It should come as no surprise to anyone that senior management is demanding more accountability from marketers. Even though, for some companies, profits are at record levels other brands are struggling to get and keep fickle consumers. Marketing, at its heart, is still about getting consumers to purchase your product. What has changed is that consumers have too many devices and have the attention span of someone with a severe case of ADD.
In an age where it’s harder to attract and retain profitable customers, marketers are being asked to clearly demonstrate the value of their marketing efforts. Still, only 1/4 of marketers can answer the question, “What is marketing’s impact on the business?” Is this a case of bad marketing, bad marketers or a little bit of both?
When it comes to developing mobile apps, creating products for new devices, and unifying the customer experience cross-channel, less than one quarter of companies report they “always succeed,” while more than 60 percent “often or sometimes fail” according to a Forrester study. Among the biggest challenges organizations face in digital marketing is finding talented digital marketers.
With consumers now communicating with brands through an increasing number of channels, it is essential that marketing systems are properly integrated to ensure that customers are addressed with consistent messages and offers, whatever the channel. For this to happen, marking needs to consult closely with IT to ensure this integration.
While brands are planning to up their digital marketing spending there are some signs that perhaps it might be better to get back to basics in online marketing. The latest shot is Yahoo firing their number two executive after spending a lot of money to recruit him. Ms Mayer’s tenure, which began in July 2012, has yet to deliver meaningful profit growth to Yahoo as the company has failed to keep pace with broad gains in digital advertising spending. There is plenty more to come.