Going Digital: The Shift in Marketing Organizations Across the Globe
2009 wasn’t a good year for businesses but thankfully 2010 is looking up, but to make the most of it, you need to be creative, innovative, and above all, adaptive. The tools of sales and marketing continue to evolve and companies that are changing their marketing strategies with these trends are reaping rewards. Online marketing and digital media can be highly effective ways to engage a larger audience on a lower budget.
For advertising agencies, this adjustment requires that they reinvent themselves. They need to retool their staff, add different core competencies and recognize that they need to provide a different type of service and value to help their clients succeed. They need to take an active role in helping clients understand the opportunities and navigate the changes in the marketing landscape. There is more opportunity than ever for agencies to include metrics and measurement to show that their work is producing results.
Many clients are shifting budgets away from larger advertising firms that are having a hard time changing their business model. They are engaging smaller and more specialized firms or even in-house talent to help create online media and marketing that is in step with today’s trends and technologies. They are taking a more grass-roots approach to connecting with customers through social media and other electronic marketing outlets, taking advantage of the Internet’s constant connectedness and unparalleled opportunities for personalization.
The CMO Council, who’s 5,000 member base accounts for $150 billion in annual marketing expenditures, conducted a survey of about 600 members for its seminal report: “The State Of Marketing: Outlook, Intentions and Investments for 2010.” In the 46 question survey the council found that: 46 percent of the respondents are investing in digital demand generation and online relationship building, 38 percent are exploring alternative media and new routes to market, and 62 percent will be crunching customer data to improve segmentation and targeting. Most of this will be undertaken by specialist firms, in-house talent and outsourced service providers.
“Globalization of markets and new channels of digital engagement are causing senior corporate marketers to seek new internal skills and capabilities, and re-direct spend towards more inventive and localized go-to-market programs,” notes Donovan Neale-May, executive director of the CMO Council. “The transformation of marketing organizations, practices and functions is well underway. This is being driven by the need to engage at an individual level, create more content relevance, and leverage a new world of crowd-sourcing Internet communities, omnipresent connectivity, and pervasive mobile device ownership.”
When it is all said and done, the future of marketing lies with those who are willing to not only accept, but embrace change. It is those who can bring fresh and innovative marketing tactics to the table, allowing for a more personalized and relevant connection with consumers that will ultimately succeed in this new era of marketing.
Click here to read more details on the report and download the PDF summary.