Digital marketing is “game-changing,” says Accenture in a new report looking at how CMOs around the world are working to create a seamless customer experience. But while it’s critical to implement a digital orientation, defined as “working across the organization to infuse a digital focus in all business processes and functions,” that’s easier said than done. In fact, among 5 key marketing capabilities, the gap between performance and importance is greatest for digital orientation, with CMOs most often saying that inefficient business practices are to blame.
That is, asked to name their top 2 performance barrier to digital orientation, 22% cited inefficient practices, with lack of integration with other business functions (19%) and lack of critical technology/tools (18%) also proving to be major obstacles. Given that implementing a company-wide focus on digital marketing requires somewhat of an organizational makeover, it’s not surprising that business practices and integration issues remain.
When it comes to performance in customer analytics, offering innovation, customer engagement, and marketing operations, inefficient business practices remains the top barrier, while lack of funding and other resources becomes a more common complaint.
That may change, though. In this latest survey, 28% of respondents said that they expect their marketing budgets to grow significantly this year, compared to 18% who expect to see them curtailed. That’s a fairly positive shift from 2011 (23% and 19%, respectively) and 2010 (23% and 26%, respectively).
With increased funding possibilities, and an awareness that internal resources can be realigned, next year’s survey may reveal a change in confidence among CMOs in their performance.
About the Data: The “2012 CMO Insights” data is based on an online survey across 10 countries with 405 senior executives who are key marketing decision-makers in their companies. Most companies have at least US$1 billion in annual revenues, although corporations in France, Australia, Singapore, and Brazil have revenues of at least US$500 million.
Financial services was the most heavily represented sector (34%), followed by product companies (30%).
45% of respondents were based in Europe, Africa and Latin America, 40% were located in North America, and the remaining 15% in Asia-Pacific.