Todays post is a comment about the results on the performance of on-line marketing campaigns (see attached graph).
As you can see, only 5% would consider the results as EXCELLENT, having great ROI and metrics put in place. There is another 15% that considers to have GOOD practices. What is most worrying is the rest 85% who are either still struggling trying to realize the benefits of on-line marketing or have simply not the know-how or the tools to monitor its effectiviness..
And the question arises, why is that? I must admit these results are not a surprise to me...
First of all, there is clearly a lack of talent and resources in the average small and medium enterprise. It is simply a new field where nobody really knows how to most effectively cash-on the investments. Everyone will agree on the potential, but few understand how it really works. It might be a generational issue, CMOs have not been born being internet savvy, but I feel it is more the need for the market to mature.
Take a look at Facebook and other social media. Facebook does not even have a profitable business model, how could then other companies expect still to cash-in next day via Facebook? There lacks a long term vision, a vision of brand building and loyalizing rather than looking for the top-line results everyone is looking for in these recession times.
On-line marketing is still not the “holy grail” of marketing!
Secondly and specially in the case of big multinationals (more risk averse), there are still lots of pending issues that require answers. The risks are still too high compared to the potential rewards. For instance who takes care of the new responsibilities? (internal marketing governance), how about compliance or ensuring safe, secure use of social media? These are some of the topics being discussed at the moment. The Internet demands new talent to develop strategy, execute, monitor and measure, and not all marketing organizations are currently equipped with that personnel.
Thridly, the IT systems and analytics needed to have a coordinated and efficient approach. Companies still manage the different investment as silos, and data and systems are spread all-over the organization. Thus, it is difficult to justify investments. Better times need to come when INTEGRATION comes in place. No wonder email and marketing automation rank as the number one deployment among survey respondents.
Posted by Ignacio Molins
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