Marketing Disruption II
For much of the past 10 years, business has resembled a game of "catch-up". Each new wave of technological innovation has triggered new customer behaviors and expectations, causing businesses to constantly scramble to figure out how to be relevant. This era of disruption has, as often as not, caught business leaders in general, and marketers in particular, on the back foot. This uncomfortable situation looks like it's finally starting to change.
The Marketing Disruption II research highlighted 5 red flags that marketers need to address to deliver on this promise and become a true engine for growth:
1. Lack of focus
The research highlighted a potential issue where companies want to try everything. Marketers are embracing a "let's do it all" approach, which has the danger of diffusing resources, creating coordination issues, and straining the organization. Having a clear focus on where the value is and how to address customer needs is the starting point for setting a clear agenda of investment.
2. On the hunt for capabilities
The complexity of omnichannel customer experiences and the proliferation of technologies requires new capabilities, and marketers are on the hunt for them. Marketers are gaining understanding of the nitty gritty requirements of operational capabilities to run a modern marketing organization. While actively investing in new technologies and hiring new talent are the leading strategies, investing in new partners or acquiring companies jumped 8% over the previous year as a way to bolster capabilities
3. Customer experience
Only 13% cited C-level leaders as being very effective in focusing on the key customer journey metrics needed to drive the business. Without clarity about what matters to customers, or the ability to articulate that as a strategy, business leaders will have significant issues delivering growth.
The ability to make data-informed decisions was the top mover in terms of capabilities marketers deemed important. However, only 10% of marketers believed they were very effective at using insights into customer behaviors and feeding them back into the organization to improve performance
5. Slow pace
Speed is increasingly the coin of the business realm. Top-performing companies have flexible organizational models and agile ways of working so that things get done fast. Despite the move to more networked marketing organizations, almost 60% of initiatives take at least six months to make it to market.