Report: Marketing teams must be restructured

Latest Economist Intelligence Unit and Marketo report of CMOs and senior marketers finds more than four out of five expect their organisation to be restructured to cope with increasing technology and customer demands

Marketing teams must undergo a restructure in the next five years to bring in the necessary operational, data and technology skills needed for future customer engagement.

According to a new survey of 478 senior marketers and CMOs globally conducted by The Economist Unit, and sponsored by Marketo, 81 per cent of marketers believe their organisation will need to change dramatically to cope with increased technical and consumer demand and support the business. Twenty-nine per cent believed the need for change is already urgent.

There is a way to go, however. Just over two-thirds of global marketers said their company views the marketing function as little more than a cost centre, a figure that rose to 70 per cent in Asia-Pacific. However, over the next 3-5 years, marketers expect four out of five companies will classify the marketing function as a revenue driver.

Owning customer experience will be catalyst for this transformation. While about a third of marketers are currently managing customer experience, 75 per cent expect to be responsible for the customer’s lifetime end-to-end experience over the next 3-5 years.

Technology was seen by respondents as the key facilitator for achieving this. Although less than half are using data to gain insights and engage customers today, 81 per cent anticipate they will be utilising data to make connections with customers in the next 3-5 years. Eighty per cent also expect to rely on technology to engage customers in a conversation to build advocacy and trust over the same timeframe.

The global report found core technology investments over the next 3-5 years are social marketing, mobile marketing and marketing analytics. In Asia-Pacific, advertising management, marketing resource management and content marketing were also ranked higher priorities than those in other regions.

In addition, 39 of global marketers said businesses need to develop stronger skillsets in digital engagement, and marketing operations and technology, followed by strategy and planning (38 per cent). Rounding off the top five wishlist is data analysis, and demand generation/customer acquisition.

Acquiring these appropriate skills was a top area of investment for 30 per cent of Asia-Pacific respondents over the next 12 months, double that of marketers in North American (15 per cent). The top two challenges noted by regional marketers are budget and customer acquisition.

Related: The top marketing and CMO skills in demand in 2015

When asked to define customer engagement, marketers overwhelmingly chose customer renewals, retention and repeat purchases (63 per cent), followed by brand awareness (22 per cent) and to a lesser extent, the impact on revenue.

“The transformation taking place in marketing is profound as marketers race to adopt technology and add skills that will allow them the entire relationship with the customer,” Marketo CMO, Sanjay Dholakia, said.

“Three out of every four marketers say that in three to five years, they will own the end-to-end customer engagement. That ownership puts marketing right at the centre of revenue generation and setting the company strategy.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

Building a human-curated brand

If the FANG (Facebook, Amazon, Netflix, Google) sector and their measured worth are the final argument for the successful 21st Century model, then they are beyond reproach. Fine-tuning masses of algorithms to reduce human touchpoints and deliver wild returns to investors—all with workforces infinitesimally small compared to the giants of the 20th Century—has been proven out.

Will Smith

Co-founder and head of new markets, The Plum Guide

Sustainability trends brands can expect in 2020

​Marketers have made strides this year in sustainability with the number of brands rallying behind the Not Business As Usual alliance for action against climate change being a sign of the times. While sustainability efforts have gained momentum this year, 2020 is shaping up to be the year brands are really held accountable for their work in this area.

Ben King

CSR manager & sustainability expert, Finder

The trouble with Scotty from Marketing

As a Marketer, the ‘Scotty from Marketing’ meme troubles me.

Natalie Robinson

Director of marketing and communications, Melbourne Polytechnic

It's a pretty interesting article to read. I will learn more about this company later.

Dan Bullock

40 staff and 1000 contracts affected as foodora closes its Australian operations

Read more

If you think it can benefit both consumer and seller then it would be great

Simon Bird

Why Ford is counting on the Internet of Things to drive customer engagement

Read more

It's a good idea. Customers really should control their data. Now I understand why it's important.

Elvin Huntsberry

Salesforce CMO: Modern marketers have an obligation to give customers control of their data

Read more

Instagram changes algorithms every time you get used to them. It really pisses me off. What else pisses me off? The fact that Instagram d...

Nickwood

Instagram loses the like in Australia; industry reacts positively

Read more

I tried www.analisa.io to see my Instagram Insight

Dina Rahmawati

7 marketing technology predictions for 2016

Read more

Latest Podcast

More podcasts

Sign in