Chief Marketing Officer (CMO) Insights from The Economist

The Economist Survey: CMOs Rank Top Marketing Technology Investments

80% of respondents will use a spectrum of technology to engage customers in coming years

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The January 2015 “Rise of the Marketer” survey from The Economist CMOSurveyasked 478 CMOs and senior marketing executives to report on their insights, marketing plans and technology investments. Let’s focus on some highlights.

More than 80% of these top marketers will use multiple technology channels to engage customers over the next three to five years, with social marketing at the top of the investment list.

According to the research, marketers see several trends:

  1. A broad, positive customer experience across all touchpoints and channels will be a company’s most valuable asset, managed by marketing.
  2. Comprehensive metrics focusing on revenue, overall engagement, and ROI.
  3. Complex future ecosystem: marketing technology is proliferating in the cloud, and almost all companies, even the smallest, use multiple marketing channels. Marketers believe that the number of channels and systems in their companies will grow.

 

“There is more of a need for the articulation of an integrated, holistic approach than before, because there are myriad channels and contact points.” Jamie Moldafsky, CMO, Wells Fargo

Marketing will own the total customer experience: Within three years, 52% (vs. 36% today) of marketers polled say they will be responsible for the end-to-end experience over the customer’s lifetime.

The survey also found most of the CMOs surveyed plan to allocate their marketing technology investments in the categories of social, followed by mobile, analytics and email. Both dominance and fragmentation of digital channels are driving marketers’ technology investment plans. Marketers will spend to reach customers through a variety of channels. With all the interaction through these channels, they are a rich source of customer data. In three to five years, more than 80% of marketers say they will use data to gain insights, engage customers, and rely on technology to build conversations, advocacy and trust.

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© The Economist Intelligence Unit Limited 2015

Indeed, marketers already deploy a wide spectrum of digital marketing tools and services, needing to integrate marketing campaign data and performance metrics across the following categories:

  • Display Advertising such as Google DoubleClick for Advertisers, Google DoubleClick for Publishers, Facebook Ads, AppNexus, The Trade Desk , Rubicon, TubeMogul, Yahoo APT, OAS 24/7, Jivox, Millenial Media’s Jumptap, and SiteScout.
  • Social media, including Twitter, Facebook Insights, LinkedIn, Foursquare, YouTube, Vendasta, Yelp, Shoutlet.
  • Email/Leads such as AVANSER, Callcap, Constant Contact, MailChimp, Marchex, ExactTarget, Data-Dynamix, PulsePoint, and V12 Group’s Launchpad.
  • SEO/Analytics, such as Google Analytics, MOZ, Omniture, TruMeasure.
  • SEM, for example, Google Adwords, Bing Ads.

 

As digital marketing channels multiply, all marketers will benefit. But capturing all the campaign data, reporting the aggregated information, extracting actionable intelligence, and measuring ROI remains challenging.  Expectations and capabilities are racing ahead. Survey results for “What will be your top areas of investment over the next 12 months?” follow:

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© The Economist Intelligence Unit Limited 2015

In reply to the question, “How will you direct your technology investment over the next 3 to 5 years?” only 30% of CMO respondents “Strongly agree” that they are currently using technology to engage customers, but over 80% strongly agreed that they plan on doing so within three to five years.

Marketo study - using technology

© The Economist Intelligence Unit Limited 2015

Marketing technology also ranked at the top of the list when CMOs were asked where their marketing operations need skills development.

These are just a few of the interesting highlights from the survey. To download a full version of The Economist’s report, sponsored by Marketo, click here.

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