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CMOs will be increasing budgets in social, mobile and analytics both short-term and over the next few years, according to a bi-annual survey conducted by the Duke University School of Business. The results of the survey show that B2C and B2B marketing executives will be increasing marketing spend on mobile 160% in the next three years, despite difficulties in demonstrating ROI:
Survey respondents indicated they plan to boost spend on digital marketing as a whole by 12% in 2016. How can CMOs ensure that they’re allocating budget where it can make a tangible difference? As with many digital advertising questions, data is the answer.
Spending on marketing analytics is expected to increase 66% in the next three years, but even with access to more data, marketing executives are concerned they’re missing out on opportunities for business growth. According to Christine Moorman, director of the CMO Survey, “One of the challenges CMOs face is using all this sophisticated information to drive decisions. It’s not just about getting the right data, but managing the processes and capabilities, and bringing marketing analytics into decision-making.”
As a leader in in-house advertising automation software, we know that when data is controlled by skilled operators on internal—not outsourced—marketing teams, the value of social media and mobile marketing is crystal clear. Digital marketers can easily identify where to allocate spend and where to cut losses; which customers are top performers and which target audiences are not a good fit. And with advertising automation software built on a foundation of complete data transparency, reporting on revenue generated by social and mobile ad campaigns is simple.
CMOs cannot afford to keep funneling resources where they are unable to prove the impact.
With social media spending slated to account for nearly a quarter of total marketing budgets by 2020, the time for evaluating a shift to in-house marketing is now.