A recent infographic published in Adweek by Melissa Hoffmann shows that CMOs are preparing for digital to grow to 75% of marketing’s budgets. A survey of CMOs shows they understand the industry is going digital, but they are still resisting the “digital” label for their companies. I agree strongly with the broader message and hypothesis of the survey but would like to call out a few areas:
Who in the C-Suite is responsible for Digital Innovation — While I see all the key titles called out, I don’t see the CMO which shows the continuous pattern in the industry that isolates marketing from technology or marketing from innovation. The CEO is of course the sponsor for the broader innovation agenda in this case while the CTO/CIO drive the innovation practice however that is not possible without a strong convergence with the marketing organization or the CMO. In general, digital innovation will not be successful in isolation across any of these functions and requires collaboration across disciplines. It’s time we broke down the silos and drove convergence and collaboration across the board.
Direct Mail Investment & Impact — It continues to amaze me both as a marketer as well as a consumer how much brands continue to invest in direct mail. For one, there is no accurate way to measure the ROI and secondly with a majority of the consumer landscape living in a digital world, how many of us actually go through the pile of direct mail sh$$&* we get every week in our mail boxes? Not to mention the impact it has on our environment both before and after delivery.
Digital vs Traditional Broadcast or TV — There has been a lot of discussion & debate around the need for the marketing spend to shift from traditional broadcast to digital where the consumer is today. However, I don’t believe it is really an either-or situation where one has to give way to the other. The need is to define a holistic strategy across digital & traditional media channels because they will continue to compliment each other, driving tremendous attribution across the board. The better strategies will look at them as collaborating and co-existing rather than competing.
Overall, it’s a great summary of where the marketing budget is going. Take a peak: