Big Shift to Digital and Data Marketing Weighs Heavy on Media Agencies
FREMONT, CA: We live in a world where specialists rule and where experts’ opinions matter the most. The marketing world too is inching closer to the space governed by the experts where marketers want the domain experts to delve into the wide vista of marketing performance and want them to handle the ever flowing data, digital migration, channel fragmentation and a more diverse, multi-cultural consumer base. The marketers are well, venturing beyond their traditional advertising agency base and moving towards the ‘more knowledgeable other’. A recent report corroborates this.
The Chief Marketing Officer (CMO) Council and Ebiquity, an independent marketing analytics specialist, have recently come up with a strategic report, entitled “The Path Forward Marketing’s Outlook into the Digital Future”.
The report suggests that as budgets rocket for digital marketing campaigns and customer engagement, marketers are now seeking expertise in data analytics, content creation and channel proliferation to improve ROI. Marketers are relying now more on solution providers and partners for better performance and to find a means to tackle the enormous challenges faced by marketing today.
According to the survey 60 percent of the respondents spend more than $10Mn annually on media buys while only 5 percent of participants are confident in their media or agency partner’s performance. Marketers are in fact, planning to put into effect far more strict and rigorous ROI thresholds on their media and agency partners to capitalize on return.
"Marketing is at a crossroads, and now is the time for agency partners to work even harder to meet the expectation for performance and creativity," said Nick Manning, Chief Strategy Officer for Ebiquity. "This has created an interesting phenomenon of global marketers placing their old agency accounts up for review—calling everything from performance to contract structure into question. Marketers recognize that the world has changed, and they're looking for partners who can unlock the new communications landscape in all its manifestations while being responsible, professional business partners. Now is the time for agency partners to give marketers exactly what they want…and what the customer needs."