A new report finds that many marketers are laggards when it comes to understanding media technology and the impact it can have on their businesses. And as a result, they are overly dependent on their agencies to provide strategy and solutions. And many brands admit they are not using available media technology effectively.
According to a new study by media consultant ID Comms, 41% of marketers polled in a survey acknowledged they are using media technology “ineffectively” or “completely ineffectively.”
Conversely, just 15% claimed to be using media and ad technology platforms effectively while none of those polled claimed to be using it “very effectively.”
Advertisers also admitted that they had a lack of understanding of how each technology platform within the stack contributes to the value chain and serves specific business/media goals. Eight per cent claimed a “good understanding”, 67% “some understanding”, 22% “little understanding” and 3% “no understanding.”
The vast majority of advertisers agreed with the statement “Advertisers inability to keep up with the rapid evolution of the tech landscape makes them over dependent on solutions provided by their agency.” In total, 83% either “agreed” or “strongly agreed”. Even 37% of agency respondents agreed.
By contrast, most of the marketers and agencies polled agreed that a thorough understanding of the tech stack and its impact on their businesses was crucial to execute a successful marketing strategy.
“What we find with these results is that marketers have a concerning lack of understanding about the precise impact that marketing technology is already having and will continue to have on their wider business,” said Susy Pyzer-Knapp, Consultant at ID Comms. “Marketers demonstrated anxiety over the rapid pace of change, anxiety about where to seek objective advice and an over-dependence on agency-provided solutions. There has never been a greater need for marketers to get to grips with this area.”
The findings are based on responses from 229 respondents. The respondents were comprised of marketing, media and procurement professionals with a range of global, regional and local market responsibilities, representing companies spending over $40 billion globally on advertising each year. Seventy-seven percent of the respondents were Europe-based, 11% were from the US and the remaining 12% representing the rest of the world.
My advice: Get on the stick marketers. You can’t afford to be complacent about technology in the age of business transformation. It’s what’s driving the change. So hop to it or your less-complacent competitors are going to eat your lunch.Check out the full report here.