Nobody Said Reinvention Would Be Easy
Liz Miller, Senior Vice President of Marketing, CMO Council –@
Confidence is growing. Sophistication is escalating. Marketers are advancing digital like never before across Asia-Pacific and Japan. But now comes the really hard work.
Today’s marketing organization is at an impasse. We must all make the active decision of whether we are going to cling to the branding and advertising tenets of the past—filled with loose measurements and traditional tactics—or venture into the fast, often out-of-our-control space known as our customer’s digital reality.
Here is the singular point of truth to remember: Our customers are already digital. Consider this:
1,621,000: The number of active mobile consumers in Asia
969,583,240: The number of active social media users in Asia
1,255,745,291: The number of active Internet users in Asia
While marketer confidence is growing, so is a sense that we are just at the start of one of the hardest journeys that the industry has ever seen: catching up to our customers. We are facing a reinvention, a renaissance of marketing that will usher in a new era of business-minded, data-driven, social and mobile-savvy marketers.
When I look at the findings from last year’s “APAC Digital Marketing Performance Dashboard 2013,” conducted by the CMO Council in partnership with Adobe, two items immediately jump out as things we must stop doing immediately as this reinvention takes off:
• Stop accepting less than exceptional measurements. We cannot afford to market without measuring. According to last year’s survey, only 17 percent of marketers feel they have an excellent or very good grasp on digital marketing measurement and analytics, with 34 percent admitting this area needs improvement. We need to measure marketing outcomes and results against the businesses we are being tasked to drive.
• Stop hedging your digital bets…allocate! Global marketers are investing between 25 and 35 percent of their overall marketing budgets specifically to digital, and we are seeing this number shift and grow dramatically year over year. However, marketers in APAC are spending far less as only 14 percent of survey respondents are spending on par with their global peers. We need to invest properly in the engagements, experiences and channels that are yielding measurable and profitable impact for our brands. It will be hard, but it can and should be done. Consider Molendez, the company behind brands like Oreo and Trident, which will allocate 50 percent of its budget to digital by 2016. Will it be easy? No. But Molendez rightly believes it needs to go where its customers are engaging.
As we prepare for the upcoming Adobe Digital Marketing Symposium, I challenge all of us in marketing to take a hard look at what we need to stop doing in order to spark this reinvention of marketing. What role will each of us play in this advancement?
If you thought the data points I shared in this post were interesting, I’d like to invite you to be part of our 2014 study by taking a short survey that will ask where you are in your brand’s digital marketing maturity. As a thank you for your time, we will share a complimentary copy of the report with you once it is published later this year. Take the survey here.