The Government's newly released National Innovation and Science Agenda shows that for economic growth to continue within Australia, an 'innovation ecosystem' must be fostered, where new businesses with new ideas are encouraged to grow and flourish. With every company wanting to increase, retain or improve their customers’ experiences, this makes marketing vital to fuelling Australia's ideas boom.
More than half of Australian marketers don’t have a clear strategy for cross-channel marketing and most don’t even truly understand the concept, a new report claims.
According to the new Experian and Econsultancy market survey and whitepaper, Making the most of your data, 42 per cent of Australian marketers will increase their investment in cross-channel marketing technologies in the next year, yet only 14 per cent claim to have grasped cross-channel marketing as a concept.
Fifty-seven per cent of respondents lacked a clear strategy for cross-channel marketing, and 38 per cent claim they don’t have enough budget to do it well.
In addition, 42 per cent of respondents cited a lack of knowledge across their teams around what cross-channel marketing, is or how to analyse the data. The report was based on a survey of 200 Australian marketing professionals.
A similar report, produced by Responsys and Econsultancy and released in June, found marketers lack a single integrated view of customer engagement. Forty-six per cent of the Australian respondents were found to still centre activity around sending campaigns, rather than the whole customer journey, and 56 per cent said their ability to improve customer engagement was because they lacked an integrated view of their brand experience.
Experian’s report comes on the back of the release of its Cross-Channel Marketing Platform, which it claims provides a central location for marketers to plan, manage, execute, automate and optimise campaigns across multiple channels including email, mobile, social, web, display and print.
“The customer’s ‘path to purchase’ is becoming increasingly complex, making it more difficult for brands to cut through the noise,” Experian Marketing Services general manager, Matt Glasner, commented, also adding that the growing volume of data wasn’t helping.
“To be successful in this multi-channel environment, marketers must have access to real-time data, interpret it and then respond quickly, confidently and appropriately.”