For nearly a decade now, the pace of digital marketing transformation has been rapid, but the pandemic has followed it abruptly. Result? The marketing workforce has expanded, the marketing mix continues to grow, and the matrix of technology providers has grown.
and smart devices. So now, marketers are committed to creating exceptional customer experiences across the spectrum of real-time marketing and brand navigation through the openness and transparency inherent to media. social media.
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Successful marketing requires an ongoing commitment to creating exceptional customer experiences, along with transparency, agility, and accountability at all levels. .
The question is no longer whether you are prioritizing digital growth. How will you do the digital transformation of your business instead?
All challenges to digital transformation adoption are surmountable. A good starting point is to understand the obstacles ahead and then develop strategies to tackle them.
Let’s take a look at seven of the most common obstacles marketers face.
Advances in marketing technology have made everything measurable. It can be a challenge for marketers who have never been in charge of marketing metrics like subscribers, leads, conversion rates, and sales.
By 2021 Survey CMO , the pressure to prove the impact of marketing efforts is increasing. 58.7% of marketing leaders report increased pressure from CEOs and 45.1% from CFOs. Much of the report quantifies tools that aid in reporting the short-term impact of marketing spend, however, showing the long-term impact is still more of a qualitative assessment.
Marketers need to develop strong analytical knowledge and the ability to continually demonstrate the value of marketing to CEOs, CFOs, and the rest of the executive team.
Let’s look back almost a decade ago. The MIT Sloan Management Review and Capgemini Consulting teamed up in 2013 to survey 1,559 executives and managers about digital transformation to enable major business innovations.
In report , the researchers found that while 78 percent of respondents indicated that digital transformation will be critical to their organization within the next two years, 63 percent feel the pace of change in their organization is too slow. The most commonly cited obstacle is “lack of urgency.”
Fast-forwarding to 2021, most of us feel that the “urgency” is driven by COVID and forced to shift to digital processes and technologies. However, some employees are still afraid to leave behind familiar tools and ways of working. Often, business leaders become comfortable with historical success and lack the motivation to change their ways. They think they can maintain market share, grow sales and profits by doing what they’ve always done.
But digital transformation has the power to change industries and make market leaders obsolete, as we’ve all seen. While the effects of complacency may not be apparent in the short term, they could end up paying the ultimate price.
3) Conservative culture
There is an old axiom in the IT industry: “Nobody ever got fired for buying IBM. “The idea that IBM is a safe bet because it is a known entity. While newer and sometimes more innovative companies may come with better features and products, IT departments have been conditioned to avoid risks and stay true to the status quo.
The same thinking applies to marketing today: “Nobody has ever been fired for placing an ad.” Advertising, direct mail, trade shows, telemarketing and other traditional activities are familiar. The risk is minimal, but so is the potential reward.
Taking advantage of opportunities is a huge competitive advantage.
Modern marketers are constantly experimenting with new technologies and strategies. While the likelihood of failure increases, so does the number of real-time learning opportunities. Analytics software gives marketers insight into what went wrong and the ability to make adjustments to improve performance.
As conservative organizations stay on the sidelines, modern marketers are capturing market share by enabling marketing automation and AI programs.
Businesses that grow too slowly and are too afraid of the opportunity will lose money in the long run. Conservatism can be corrected, but this change begins at the top. Leaders must provide the resources and runway to make what’s possible.
Success doesn’t happen overnight, so patience and persistence are essential.
4) Lack of knowledge and talent
In a recent global survey by McKinsey 87 percent of executives said they are experiencing a skills gap in the workforce or expect them to be within a few years.
The marketing talent gap has a direct impact on your business. It can affect your company’s ability to adopt new technologies and strategies as the industry is constantly changing.
Try to hire good leaders with a growth mindset. Hiring digital savvy leaders has a big impact, highlighted by almost 70 percent McKinsey survey respondents. They experienced digital change as new leaders familiar with digital technology joined the management team.
To get ahead, you must attract a host of new marketers, build in-house academies to grow your current marketing team, and evaluate outsourcing marketing agencies to the right knowledge. knowledge and skills complement the combination.
5) Power Struggle and Politics
Power struggles and politics are two unfortunate realities in business. Self-awareness and self-interest can become challenging.
If decision-makers controlling the pace of change within a company lack confidence in their ability to guide digital marketing transformation, they can, consciously or subconsciously, hinder progress to maintain control and power.
If you feel like an individual or department is slowing down, take steps to understand which parts of the process motivate and intimidate them. Use this knowledge to take a more strategic approach to change management, helping to build purchasing activity every step of the way.
Subscribers, fans, followers, leads, and customers choose when and where to interact with your brand. They don’t differentiate between marketing departments and channels.
Think of all the possible consumer touch point .
People can call, complete web forms, start online chats, search the web, download content, attend webinars, subscribe to blogs and/or connect on social networks . At each interaction, their needs and intentions may be different. They are entering unique stages with your brand, however, they want the customer experience to be consistent.
Imagine how many different departments and individuals within your company influence the customer experience of the above.
With the digital transformation and the shift to inbound marketing, the stakes are high. Marketing has to break down its own silos (ad, media, content, digital, PR, SEO, social, web).
Find innovative ways to collaborate with customer service, finance, HR, IT, operations, and sales to drive performance and create consistent customer experiences.
7) Legacy System and Tech Fatigue
The matrix of marketing technology is vast and expanding at an exponential rate. According to Scott Brinker 2020” Ultrasonic Landscape Marketing Technology ,” has 8, 000 Mar-Tech Solutions. That’s the 5,233% growth of this landscape since 2011!
Keeping up with the latest and greatest tools is exhausting. While there are smarter ways to do almost any marketing function, from CRM to website content management, large businesses have legacy solutions available, while small and mid-sized businesses (SMBs). ) face budgetary and human resource challenges.
Change takes time, money, solid leadership support, and an internal champion willing to weather the political and power struggles needed to move the business forward.
High-performance companies are prepared for permanent change. They put agile marketing teams and business processes in a position to scale and adapt as new technologies and opportunities emerge.
Agile, dynamic and transparent professionals and businesses have the opportunity to disrupt markets, displace leaders and redefine industries.
The next generation of leaders will be the ones willing to leave their comfort zones, let go of their fears and anxieties, take risks, and build remarkable personal and corporate brands.
How will you achieve that?
Visit performance.pr 2020. com for more information and resources.
This post was originally written by Paul Roetzer and updated by Michelle Saunders in 2021.