According to a new study of chief marketing officers (CMOs) done by Heidrick & Struggles and Digital Scientists, CMOs across virtually all industries say their firms are under-delivering on digital marketing.
The word “digital marketing” is obviously wide, embracing anything from online advertising and social media to more generic consumer acquisition and awareness efforts. And, in reality, digital marketing is merely another channel for achieving the main purpose of marketing: having what people want.
There are two universal laws in sales and marketing that apply regardless of the method or delivery mechanism:
- Marketing is about providing what people desire.
- Sales are the process of getting rid of what you have.
The two elements listed above are likely the most essential things I learned in business school, and they frame (for better or worse) the way I think about product creation, marketing, and other aspects of company.
According to the report, marketers rely on digital marketing expertise to recruit new consumers, whereas brand promotion and regional market growth are viewed as considerably less crucial.
Best Other key survey findings:
- Digital marketing expertise is highly valued but under-delivered.
- There is an over-reliance on outside agencies to address talent gap
- Key growth strategies include analytics and search engine optimization.
- low points for new media advertising optimization
- Few people are happy with their company’s marketing performance.
- Marketers require greater assistance from IT.
- Few people wish to concentrate on global expansion.
As usual, surveys should be treated with caution, but it’s encouraging to see that marketers are aware that they aren’t currently utilising all of the resources at their disposal and that there are methods to learn more and develop new initiatives.