Recently Gartner released its CMO Spend Survey results report. This is a highly recommended read that has some key points we in the digital marketing space should take to heart. The key take away for me is a confirmation of what many of us who live on the leading edge of marketing tactics have known for some time.
Simply put, Digital Marketing is no longer a peripheral part of your overall marketing campaign. Rather it plays a central role of how brands can build better conversations with their audiences. These conversations are what turns consumers of a brand into fans of a brand.
Here are some other key take aways I had from the report in regards to how INXPO, a webcast and online event provider that leverages video and other B2B technology providers can utilize this information. I would love to hear any opinions from you so don’t be shy about keeping the conversation going in the comments section!
Take Away #1:
An overwhelming majority of marketers (98%) affirm that on and off line marketing is merging. Oddly enough though, only 10% of them say they are expanding into that space by creating digitally lead business models. This to me indicates that while everyone knows which way the wind is blowing, they might not feel equipped with the right tools to take advantage of it. To some, the tools, tactics and measurement of digital marketing are unknown and thus a little scary.
It is our job, as thought leaders to partner closely with our clients to make sure that the right tools and measurement are in place to both execute a successful digital campaign as well as show the clear ROI that campaign generates. In INXPO’s case its understanding the clients objectives and providing them the analytics for actionable insights from our metrics dashboard. CMO’s and marketing departments in general have enough vendors in their contact lists. Striving above the vendor mindset and being a true strategic partner to help usher people into the Digital Marketing age will engrain you into the organizations life-blood.
Take Away #2:
Social Marketing, Digital Commerce, Marketing Analytics, Customer Experience and Advertising Operations are the top areas of technology investment for CMO’s today. Since investment opportunities typically are wrapped up in educational opportunities (so people know what they are buying), these are key areas for B2B agencies like us to focus on.
Example being that an uneducated client might think that creating a Facebook page and a Twitter handle is enough for Social Marketing and that tracking comments and likes and retweets equals marketing analytics. However this leaves a lot of powerful social channels and measurement on the table untapped. Content marketing is quickly becoming the standard for how powerful brands represent themselves and engage with their audiences.
An interactive live webcast series at a regular cadence, promoted as a part of the overall Social Marketing strategy can make for a very powerful campaign and also provide much deeper analytics on the audience activity and engagement than simply “likes” and page hits ever will.
Take Away #3:
CMO’s are investing in the tech and infrastructure to support Digital Marketing. Acting as a knowledgeable and trusted partner with clients, it’s our responsibility to make sure they are spending their money wisely. A key metric in the Gartner report is that 33% of marketing budgets are going to technology and 28% of that is spent on infrastructure.
The big question is how much of that 28% was absolutely necessary? Did a client need to buy physical servers and storage or was a cloud solution actually better for their needs and they just needed to be better educated on that cloud technology’s data compliance landscape? Helping clients manage this spend is a key area where we will all have to look in 2016. The technology landscape on this is getting more complex by the minute. We need to be ready to channel our inner CIO to help clients navigate these waters.
In summary, there are a lot of good things to think about here and much that we can use to shape our own strategies in delivering webcasts, digital marketing programs or any other need for our clients. I look forward to hearing your thoughts in the comments section below.