Optimism is growing among US marketers regarding the amount of spending and growth within their organization, with 53 per cent of US marketers surveyed stating that they believe their business will grow in revenue within the next few years. However, many perceive senior leadership as lagging behind in their understanding of the importance of investing and training in digital technologies.
In a recent report conducted by the American Marketing Association (AMA) in partnership with Millward Brown Vermeer, while 60 per cent of those surveyed believe that the role of marketers will grow in influence and authority within their organization in the coming years, marketers believe that senior leadership lacks understanding of the value of digital technologies. They also do not think there is sufficient training for marketers tasked with converting big data and analytics into true results and digital transformation.
The report suggests that technology and digital tools are primary drivers of organizational power and influence, with virtual reality, social media, live marketing and the Internet of Things (IoT) deemed as the best opportunities to increase customer interaction and drive continued loyalty.
Additionally, 60 per cent of marketers feel that this is the right time to invest in more digital technology and automation; with 40 per cent feeling as if customer spending will increase; and nearly 30 per cent planning on increasing the size of their marketing budget over the next six months. The report suggests that more of the marketing budget will go to media placement, new product development and market research and analytics.
Interestingly, the report found that only 22 per cent of respondents have insight of true ROI of all key marketing programs.
“As marketing budgets increase, we expect most of the dollars to be allocated toward media placement, new product development, sponsorships, and market research and analytics,” said Russ Klein, CEO of the American Marketing Association. “While marketers display increased optimism on their industry and budgets, there is evidence they are not as confident about the ability to quantify the ROI of marketing initiatives.”