A recent survey by the CMO indicates that approximately 30% of digital marketer participants are experiencing average-to-no returns on their marketing investments. There is a risk of not being able to get additional funding if they are not able to move the needle on their investments in the future.
The reasons for the digital marketing performance gap and low returns is for the following reasons:
• Digital marketing is not fully integrated across companies since most companies are still in either the visualizing design transformation or emerging stages.
• While companies have increased their investment in data analytics, it’s a complex marketing tech stack with a learning curve. It will take time before companies start seeing returns on these enhanced data analytics investments. In addition, marketing departments are struggling to convert raw data into actionable metrics that will improve business growth.
• In today’s landscape, there are multiple digital touch points (apps, social media, websites, etc.), that make it difficult to map out the customer journey. Only 40% of marketers report having systems in place to track customer engagement in a way that informs their marketing roadmaps. Without being able to track the end-to-end journey, companies are unable to attribute sales to touch points and quantify digital-specific contributions.
• With the evolving privacy rules about third-party data, companies are searching for other ways to learn about customers in order to segment and target customers effectively.
• A significant amount of companies still outsource their digital marketing activities which makes it challenging to maintain and build out an integrated brand strategy if it’s being driven by an external agency.
By focusing on strategic experimentation and building a culture of rapid learning, investing in AI and machine learning, and leveraging first-party data, marketing leaders can help close the digital marketing gap and achieve greater revenue.
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