According to a report from Accenture, 40% of top marketing executives don’t feel prepared to meet their objectives, citing inefficient business practices among the top impediments to performance.
In response to these concerns, executives reported that they are shifting their investments to analytics to measure the changes in demand for multichannel marketing. Almost half (48%) of executives will be dedicating more funding to managing customer data, 40% will focus on web analytics, and 39% will invest in market analytics.
“The growing investment in digital capabilities will help marketing executives improve their understanding of changing consumer needs and manage multiple channels,” said Brian Whipple, Director of Global Managing at Accenture Interactive. “However, improved performance will require more than new digital and analytics talent. The challenge of digital transformation is how to implement beyond marketing and across the entire enterprise.”
To net see the greatest results, most executives are looking towards full-time employees with digital skillsets through fresh hires or internal training.
However, this is only addressing a portion of the problem, the study revealed. According to Whipple, increased performance will require an understanding of “how to implement beyond marketing and across the whole enterprise.”