With all of the customer information now available to them, chief marketing officers feel they’re not getting the analysis and execution expertise they need from their current agencies.
According to a new white paper from the CMO Council and Ebiquity (which included a survey of 276 marketers in the first half of the year), 83% of marketers are looking for unique skill sets and capabilities to focus on specialized knowledge and business acumen. Furthermore, they say they’re not getting those services from their current agencies. Indeed, nearly three-quarters of the respondents said they’ll be looking for an external partner to help evaluate and link their data and digital performance.
The report, “The Path Forward: Marketing’s Outlook Into the Digital Future,” suggests that as digital marketing budgets increase and customer communications becomes more personalized, marketers will need additional expertise in data, analytics, content creation and channel management to improve their ROI. To find it, they may begin looking to partners outside of their traditional agency mix to provide it.
“Agencies are going to get a bit of a wake-up call probably in the next few months,” Liz Miller, svp of marketing for the CMO Council, tells Marketing Daily. “[Marketers] are still getting a campaign-to-campaign approach. What they are looking for is to take the output from these campaigns and synthesize them into the next great experience.”
Indeed, only 5% of the survey respondents (who spend more than $10 million on media per year) said they were confident in their media or agency partner’s performance. The increased accountability to their company’s bottom line is leading marketers to rethink how they approach their overall marketing, Miller says.
“There’s a sense that what we’ve been expecting in the past — whether that’s great creative, great strategy or great relationships — is changing to having a true business partner,” Miller says. “It’s time for marketers to begin asking, ‘What am I in need of with my data, and how can I get it working for me?’”