Over the next three to five years, the marketing function will increasingly come to drive strategy, revenue, and customer experience and engagement, say most of the senior marketers who responded to a new Economist Intelligence Unit survey, sponsored by Marketo.
But for marketing to sustain its momentum, 81% of marketing executives say the function must be redesigned and restructured in order to better support the business, with 29% saying the need to act is urgent.
The rise of the marketer: Driving engagement, experience and revenue points to the impact of technology, the importance of managing the customer experience, a new skills set for marketers and the role marketers play in setting strategy as the key issues facing marketers as they look to the future. In particular:
- Over next three to five years, 75% say they will become responsible for pulling together the scattered pieces of the end-to-end customer experience
- Marketers are aggressively seeking new skills—especially those who believe that a restructuring of the function is urgent. Skills in demand include: digital engagement, marketing operations and technology, and strategy and planning
- Just over half of marketers expect the Internet of Things to revolutionise marketing by 2020. Almost the same number cites real-time personalised mobile as the trend with the biggest impact
- Marketing will be seen less as a cost and more as a revenue source. In 3-5 years, marketers say, about 4 of 5 firms will classify marketing as a revenue driver
- Engagement is becoming paramount—and because an engaged customer is one who keeps coming back for more, engagement is coming to be defined most often in terms of sales and repeat sales
Gilda Stahl, the editor of the report, said:
"As marketers take centre stage in managing the customer experience, they're discovering new ways of supporting the business. New tools are enabling marketers to play a bigger role in driving strategy, but to fully embrace the opportunity marketers need to constantly evolve—and arguably—reinvent themselves.”
The rise of the marketer: Driving engagement, experience and revenue
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Notes to editors
The rise of the marketer: Driving engagement, experience and revenue draws on an Economist Intelligence Unit survey of 478 CMOs and senior marketing executives. More than 50% of respondents hold the CMO title or top marketing position. The global survey was conducted in November 2014. Respondents are personally located in North America (33%), Europe (30%), Asia-Pacific (29%) and Rest of World—which encompasses Africa and Latin America (9%). More than 50% (52%) of survey respondents hail from companies with more than US$500m in revenue; 20% have revenue over US$5bh.
About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. As the world's leading provider of country intelligence, The Economist Intelligence Unit helps executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information about The Economist Intelligence Unit can be found at www.eiu.com or follow us on www.twitter.com/theeiu.
Marketo (NASDAQ: MKTO) provides the leading marketing software and solutions designed to help marketers master the art and science of digital marketing. Through a unique combination of innovation and expertise, Marketo is focused solely on helping marketers keep pace in an ever-changing digital world. Spanning today's digital, social, mobile and offline channels, Marketo’s® Engagement Marketing Platform powers a set of breakthrough applications to help marketers tackle all aspects of digital marketing from the planning and orchestration of marketing activities to the delivery of personalized interactions that can be optimized in real-time. Marketo's applications are known for their ease-of-use, and are complemented by the Marketing Nation®, a thriving network of more than 320 third-party solutions through our LaunchPoint® ecosystem and over 50,000 marketers who share and learn from each other to grow their collective marketing expertise. The result for modern marketers is unprecedented agility and superior results. Headquartered in San Mateo, CA with offices in Europe, Australia and Japan, Marketo serves as a strategic marketing partner to more than 3,400 large enterprises and fast-growing small companies across a wide variety of industries. For more information, visit www.marketo.com.