Three-quarters (74%) of senior marketing executives in Europe describeÂ their organization’s digital marketing capability as being in its developmental stages: 43% say their systemÂ has potential and is starting to yield results, while 31% are still acquiring the necessary skills. Only 15% report having aÂ digital marketing framework that is highly sophisticated and continually evolving, according to a studyÂ by Spencer Stuart.
MostÂ (61%) of these top execs believe that their team’s strengths lieÂ in its vision, creativity, intuition and relationship-building aptitudes, while the remaining 39% instead identify their data gathering, analytics, logic and rational world view as being their main competencies.
It appears that the aimÂ is toÂ seekÂ aÂ more well-rounded balance of the two relatively disparate skill sets, with a slight biasÂ towardÂ data andÂ science, a belief echoed inÂ findings fromÂ a separateÂ study revealing howÂ marketers (to be fair, technologically-competent marketers) consider the field to be more science than art.Â Three-quarters of senior level officersÂ felt that their marketing team could benefit fromÂ stronger digital and analytics capabilities, whileÂ only a quarter thoughtÂ that their team could use a boost in creative skills.
Even though CMOsÂ agree thatÂ digital marketing and data analytics are critical to a marketing team’sÂ success, they also feel that expertiseÂ in those areas areÂ the most difficult to find, according to a different reportÂ by Spencer Stuart releasedÂ last year.
However, marketing leaders thinkÂ it’s worth the investment of buildingÂ a powerful data-driven marketing culture in orderÂ to gain better customer insight,Â allocate marketing resources more wisely, and be able to justify further marketing investments. Furthermore, they believeÂ that a strong marketing culture creates stronger cooperation between other departments and increases credibility for the marketing role within the organization.
About the Data: The report is based on in-depth interviews with 10 chief marketing officers and one chief commercial officer, as well asÂ an online survey of 199 senior marketing executives in Europe. Some 64% of respondents report to the CEO and 52% were chief marketing officers with global responsibility. More than half (52%) of the respondents worked for companies with revenues overÂ â‚¬5 billion.