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Eight out of ten Chief Marketing Officers around the world believe that marketing practices will undergo fundamental change over the next five years... This is according to research results from Accenture Interactive’s “CMO Insights 2014” study. Automotive Marketers appear most confident in predicting the continued increasing role of analytics. The study shows that there will be greater budget allocations to digital and mobile channels.
As for the skill sets that are becoming most sought after by automotive marketing practitioners, 42% predict that data and research analytics skills will be a core competence for marketing professionals over the next 5 years. This data echos recent survey results from Spencer Stuart in which senior marketers envisioned analytical orientation as becoming a more important skill for CMOs ... in the future.
Meanwhile, although there have been signs that the budget shift from traditional to digital media might be slowing, a sizable portion of the Accenture survey respondents see a bright future for digital spend. Some 37% agreed that digital budgets will account for more than three-quarters of the marketing budget over the next 5 years, and 35% agreed that mobile will account for more than half of the budget.
Interestingly, while 69% of CMOs from emerging markets and 49% from mature markets believe that it is important to transform into a digital business, only about 1 in 5 believe that they will be known as a digital company within the next 5 years.
Also of note, only slightly more than one-quarter feel that earned media will be more important and receive more support than paid and owned media.
That may be due to perceptions of rising effectiveness of various channels, including:
For the time being, though, the most effective channels, per the respondents, are: in-person contact with the front-line employees (69% rating at least fairly effective) and existing customer recommendations / word-of-mouth (68% rating at least fairly effective).
The only channel to take a step back in perceived effectiveness was telemarketing, rated as effective by 48% of respondents this year, down from 58% in 2012.
The study also notes that 77% of respondents believe it essential or very important to deliver an effective customer experience for their company. Customer Experience has become an area of growing focus this year. High-growth companies (those with sales growth of more than 5%) appear to be more enthusiastic about the importance of customer experience, and are more likely to report being successful in their delivery of effective customer experiences. Not surprisingly, they’re also more apt to be investing in this area.
About the Data: The results are based on a survey of 581 senior-level marketers. Respondents were fairly evenly split between B2C (38%), B2B (30%) and B2B2C (32%). Some 36% are from North America, 31% from APAC and 33% from Europe, Africa and Latin America. Overall, respondents were from 11 countries and 10 industries. The survey was fielded from November 2013 to January 2014.