According to a research published by Accenture Interactive in July 2014, while only 21% of CMOs believe their company will be known as a digital business in five years, they predict that digital budgets will account for more than 75% of the marketing budget. As testament to its tech and consulting prowess, Accenture was mentioned in the top 10 most admired Tech companies in 2013; I’m waiting to see Accenture listed in Top 10 most admired Digital companies.
Accenture’s research is based from research in 11 countries and on survey responses of more than 600 executives conducted in a 3 month period between November 2013 and January 2014. According to authors Baiju Shah, Glen Hartman and Brian Whipple, CMOs will do well to lead and transform their marketing role from a digital perspective, transforming the enterprise as result. Key insights:
- Embrace the multi-channel customer experience: Read more about Why modern retailers should #ThinkLookActDigital.
- Act on the insights gained by layering real time analytics on all channels.
- Think #Digital2020 and invest in #Agile technologies and cloud-based services. My view is that CMOs should help Develop, Validate, Evaluate, Learn and “#FailFast” – stay lean and mean when it comes to Digital Technologies.
- Recruitment – Right people at the right place by re-orienting the marketing operating model to harness digital innovation
- #Winning modern CMOs from 86% of high performing companies use analytics to direct focus and impact, and 80% to provide a brand-consistent UX.
Fascinating rise of email with 58% stating it as an important tool.
Time to get in the game
The last bit of the call to action #ThinkLookActDigital is where there remains to be a step change. Actions speak louder than words and we see that P&G has marked only 35% of their budget to digital marketing in 2013. However, Procter & Gamble state that they intend to increase this as it looks for more efficient marketing strategies (particularly Chairman-CEO A.G. Lafley wanting mobile to boost impact), an approach also adopted by SABMiller and Pernod Ricard. Unilever’s digital marketing spend is at 17%, with a view on cracking the “virtuous circle of growth” – so it looks like, generally, everyone is Thinking Digital, Looking Digital (Welcome Apple Watch) but there’s a fair way to go in terms of Acting Digital.
Key insights from the research is below in the form of an infographic. Let me know your thoughts as a comments or on #ThinkLookActDigital