Right tools and skill sets needed in digital marketplace
The marketing departments across various industries have undergone a drastic change over the past few years. Companies are constantly leveraging newer channels such as web, social and mobile to get faster return on investment. Experts believe, businesses will have to increase their digital marketing budgets by focusing on the right digital tools and newer skill sets to succeed in the marketplace.
Coping in the digital landscape
A recent Gartner report shows that at present enterprise budget for digital marketing is growing about twice as fast as their overall marketing budget and represents approximately a quarter of an organization’s total marketing spending. There has been a marked change in the past one year. For example, spending on customer relationship management software is expected to exceed $14 billion by 2013-end, an increase of 7.5 percent over the previous year.
Marketing departments in different companies are depending on digital technology for managing content, segmentation, understanding customer preferences and conducting market research with the help of analytics, customer relationship management as well as big data technologies.
“Digital marketing mirrors the shift to a booming digital marketplace. Techniques such as inbound, real-time, and data-driven marketing are helping companies generate revenue faster,” says Gartner analyst Adam Sarner. He recommends that for digital marketing to be successful, need an orchestrating of online and offline to fully engage customers and they should constantly reinvent themselves for success.
One area that has tremendous growth potential is content marketing. Today customers are consuming more content than ever, and with the proliferation of social media, video, and mobile, companies are seeking new approaches for content marketing. Sarner believes with the growth of digital channels, the demand for content will only continue to grow.
Similarly, there are several other components of digital marketing that should be leveraged based on a company’s digital strategy, such as database marketing, advertising, email marketers, mobile marketing and there is no ‘one-size-fits-all’ in the process. Moreover experts also believe that digital technology requires a digital focus. For instance, e-commerce optimization is integral to differentiating a business’s online presence from its online competitors.
New skill sets
Experts believe that as the dependence on digital marketing continues to grow, companies will create new skill sets with greater marketing and technical know-how. Even the existing skill sets within the organization needs to be reviewed for a more effective use of the digital environment.
Many believe in the coming years, businesses will hire professionals such as chief digital officers to offer consistent digital experiences with the help of new channels such as web and mobile computing. A recent Gartner forecast suggests that 25 percent of businesses will plan to hire a by 2015. The digital officer is expected to have the right acumen knowledge of the technical tools to optimize digital marketing processes As Ralph Simon - CEO, The Mobilium International points out that digital officers should ensure consistency and adapt to trends that facilitate the optimization of digital business components, such as mobile applications, content management systems, e-commerce and so on.
Experts also believe that for an orchestrated digital marketing experience, priority should be on CIO and CMO collaboration which will help companies.“Today, customers are more informed and have much higher set of expectations from the brand than ever. Any lag on a company’s digital offerings can result in lost opportunities to attract customers in the digital landscape. In order to address the digitally empowered customers, it has become imperative for the CMO to be accustomed with the digital landscape and work closely with the CIO and IT department to optimize their digital marketing process,” says Suresh Dangi, IT Head at Titan Eye Plus.
Dangi mentions that by infusing technical knowledge into the analysis of a product or segment, the marketing department will have a clear understanding on building new channels and reaching newer markets. This in turn will help improve the bottomline.
- Shoppers Stop To Invest Rs 60-Cr In Omni-Channel Strategy
- Mobile Travel Apps To See Boom Time Ahead
- Digital India: SMAC Leaders Are Driving Its Growth
- Digital India: Life In A Connected World
- How 'Digital' Is Posing New Challenge For CMOs
- Digital India: Why Are Enterpises Betting Big?
- Xerox Appoints Ashraf ElArman as India MD
- Satya Nadella Makes 'Tough Choice' To Attain 'Digital' Heights
- Digital India: Telcos Upbeat But Challenges Remain
- Insurance Cos Struggling To Please Gen-Y Customers