RESEARCH NEWS: Lack of funding hinders marketers
Four in 10 top marketing executives fail to meet their objectives due to lack of funding, according to the Accenture Interactive report: Turbulence for the CMO. The research includes 26 per cent B2B marketers.
The survey results show two-thirds (66 per cent) of marketing executives will be allocating at least one quarter of their budget to digital marketing next year, and 23 per cent say that more than half of their spend will be on digital marketing.
The survey shows that marketing executives also plan to invest more in their analytics capabilities.
Some 48 per cent of the executives say they will spend more managing customer data, 40 per cent will increase budget spend on web analytics and 39 per cent will spend more on marketing analytics.
Improved internal and agency collaboration
Nearly one in five executives (19 per cent) said that inefficient business practices currently hinder their ability to improve marketing performance and ROI, while 17 per cent said a lack of funding hurts these efforts.The study indicates that for many marketers, improving collaboration between business units can help them achieve their targets. A majority (55 per cent) of marketing executives said they were satisfied with the level of collaboration with their outside agencies. Only 36 per cent said that their agencies execute flawlessly, and 36 per cent said that the agencies are not able to deliver what they promised.
Brian Whipple, global managing director of Accenture Interactive, said: “Marketing executives are growing increasingly concerned that tight budgets and the lack of a clear strategy for implementing digital technologies – are hurting their company’s ability to compete in the digital age.”