The Leapfrog Marketing Institute conducted a 2009 study exploring how senior marketing executives were navigating the digital space.Since then a lot has changed for marketers, including the explosion of devices, the economic downturn, the emerging recovery and the accelerated rate of data creation and analysis to name a few.The survey was re-fielded in Q2 2014 to understand the impact of these changes and identify key areas moving forward. This presentation summarizes the key findings and implications for today’s marketers in an increasingly complex digital world.
About The Researchers
The 2014 CMO Benchmark Survey Prepared, Fielded and Analyzed for the Leapfrog Marketing Institute by:
Fred Ehle: BrandApart/Founder
Stephen Hersh: Northwestern University Medill School of Journalism, Integrated Marketing Communications Program/Adjunct Lecturer
In our 2009 study, marketing executives were not confident in how they approached digital -in their own ability, with their marketing teams and with their partners. Now, marketing executives seem to have more confidence in their own digital abilities, and in selecting the right partners. The primary barrier to appears to be in the slow rate of transformation within their organization, hindering marketers’ ability to move with agility across channels to serve the always on consumer in a rapidly changing digital world.
- Since 2009: increased adoption of digital and mobile by consumers has prompted marketing executives to evolve their use of digital as primarily a communication channel into a true commerce channel.
- Marketing budgets have stabilized and grown, with 91% of marketing budgets either increased or flat this year. Approximately 50% grew 10%+.
- These marketing budgets now carry higher financial-driven expectations, with measurable ROI being the greatest need for 93% of respondents.
- The capabilities that marketing executives view as the most important to achieve their financial-driven objectives are Websites, Data, and Mobile.
- Interestingly, these three capabilities are primarily handled internally and are perceived by marketers as the most underdeveloped capabilities.
- This unexpected insight—and barrier—was due to internal silos and resistance by the organization to change, according to the respondents. This also impacted marketers’ ability to leverage their desired external partners.