From the OgilvyRED ThinkSeries, the Ogilvy Digital Transformation Survey 2016 questioned people in senior marketing positions (VP, CMO or above) on their view of ‘Marketing 3.0’ and the challenges they face in digital transformation. 86 per cent of respondents had seen significant increases in digital marketing budgets over the last three years, and 55 per cent also pointed to growing eCommerce as a priority, speaking to a broad buy-in and investment in digital transformation across the industry.
The study identified the four top outcomes among marketers. They are: extending reach to new audiences; increasing relevance and engagement with consumers; transforming the way value is delivered to consumers; and increasing customer satisfaction. Marketers are taking a full funnel approach to transformation in order to drive conversion, create new value exchanges, and cultivate loyalty.
Leadership drives transformation.
Lower priority outcomes highlighted in survey responses include; reducing costs, developing new products and services, and improving supply chain. But these operational goals need to be closely aligned with marketing objectives, as digital transformation will lead to new data, insights and distribution channels.
According to the study, this kind of internal change management has been a constant barrier to success. Bringing together different parts of an organisation to deliver consumer-centric transformation has been challenging for a number of companies; it’s not just marketing and IT, you also need close collaboration with sales, customer service, R&D and supply chain.
Many CEOs are bringing in technology experts and digital natives to drive the transformation process, as they understand that they themselves don’t have the necessary expertise.
The skills gap is a very real pain point.
Integrated agencies that can demonstrate a depth of specialist knowledge are still rare, and marketers are finding themselves help back by a limited number of genuine experts. The biggest gaps in capability are currently in data science, indicating that few agencies are investing in specialist data analytics departments, despite a reliance on data in their business.
Partnerships are becoming increasingly important in order to bridge these gaps. Marketers are working more frequently with AdTech platforms, management consultants, analytics companies, experience designers, data scientists. Teaming up with start-ups to embrace different business models, explore new ways of working and foster a “return on failure” ethos has proven especially popular.
Internal enablement is a pivotal requirement of Marketing 3.0, while other capability gaps include marketing automation, eCommerce and cross-channel execution. Here are seven simple questions to ask at every stage of your digital transformation journey.
Click here to view the full report.
to News Alerts