achieve desired outcomes and build relationships with their customers. This can be done by engaging, sharing and aiding them online. From this, a continuous and strong relationship can be built and help the brand in promoting a loyal and trustworthy service.
In conclusion, digital is definitely changing the way business works. With over 35% of senior marketing officers believing that 75% of marketing budgets will be spent on digital, and high-growth companies proving that digital is the key to success, it is time for other businesses and CMOs to follow. Technology is increasing at an extremely rapid rate, so it is essential for companies to at least start focusing on at least a couple of channels in order not to get left behind. How do you believe digital will change in five years?
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