CMOs are facing a disconnect in their digital marketing strategies, a new survey has found. Of all surveyed, 65% of CMOs say a digital focus is important, however only 7% believed their performance was ‘leading edge’ and almost 50% of Australian CMOs surveyed believe their customers are becoming harder to reach and influence through traditional marketing channels.
Patricio De Matteis, managing director, Accenture Interactive Asia Pacific says irrespective of the type of media spend CMOs engage in, whether it be real-time bidding, convergence buys, performance buys or even direct buys, analytics are still essential in driving smarter digital purchases.
“Analytics allows for independent verification that the ads purchased ran accordingly; assists marketing teams to assess buy performance; has the ability to influence changes to forthcoming strategies and; assists companies in revising their media buying parameters therefore improving targeting and efficiency,” he says.
De Matteis, is also adamant that acquiring and retaining customer sales should remain at the top of the CMO priority list. “Today’s consumer has more control than ever before. They’re savvier, sceptical of traditional marketing methods and have greater access to products and services via the internet. Within this climate, it is becoming much more difficult to reach them and to measure marketing interactions,” he adds.
“Companies must evolve their marketing strategies to remain relevant to their customer. Ideally, businesses will restructure the organisation to work horizontally to deliver seamless and relevant customer experiences across all points of interaction. This delivery of a consistent customer experience is essential to survival in the global marketplace.”
Investing in data analytics to improve understanding of changing consumer needs is something that CMOs should begin to invest in, which will in turn help them ultimately succeed with their customers.
This was made obvious in the Accenture 2012 CMO Insights Survey where nearly half of all CMOs said that in order to help retain and grow their customer base they will spend more on managing customer data, 40% will increase budget spend on web analytics and 39% will spend more on marketing analytics.
De Matteis says the marketing function of CMOs must undergo a dramatic overhaul in the next five years if it is to stay on top of evolving consumer behaviour.
Some of the significant changes he expects to see include:
- The rise of digital – as previously highlighted, businesses lack confidence in their digital capabilities and are realising the need for increased digitalisation. For this reason, we predict that everything digital – including budgets, social media and dedicated digital employees – will continue to rise.
- Investing in big data and analytics – CMOs have recognised the importance of analytics in understanding consumer intent. We therefore expect marketers to increase their spend in areas such as managing customer data, web analytics and marketing analytics.