Some 85% of CMOs say their efforts at implementing an omni-channel marketing strategy are being thwarted by a lack of access to data and inadequate tools/technology, according to a recent report by the CMO Club and Visual IQ.
Moreover, 82% say an inability to measure cross-channel performance is standing in their way to implementing an effective strategy, and 80% cite a lack of in-house talent.
Omni-channel marketing was defined in the report as "a strategy...in which brands plan, execute, measure, and optimize their efforts through every marketing touchpoint experienced by their target audience."
Below, additional key findings from the report, which was based on data from a survey of 223 CMOs and heads of marketing, the vast majority of whom (86.7%) spend greater than $5 million annually on digital marketing (39.9% spend greater than $50 million).
- 84.6% of respondents say they are either not measuring their cross-channel marketing performance at all or are measuring it using anecdotal, subjective rules such as first-touch, last-touch, or some other criteria they have established.
- Most respondents are less than satisfied with their ability to assess the impact of one channel's performance on another channel: 69.8% rate their ability to do so as "Fair" or "Poor."
- Only 4.8% of respondents rate their ability in this area as "Very Good"—the same percentage using advanced attribution as their cross-channel measurement methodology.
CMOs identify "Mobile Commerce/Mobile Advertising" and "Harnessing Big Data" as their two highest priorities for the next 12 months. Both categories are considered "Very Important" by 28.4% of respondents.
About the research: The report was based on data from an online survey conducted on October 2013 of 223 CMOs and heads of marketing. Respondents to the survey represent organizations that make significant annual investments in digital marketing: the vast majority (86.7%) spend greater than $5 million, and 39.9% spend greater than $50 million.
You may like these other MarketingProfs articles related to Marketing Strategy:
- What Is Marketing Strategy? A Brief Introduction
- 10 Ways to Improve Customer Experience [Infographic]
- The Role of Data in B2B Go-To-Market Strategies
- Three Steps to Personalizing the Overall Customer Experience
- Four Steps Marketers Can Take to Drive Growth During a Recession
- The Most Important Elements of a B2B Multichannel Strategy