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Most cos struggle tackling new digital realities
By siliconindia
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Thursday, 02 December 2010, 14:53 IST
Boston: The fast paced growth in social, mobile, and online media has put a new challenge before the senior marketing executives who admit they are struggling to adapt their management approaches and organization. Figuring out options to tackle this new problem, some best practices for digital marketing are emerging, reveals a new report by The Boston Consulting Group (BCG) in their report titled 'The CMO's Imperative: Tackling New Digital Realities.'
Despite incredible growth in social, mobile, and online media, companies struggle to build new digital marketing capabilities. This the result of BCG's survey of 56 marketing executives at mostly large and midsize companies with world-renown brands. Interviews were held with 45 corporate marketers, media company executives, advertising executives, and other industry experts, as well as on BCG client experience. The study explains how companies are reshaping their marketing spending and internal capabilities, and highlights implications for executives considering approaches to digital marketing.
"Today's disruptions echo the 1960s of Mad Men, when television was an emerging platform just as digital media are today," says John Rose, a Senior Partner in BCG's New York office and an author of the report. "Once again, we see some companies taking bold steps to invest, even amid massive uncertainty. The 'new gurus' will be the ones who figure out how to adapt their marketing management to these new realities, and their success will shift market share and create powerful brand positions just as in the heyday of Madison Avenue," he added.
According to the survey, almost 90 percent of respondents said their companies plan to spend more on social-media, mobile, and online advertising in the next three years. However, many of these companies are taking a leap of faith, investing despite gaps in in-house talent, measurement tools, and agency supports. Most respondents said they do not believe that they have developed the right tools for managing their increasingly complex media mix.
Minimum levels for investment in digital marketing, possessing the tools required to make trade offs across media vehicles, and making executives believe that digital marketing is important to their personal success are some of the best practices emerging at present.
