Mobile, Big Data and the Internet of Things: undoubtedly three of the hottest business buzzwords in the past two years. They all have one thing in common – a shared dependence on technology.
Advances in technology over the last few years have opened up a new world of possibilities, and as a result the digital landscape continues to grow.
Digital marketing is one beneficiary of these advances, as senior business executives and marketing professionals leverage advanced tracking and reporting tools whilst exploring new marketing channels to engage customers.
As digital channels such as mobile and social become more influential in the buying cycle, global brands are now spending around $200 billion per year on digital marketing, up 15% from last year.1
So we know the buzzwords and we’ve seen the activity, but what else is on the mind of the modern marketer?
Impact Radius sent a survey to marketing professionals and digital advertisers to understand their top priorities in 2015. What channels are marketers investing in most? What are their challenges? And what do they feel they’re doing well?
One of the recurring themes discovered in the survey was a focus on the mobile channel that includes plans to optimize websites for mobile, invest in mobile apps, and ultimately, better understand the channel and its value. The affiliate channel was also noticeably high on the agenda, as marketers look for ways to increase revenues and maximize digital spend.
The results of our survey also provided a couple of surprises, and one of them was the number of marketers (over half of those asked) that considered straying from the traditional last click crediting methodology. A highly debated topic in the affiliate space, it appears that digital marketers are exploring new crediting models for their affiliate traffic.
Those surveyed generally felt that they had mastered social media and email, with many stating that they are comfortable managing the channels in-house. Instead, they want to increase their understanding and insight into the value of individual channels. This is seen as a challenge, with so many digital marketing channels in the mix and sophisticated buying journeys that involve multiple touch-points. That said, marketers are expected to invest in attribution modeling and new ways of viewing their marketing spend across channels using automated technology. This investment in Big Data will help them optimize their campaigns to deliver better return on investment and maximize revenues.
Key findings from the survey include:
- 56.82% of marketers report that 80-100% of their revenues come from online channels
- Affiliate (60%) and Mobile (62.86%) are top two channels that digital marketers plan on increasing budgets in this year
- 45.16% of marketers’ websites are optimized for mobile, whilst 41.94% are currently working on developing websites that are mobile friendly
- Web conversion optimization (61.29%), Deepening insights into channels and value (51.61%) and Delivering personalized experiences for customers (51.61%) are the top three priorities for marketers in 2015
- 70.97% of marketers agreed that having disparate data and workflows across multiple systems negatively impacted team productivity
- 30% of marketers are utilizing attribution modelling for marketing optimization and 46.66% are working on it or plan to in the near future
- 50% of marketers view their ad spend across multiple channels by manually assembling from multiple spreadsheets, while only 6.67% have a complete, centralized view of their ad spend
- 50% of marketers are considering a different methodology for conversion crediting beyond last click, while 10% are not considering a different methodology
1. Juniper Research, “Digital Retail Marketing”, http://www.juniperresearch.com/researchstore/commerce-money/digital-retail-marketing/loyalty-promotions-coupons-advertising, April 2015back to all blogs