Tuesday, July 1, 2008

Interesting Survey Numbers

You may be feeling uneasy about adapting new media as part of your marketing programs. Sure, the stats show us that traditional marketing is declining and new media is growing. However, we know that there is still uneasiness over a customer base that is empowered and a communications explosion.

A recent study of CMOs shows that you are not alone.

The following information was reported by Ted Mininni in his blog.

Marketing Daily recently conducted an interview with The CMO Council’s Donovan Neale-May, who divulged some starting information. It appears that in a survey conducted by The CMO Council and the Boston Consulting Group of 1000 senior marketing execs, only 6% of respondents felt that their “go to market” capabilities were “very good.”

The opening paragraph shocked Mininni - “Marketers are not taking advantage of all-or even many-of the tools available to them to create effective sales and marketing platforms. What’s more, they know it-and they’re not doing much about it.”

The study and article disclosed that “despite their acknowledged deficiencies, the majority of executives are unwilling to stray outside of their comfort zone.”

* 66% of respondents reported that they remain focused on traditional marketing, branding and promotional communications.
* Only 26% reported making inroads in better understanding their consumer targets was a priority.
* Only 14% cited retail and service execution was a priority.

Neale-May observed that the “same old” proven marketing strategies might be effective, it’s also important to embrace “innovative new approaches.”

Many of the marketers surveyed recognized a need for the following:

* 52% are modifying sales and marketing strategies for better results.
* 32% need to hire new talent.
* Yet these two areas are not a fiscal priority-58% cited these two initiatives would have to be financed from current budgets.

The survey found that a healthy 48% of executives surveyed stated they had “insufficient resources as a barrier to implementing successful programs”. 48% said they had “talent issues” and 35% cited “a gap between current and desired capabilities.”

As to the future focus for the marketers surveyed?

* 56% are focused on ‘talent management and performance’-85% reported that they are rating the success of their marketing programs via revenue growth. And 53% reported that customer acquisition and retention were employed as marketing measures.
* 52% are focusing on ‘business strategy’
* Only 14% are focusing on investing in new metrics
* Only 12% are focusing on technology and IT
* Only 20% are focusing on productivity
* Only 10% are focusing on channel development

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