Digital brings on a foreboding of disruption [Gulf News (United Arab Emirates)]
(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) New research by Accenture based on a survey done with chief marketing officers (CMOs) shows these professionals realise only too well the emerging power of digital. But nearly half of them are worried about managing this change, while 78 per cent agree that marketing campaigns must undergo radical transformation in the next five years.
Also, 37 per cent of them believe that, within this period, digital will be responsible for more than 75 per cent of marketing budgets, and mobile, specifically, will account for 50 per cent plus. (The 2014 Accenture Interactive CMO Insights survey polled nearly 600 senior executives from 11 countries and 10 industries.)
Digital opportunities are leading charge and the marketing universe needs to adapt at warp speed. In five years, experts predict these changes:
* Analytics skills, which will be a core competence of marketing;
* Marketing, sales, and customer service will merge into a single function;
* Marketing and IT will also merge; and
* CMOs will have a closer relationship with CEOs and surpass the CFO and other corporate-suite executives.
The Accenture research creates two groups — high-growth companies and those in low-growth mode. Findings from high-growth companies demonstrate they use data and analytics to improve their marketing impact. They also recognise the strategic importance of digital channels and provide a consistent customer experience across all channels.
Although this represents the putative new face of digital marketing, it is not sure if CMOs are prepared for it. One in four of them cite a lack of critical technology or tools as their chief barrier to digital integration.
Then, who's driving the digital transformation? According to the research, CMOs are barely visible on the broader digital playing field. This has given rise to a variety of new roles, such as chief digital officers who are emerging to fill the gap and join the leadership team.
(c) 2014 Al Nisr Publishing LLC . All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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