Recently Millward Brown Digital published its 2nd annual Getting Digital Right study, which incorporates inputs from over 400 marketers from brand, media and agency backgrounds. The top 5 takeaways from the study are as follows:
1) Big Data is at forefront – All three marketers (brand, agency and media) rated Big Data to be the most important opportunity. This continues to be the green pasture for both marketers and advertisers. The need of the hour is that marketers from both ends need to collaborate and tame this animal which would help in understanding customers and consumers in better manner.
2) Location-based Marketing least priority! – This came as a true surprise to me. Be it fashion, retail, food, travel brands most of them often talk about location-based marketing. Even B2B organizations often have this mindset to engage with their influencers during key offline events through location-based marketing. Given the fact of increased mobile penetration and increasing usage of internet through mobile devices, in my view this should be given much higher preferences than what has emerged from the study.
3) Multiscreen marketing is the 2nd most important opportunity for marketers in 2015 – The increasing focus of brands on Internet of Things is the key reason behind this trend. Moreover, brand marketers have successfully used combinations like TV + social media, TV + mobile etc. to provide a seamless customer engagement.
4) Traditional Advertising occupies substantial share in media mix – Irrespective of the domination of digital channels, traditional advertising constitutes a healthy 17% share of media mix, however incremental expenditures are decreasing as evident from the chart in point no. 5.
5) Mobile Advertising and Applications has garnered highest growth – This channel has garnered highest growth rate in terms of investments and very logical with the increased penetration of both mobile devices and internet on mobile devices across the globe.
Some of the best anonymous quotes that were featured in the study report are:
“Our top focus is to turn a wealth of client data into actionable insights and personalized experiences”
“A top pain point in our organization is having insufficient knowledge and training on how to use the available data to continually refine marketing programs”
“Organizational silos prohibit consumer journey planning”
“Measuring the impact of all aspects of digital is very hard and without being able to show impact / ROI, we are less likely to invest highly in it”