Posted by: In: Market Insight 02 Mar 2017 Comments: 0

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2017 is well on it’s way and as marketers, we recognize (as in any other year) that we’ll be introduced to new technologies and new channels to learn and ply our skills on. One constant, however, will be the existence of both brands and agencies, a relationship which has been fortified by the resurgence of the pay-for-performance business model.

Pay-for-performance models are a time-honoured tradition in the ad agency world. Clients establish what they would like to have done, pay the overhead costs, and then pay more if the agency delivers on its promises. But measuring success has become more challenging over the years. Quantifying the impact of traditional marketing channels such as TV, radio, and print is hard, because measurement tends to be slow, inaccurate, and lacking in actionable insights.

This has led to an industry where agencies have very little accountability to their brand clients; regardless of the impact on sales, market share, or any other key metrics a brand might be focusing on, the agency gets paid. The tides appear to be turning, however. In 2016 alone, $30 billion of marketing spend was put under review, citing a lack of transparency as the major driver. Brands and agencies operate in silos, without any frame of reference – brands put a lot of trust in their agencies, and agencies are dependent on their media partners. Sir Martin Sorrell, CEO at WPP, accused the large media and adtech players of “mark[ing] their own homework,” while Rishad Tobaccowala, strategy and growth officer at Publicis, asked “what in the world is going on when a buyer is told by the seller what the terms of the agreement are?” In addition, many brand clients are aggressively cutting budgets while expecting similar levels of service, which is forcing some agencies to narrow their margins in order to stay competitive. A common occurrence is junior staff working on multiple large accounts at agencies to save money, which can lead to a loss of quality for end clients.

 

So, How Can Pay-For-Performance Models Help The Industry?

 

Agencies cannot continue to cut costs and margins without adversely affecting the quality of their work. As digital marketing spends outpace traditional budgets, brands and agencies are more open than ever to rethinking their strategies. Thus, pay-for-performance models are re-emerging as a solution. While these types of arrangements are still somewhat unique to each individual engagement, the common thread tends to be that the agency can charge for its overhead costs up front, and the brands’ final bill is determined by a campaign’s performance against mutually agreed-upon KPIs. This allows brands to be more confident about their ROI, and it gives agencies the ability to be rewarded for above-average performance.

[READ MORE: SHOPPER MARKETING – HOW TO FIND THE RIGHT CHANNEL MIX FOR YOUR PROMOTION]

Transparency is becoming essential  in the digital marketing space, and those who embrace it will certainly see a lift in opportunities. Some agencies have already moved over to a full pay-for-performance model, at least for some of their accounts. Omnicom Group and Merkle, who now control the accounts for McDonald’s and Warner Bros (respectively), have begun shifting to this model, citing accountability. In order for this model to work, however, brands and agencies need to collaborate by sharing data, aligning on their business goals, and agreeing on KPIs.

 

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Both McDonald’s and Warner Bros have adopted pay-for-performance agency models

 

As pay-for-performance relationships continue to grow in popularity, with more big brands demanding transparent marketing practices, agencies must evolve in order to respond effectively. They must become more open and transparent, in order to remain competitive and build stronger relationships with brands. The concept of “upside” with respect to the results of a client engagement will allow agencies to benefit financially when they perform exceptionally well for their clients, and the fact that their overhead is covered lowers risk (although it stands to reason that an agency that consistently doesn’t outperform the agreed-upon metrics will lose clients).

Those who invest in centralizing, standardizing, and benchmarking their data before the rush will be able to capitalize on the complacency of their competitors in the agency space. To stand out in the digital world, agencies must be agile with their work, and they must arm themselves with the analytical tools to do so objectively. In order to set realistic metrics with clients (which will govern their compensation), agencies must be able to access industry benchmarks. The ancillary benefit for an agency is that they can use the benchmarks to inform their strategy recommendations and decisions. Contributing to industry benchmarks benefits everyone in the industry, and works in the long-term to drive transparency, trust, and honest marketing practices.

[READ MORE: WHAT DATA SHOULD I TRACK?]

If agencies adopt this mindset and become more transparent with their clients, a major evolution in the industry is inevitable. Clients will know upfront what their money will be spent on and exactly what they are getting, while agencies will build better trust with their customers and have a more objective idea of what tactics and strategies will work best for their particular objectives. More and more people in the industry are joining the chorus for transparency and honesty – this is the way forward. Join us!

 

Posted by: In: Market Insight 10 Nov 2016 Comments: 0

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Credit: Scott Corman Photography

On Tuesday November 1, Qoints and OCAD U’s Imagination Catalyst hosted their first collaborative event together in a series we’re calling the “State of MarTech.” The purpose of this event, and future State of MarTech events, is to discuss and dissect the current Marketing Technology (MarTech) landscape, and how it might change in evolve in the future.

The topic of the day centred around the topic of Artificial Intelligence (AI) and the evolving role it plays in the digital marketing space. Qoints CEO and Co-founder Cory Rosenfield moderated a panel that included Michael Poyser (VP Analytics, Canada @ Aimia), Sandy Kedey (Chair of Advertising @ OCAD U) and Paul Allamby (Chief Marketing Officer @ Mirum Agency). The main question that the panel came to debate was whether or not AI could conceivably become so advanced that humans would no longer be needed to develop, execute and evaluate digital marketing campaigns. With programmatic ad-buying already so entrenched in today’s media planning, are we at the precipice of a dramatic shift in the digital marketing landscape (as we appear to be in so many other industries)?

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Credit: Scott Corman Photography

The setting for this event was the iconic Pencil Building (OCAD Sharp Centre for Design) in downtown Toronto. Dr. Sara Diamond, President of OCAD U, provided the opening address after the early crowd was sufficiently filled with hor d’oeuvres and drinks (special thanks to our beer sponsors, The Pilot and Side Launch Brewing Company!). Dr. Diamond is a great champion for the commercialization of technologies developed by OCAD U students, and is also a strong supporter of the OCAD U Imagination Catalyst incubator (of which Qoints is a proud member). In her address, Dr. Diamond highlighted the success of OCAD U graduates (“in 2015, 7 of the top Creative Directors in Canada were OCAD U alumni”) and also set the stage for the conversation to come:

“We are here tonight to discuss not only the art, but also the science… that is, significant advancement in Marketing Technologies that are changing and challenging the traditional ways that advertising has operated.”

“It will be a very interesting dynamic between human intelligence and machine intelligence as we plot our future.”

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Credit: Scott Corman Photography

Following Dr. Diamond’s inspiring remarks, the panel was introduced and took their seats. Cory started with a couple lay-up questions to establish a baseline of knowledge for the 100+ people in attendance, which included representatives from major brands, marketing agencies, local startup companies and of course, OCAD U students. Several Toronto-based MarTech startups were also on hand to showcase their products, including Sampler, 5crowd and #paid. As Cory started venturing towards more open-ended questions, the panel began to diverge in their commentary.

Here’s a selection of highlights from the discussion:

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Credit: Sayeda Akbary

Cory Rosenfield:

“Will it get to the point in the near future, or future at all, where the human marketer as we know it has been replaced by artificial intelligence – a robot, as we call them?”

“If there aren’t enough jobs, what will people do with their time? Will they contribute positively or negatively to society?”

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Credit: Scott Corman Photography

Michael Poyser:

“I have a list of about 18 projects we’re currently working on at Aimia, and another 7 in the pipeline, that are considered AI.”

“Once people start realizing the importance of data then the natural progression is, why does it have to all be done by humans? There’s going to have to be more automation and more done by machines. So it’s just a matter of time until more marketing functions are being done by machines.”

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Credit: Scott Corman Photography

Sandy Kedey:

“If we are trying to compete in an omnichannel world, we need some standardization.”

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Credit: Scott Corman Photography

Paul Allamby:

“There’s a sense of confusion between marketing automation and artificial intelligence.”

“My bet is one of the first areas that will be impacted is media.”

“The dangers of AI come down to the issue of trust. If you are able to say to the creator ‘how will this make things better for me?’ and then verify how we can [know that] it’s doing what you say it’s doing […] we need some kind of measurement and external verification process if we can’t see how the analytics are performing.”

The panel certainly agreed on AI becoming more and more prevalent, and as a result, verification and standardization will become central issues in the near future. Judging by the feedback from the event, everyone left with a broader understanding of MarTech (particularly the major role that AI is set to play within the space). Be sure to watch for an invite to the second State of MarTech event, which will take place in the New Year!

At the end of the discussion, Cory shared what was an anticipated special announcement, informing the audience about the pending launch of Qoints digital marketing benchmarks for the Household Goods and Health & Beauty verticals in January of 2017. Read more about the announcement here.

A few more shots from the event:

qoints-panel-cory-rosenfield-113Credit: Scott Corman Photography

qoints-panel-cory-rosenfield-154Credit: Scott Corman Photography

qoints-21Credit: Sayeda Akbary

qoints-230Credit: Sayeda Akbary

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Credit: Scott Corman Photography

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Credit: Sayeda Akbary

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Posted by: In: Market Insight 25 Jul 2016 Comments: 0

Shopper Marketing Report BAA 2016

Increasing Sales Lift with Digital Promotions

Today’s marketers are facing ever-increasing demands to grow their business through more effective and efficient techniques. By placing a much-needed emphasis on improving and institutionalizing the tactical mix of promotional attributes, brands can more successfully build their businesses in a predictive manner. This report will explain how to increase your promotions’ sales lifts through changes to your promotional channel strategy, tactics, and promotions’ channel-demographic target alignment by presenting learnings and benchmarks from a recent study of shopper marketing campaigns undertaken by Qoints.

 

We’re happy to integrate your specific promotional target, channel, and tactics experiences into our work. Please contact us with any questions or just to talk!

 

Posted by: In: Market Insight 18 Dec 2015 Comments: 0

A recently published article by Nigel Fenwick summarizing a Forrester report suggests that global executives are very optimistic about how digital will change their business. 46% of executives surveyed believe that within the next five years, digital will have an impact on more than half of their sales. This implies not only major awareness of digital’s potential impact to change today’s business, but also a confidence that their respective organizations will be successful in making the changes needed for this expectation to become a reality. What’s surprising though is that it’s in the biggest companies where executives expect the greatest change, where change is actually the hardest. That’s quite ambitious for the next 4 years.

How will you measure and compare the impact of digital on your sales? DMI helps!

 

Key Takeaway #1: Revenue Will Quickly Move To Digital

Digital is reaching a tipping point. Over the next 4-5 years, companies will start to see digital affect more than 50% of their revenues. Most companies are totally unprepared for this change.

Key Takeaway #2: Firms Need A Better Digital Talent Acquisition And Retention Strategy

Risk to existing revenue streams becomes a reality and companies will begin a panicked effort to hire digital minds. Companies with an actual plan to attract and retain quality digital talent will have a major competitive advantage.

[READ MORE: GAMBLING WITH YOUR DIGITAL BUDGET? HERE’S HOW TO COUNT CARDS INSTEAD]

In B2B industries like consumer packaged goods (CPG), wholesale sales, and professional services, the shift is expected to be dramatic — Forrester estimates that the US B2B eCommerce market will be $1.13 trillion by 2020.

The following was originally published by Forrester on Dec 8, 2015 (blogs.forrester.com)

CPG execs expect digital to have an impact on almost half their sales. Even though the percentage predicted by 2020 is still less than 50%, if CPG companies were to generate anything close to 45% of their sales through digitally enhanced products and services or through online sales by 2020, it signals a dramatic shift in the CPG landscape. The ripple effects of the digitization of more and more CPG will be felt through wholesale and retail channels.

Retail execs are bullish for online growth. While Forrester’s own research suggests that total US online sales will account for 13% of all retail sales by 2019, retail executives in our digital business survey are confident in their firm’s ability to use digital to boost revenue — predicting that digital will drive 58% of their sales by 2020. These numbers signal the rapid shift in perception among executives in what’s possible through digital. A full 12% of retailers in this survey expect to be 100% digital by 2020. Retailers not expecting the kind of shift that’s suggested in these latest numbers are likely to become digital prey to more nimble digital predators.

Professional and business services face dramatic changes. Execs in professional services expect 49% of revenue to come through digital channels or products by 2020 — a big difference from the 20% in 2014. While some of this shift will likely come through selling professional services online, I predict an increasing number of professional firms will develop revenue-generating digital products — such as Forrester’s interactive dashboards — alongside their traditional services.

Industrial products are catching up. Up to now, the industrial sector has seen less disruption from digital, but executives expect this to change. Even coming close to the 37% of revenues predicted by 2020 would require a major change in how companies develop and distribute industrial products — but this is exactly the kind of disruption General Electric (GE) predicted, which it describes as the industrial Internet. As industrial components and machines become digitized, sending streams of data to manufacturers and suppliers, we’ll see a new range of digital services emerge that help businesses optimize their assets. The agricultural sector is an example of the kinds of change that are possible — instead of just selling seeds and fertilizer, companies like Pioneer already successfully augment sales with new data-enabled digital services.

 

CMOs and digital marketing analyticsMarketing Mag’s featured article of the day last Wednesday made us smile because it essentially repeats what we’ve been saying for the last year: marketers aren’t even getting close to as much value from their data as they could be.  Why is that? They don’t know how.

Deloitte Canada presented the study at last week’s Advertising and Marketing Week conference, which “showed that 82% of more than 300 surveyed CMOs have been asked to interpret consumer analytics data and admitted that they felt unqualified to do so based on previous experience.”

“Marketers [overwhelmingly] believe (71 per cent) that harnessing data analytics is one of the most important challenges they face. Two-thirds (66 per cent) of marketers use analytics in making key decisions related to marketing. However, half of respondents (51 per cent) do not have the in-house skills to harness data and 44 per cent also do not rely on agencies for support with data analytics.”

“This is an exciting time for the marketing industry. With the role of the marketer evolving it is necessary for the marketer-agency relationship to progress as well,” said Colleen Albiston, Chief Marketing Officer, Deloitte. “From our research there are clear gaps that marketers cannot fill in-house, and they will look to agencies for this support. Agencies have an important opportunity here that they shouldn’t pass up.”

Digital marketing is challenging most CMOs because their job is to take the information they’re given and plan their strategies around it. But the volume and diversity of data that is now available from marketing campaigns is pushing the limits of their data analysis skills. This is part of what’s been driving the trend we’ve been observing for years of marketing being a fundamental driver of investment in IT and related tech services.

It’s not entirely their fault. In the past, CMOs have not generally been hired for their data modelling abilities – other skills have been prioritized. Developing algorithms to break down oodles of data into easily-understood insights, or even overseeing the creation of such algorithms, simply falls outside of the skillsets of most CMOs. Marketing abilities have mainly been evaluated by perceived performance in past roles, which has always been difficult to quantify objectively with traditional marketing methods such as radio, print and television.

We’re the type of geeks that are needed to build such models. The geekiest kind, in fact.

The Qoints Digital Marketing Intelligence (DMI) tool puts marketers in full control of their data by removing the daunting task of interpreting it. Companies send us their data, and we send it back to them in a useable format which includes an industry benchmark so they can see how their efforts compare to their competitors’.

That benchmark is the real game changer, because a major part of the problem that CMOs face is the difficulty of contextualizing the results of their digital marketing efforts across the board. Today, when a CMO is asked by stakeholders to provide some reasoning behind a reported 2% bump in sales, delivering a quantifiable response is essentially impossible without impeccable data management from before the start of the time period being examined. With Qoints DMI, answering such a question with confidence becomes much easier, and it’s backed up with the industry’s first-ever neutral repository of digital promotion data to quantify any claims made.

Like we said up top, this is nothing new to us which is why we’re smiling. But not as brightly as our current clients. Drop us a line and we’ll tell you who they are. You’ve heard of them.

 

conversion rate5 Factors That Will Help You Get A Good Conversion Rate On Your Contest

There are a number of factors that will impact a digital promotions conversion rate. In this post, I will talk about contest conversion rates specifically. Keep in mind however, the general principles outlined can be related to coupons, samples, loyalty, email, content and other types of digital promotions.

Note: Specific examples provided below have been sourced from Qoints’ repository of digital engagement & performance data.

 

Conversion Rate Optimization 101

No matter how many consumers you reach online with the message to enter your contest, some will drop off the radar during their engagement with the promotion before fully completing the entry process, or converting. When thinking ahead to the end of your promotion and how many full conversions you’d like to have when it’s all said and done, you can build a stronger case for choosing certain tactics over others.

The first consideration is your industry; the same strategies implemented in different industries can have completely opposite results. Once you are analyzing only promotions that have occurred in your industry, use following list of the most important factors that should be looked at in order to come up with a conversion rate goal for your contest:

Note: In this article I define a conversion as total participants divided by total possible participants (typically unique visitors). I also reference unique conversions as individual (unique) participants divided by total unique visitors. Often, the definition of a conversion rate will vary depending on the promotion objectives. For example: survey completion, email subscriptions, white-paper downloads, event registration, etc. are all possible goals for a promotion that will impact what a good conversion rate looks like.

 

Promotion Mechanics

The most significant mechanics variable across contests is single entry vs. multiple entry. Multi-entry campaigns generate a lower unique visitor conversion rate because the potential participant needs to make a larger commitment to the campaign (they need to return when allowed to create more entries in order to maximize the chances of winning). For example, when running a multiple entry contest in the retail sector, more than 60% of entrants will participate 3 times or more. This generates a much stronger brand engagement experience for those more committed consumers, but overall these types of promotions have a lower conversion rate when compared to those that only allow for a single entry per user.

Note: One way to increase visits for multi-entry campaigns is through the use of bonus entries – when leveraged effectively, they can both bring participants back and help expose them to other aspects of the campaign or brand.

Another thing to keep in mind is what you are asking users to do in order to qualify – how much effort do potential participants have to put in to complete their entry? As you might expect, the more things you ask a user to do before their entry is completed, the lower you can expect your conversions to be. For example, when adding any kind of content submission requirement such as uploading a photo or writing a sentence or two, the conversion rate drops by approximately 190% in contests that are promoting consumer packaged goods (CPG).

 

Target Demographic

This may seem like Marketing 101, but it’s important enough to repeat a thousand times: know your target audience (demographics AND region), and select tactics that are proven to work in those groups. Everything else being equal, engagement with contests is relatively similar from region to region. That being said (and without being income-specific), females, people living in more rural areas, students and moms are the groups that are most likely to engage with a contest. In terms of the industries they tend to like, CPG, Retail, Entertainment and Fashion are the sector favourites for this group of consumers.

 

Prizing

The prize you build your contest around has to be shiny and appealing to the target demographic – if you get this right, you’ll spend less money attracting the people you don’t want. Try to pick something that’s exclusive to your brand and is not easily replicated if you can (high intrinsic value), especially if you’re asking for a little more from your participants than just their name and email address. You’ll also want to ensure the dollar value of the prize is in line with the amount of engagement you’d like to generate, and how much engagement you are asking of the participant. In some industries, you can boost your conversion rate even more by selecting prizes that are appropriate for the season… in all industries, however, the best prizes are the ones that are deeply connected to the actual brand that is sponsoring the contest.

 

Media Effectiveness

Brand marketers spend a pretty penny on media to generate awareness and drive traffic to the contests they run. Generally, the majority of a budget is spent on paid media as opposed to being spent on the production of the promotion. Before you propose or approve any media budget, make sure you consider which channels are most suitable for reaching your target audience, and of course your campaign mechanics and prizing as detailed above.

These considerations are relevant to the entire campaign, but they warrant special attention on the media buying side since the majority of investment is made there and careless decisions made in media buying have the ability to thwart the entire effort. It’s strongly recommended that you monitor your media buy as it occurs, so you can make adjustments earlier if they’re needed (hopefully resulting in both cost savings and more relevant traffic).

When utilizing real-time analytics and performance monitoring, you have the ability to gain timely insights to help optimize your spend while the promotion is still in market. Again, it may seem obvious but if 50% of visitors that are driven through Facebook Ads convert and only 25% of Paid Search visitors are converting, tweak the spend. Different industries and regions will have varying results for even the same promotion.

[SEE ALSO: INFOGRAPHIC – FIVE STEP PROCESS FOR CONVERSION RATE OPTIMIZATION]

 

Shareability

Media buying is great for building an early base of entries, but a well-conceived contest will drive shares as well (which cost you nothing and generally bring much higher conversion rates than paid media budgets). One thing that helps is an element or the appearance of exclusivity – the duration of the campaign can create the feeling of exclusivity simply through urgency, but stricter entry requirements (ie restricting entries to people residing within a particular region) or highly-targeted prizing increase the shareability of a campaign to an even greater extent.

The best place to prompt the participant to share the promotion is immediately following the completion of their entry; this moment is the greatest point of satisfaction aside from actually winning a prize. This should be accounted for when designing the user experience of the contest. The longer it has been since the entry was made, the less likely a participant is to share it.

 

In Conclusion

This is by no means an exhaustive list of the factors that affect a promotion’s conversion rate. If you are not currently taking into account one or more of these considerations, it’s certainly worth taking another look at the process you go through before signing off on a campaign and how you monitor it while in market.

Feel free to contact Qoints via email (info@qoints.com) to find out more about how you can use online tools to make this process easier and more effective!

 

Posted by: In: Market Insight 01 May 2014 Comments: 0 Tags: , , ,

Marketing measurement is a big problem, but the solution to the problem doesn’t also have to be big. In fact, it can be small.

On Monday afternoon, I met my friend Reuben to get caught up over a coffee. I always enjoy our chats as they usually cover a wide range of interesting topics. Reuben also tends to ask great questions and make insightful comments. Monday was no exception.

While discussing how pervasive technology, analytics and big data are in marketing, we concluded that in contrast to all of that complexity and big data, I come at marketing measurement from a different angle; with something we might call a small data approach.

big data vs small data

Photo Credit: http://www.beautifulinsanity.com/small-vs-big-data/

Big data vs small data… what’s the deal?

There is an emerging definition of small data as the few key pieces of meaningful, actionable information that we can uncover by analyzing big data. Those insights you extract from your big data become the last steps along the way to making better marketing decisions.

Actually, neither one of us had that definition of small data in mind during our discussion. Rather, we spoke of my “small data” approach to marketing measurement as small relative to other approaches and to the complexity of the problem.

My approach does align with the above definition of small data in the sense that I am very focused on organizing the chaos of all that data, uncovering insights and helping marketers to learn what they need to know so they can make better decisions. That is the reason to measure marketing and it needs to be the focus of any approach to measuring marketing.

Where my scorecard-based approach might also seem a bit contrarian is in its emphasis on measuring results vs. objectives and in not trying to calculate a financial return on investment (ROI). Although it would be ideal to accurately measure the financial ROI of marketing programs, as I have written about in the past, I think there are too many problems with doing financial ROI calculations for individual marketing programs.

I’ve always thought of my approach as a practical approach to a complex problem. As of Monday afternoon, I’m also starting to think about it as a small data approach to a big data problem. To explain what I mean by a small data approach, let me start with some thoughts on big data.

Big Data

Big data flows out of a set of circumstances that will tend to occur at bigger companies, and might include some combination of the following:

  • Big marketing budgets
  • Many marketing programs
  • Many products and/or services
  • Many communications channels
  • Many and diverse customers and customer segments
  • Many touch points on the customer path-to-purchase
  • Many transactions

These circumstances lead to a whole lot of data to analyze and understand which in turn leads to big data measurement solutions that will also tend to be big, complex, sophisticated and expensive.

With all the buzz around big data, it is easy for small and mid-sized companies to conclude that a high-science, big data solution must be the only legitimate way to approach marketing measurement. For many of these companies, a big, costly sophisticated approach isn’t needed or practical under their circumstances. A smaller, more practical approach can do the trick.

Small Data

Most small to mid-sized companies don’t operate under the same set of circumstances. Their budgets aren’t as big, their marketing activity is much less involved, their world is much less complex and they generate and collect a smaller amount of data. They also have fewer resources with which to take on the problem that all marketers must solve, which is to determine the best ways to invest their budgets.

A small data approach can be a great fit under these smaller circumstances. Yet, given the range of company size and marketing activity within the small to medium sized businesses segment, a one-size-fits-all approach doesn’t work. Any approach needs to have some built in flexibility so you can scale up or down to be appropriate for the size of the marketing budget being measured.

That’s really where I stand on marketing measurement. Right size your approach to your circumstances, and don’t overspend on measurement by bringing an over-sized solution to your problem.

Don’t over allocate resources to measuring something that you can’t measure perfectly, as the law of diminishing marginal returns will ensure you waste some of those precious resources. This is not about measuring perfectly; it’s about perfecting your marketing.

About the Author: Rick Shea is President of Optiv8 Consulting, a marketing effectiveness consultancy with a focus on helping small to mid-sized organizations measure their marketing so they can stop wasting money.

This is one of the top findings by Adobe’s research “Digital Roadblock: Marketers struggle to reinvent themselves.”

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Marketers know they must reinvent themselves, but don’t know how

  • Sixty-four percent of marketers expect their role to change in the next year; 81% in the next 3 years.
  • While two in five (40%) marketers surveyed stated that they wanted to reinvent themselves, only 14% of those marketers actually know how to go about it.
  • Lack of training in new marketing skills (30%) and organizational inability to adapt (30%) are cited as key obstacles to becoming the marketers they aspire to be.

Future marketers need to take more risks

  • Fifty-four percent of marketers believe the ideal marketer should take more risks and 45% hope to take more risks themselves.
  • Sixty-five percent of marketers say they are more comfortable adopting new technologies once they become mainstream.

Companies need to hire more digital talent

  • Marketers cite digital/social marketers (47%), data analysts (38%), creatives (38%) and mobile marketers (36%) as the key roles companies need to invest in over the next 12 months.
  • Marketers recognize the importance of data, but aren’t widely using it to make informed decisions.
  • The majority of marketers (76%) agree they need to be more data-focused to succeed.
  • Forty-nine percent of marketers report “trusting my gut” to guide decisions on where to invest their marketing budgets.
  • Seventy-two percent of marketers agree that long-term success at their company is tied to proving marketing return on investment.

Mobile and personalization are becoming bigger priorities

  • Sixty-one percent of marketers see social media as the most critical marketing vehicle to focus on a year from now, followed closely by mobile at 51%. When asked to prioritize one capability that will be most important to their company’s marketing moving forward, personalization ranked highest.

To view the full report: click here

This article was originally published on Feb 28, 2014 and provided by Data-Driven-Marketing.net

According to a new report from Econsultancy and Responsys , just over two-thirds (70 percent) of businesses are planning to increase investment in digital marketing technology in 2014, whereas 28 percent maintain and just 2 percent decreases investments.

Econsultancy elaborates:

CRM takes the top spot when it comes to technology investment, with half (49%) of companies surveyed planning to spend more in this area (up by 4% in the last 12 months).

Other areas organizations are likely to be increasing investment in are business analytics and web analytics software (47%), email platforms (40%) and content management systems (40%).

The year-on-year comparison shows there has been a significant decline in the proportion of organizations that plan to increase investment in social media management systems, from over a third (38%) in 2013 to a quarter (26%) this year.

Compared to last year, fewer companies are planning to increase their investment in paid search/bid management (-8%), video advertising (-6%) and cross-channel/multichannel campaign management (-4%).

Learnings

Paid Search/bid management, video advertising and multichannel campaign management are relatively established practices; lifecycle wise, marketing organizations are –usually- looking at cost-efficiencies and therefore getting the same or more for the same or lower amount of investment.

The fact that social media investments don’t further increase is due to the fact that many of those systems provide an (almost) one-stop-shop and for those that have licenses revenue models, at one point the clients’ marketing organization is saturated with licenses.

Do any of the increases in marketing investments surprise you?

Marketing investments | Econsultancy

Areas of marketing investments | Econsultancy

This article was originally published on Feb 28, 2014 and provided by Data-Driven-Marketing.net