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Marketing Integration & Accountability
StumbleUponLeading companies recognise the growing need to measure their marketing campaigns effectiveness, but admit they spend little executive time doing it, according to a global survey compiled by the Economist Intelligence Unit...
A new survey finds online marketing needs better accountability and integration with offline campaigns. Leading companies recognise the growing need to measure their marketing campaigns effectiveness but admit they spend little executive time doing it, according to a global survey compiled by the Economist Intelligence Unit...[Register and post your own comments on this article below...]
• Half of all respondents think that the level of accountability for all marketing activities is “rising dramatically”.
• Executives spend less time assessing the performance of marketing campaigns than either planning or executing them.
• Between a third and a half say they don’t know how to measure the impact of several of their online marketing activities either.
The survey – sponsored by Google – also showed that leading companies believe marketing will play an increasing strategic role in their business, and that online advertising will be central to major campaigns. Over half believe that brand advertising will drive that growth.
• 45% of respondents believe that the marketing department will become more deeply involved in decisions regarding strategic partnerships.
• 72% of respondents say that in two years’ time online will be the media platform that determines how major interactive marketing campaigns are planned and executed (up from only 28% of respondents who believe that today).
• 29% of companies will re-allocate their marketing budget from offline to online advertising and promotion.
According to Nigel Holloway, director of research in the Americas for the Economist Intelligence Unit, “Online marketing is rapidly maturing, but companies have to make sure their actions catch-up with their aspirations. Executives must not lose sight of the need for specific yardsticks of success in every part of their marketing budget”.
Google warns of missed opportunties
The survey also detected little apparent co-ordination between online ad spending with traditional media budget allocations. Integration of online and offline marketing remains the exception rather than the rule, with 52% of executives admitting their online and offline marketing efforts either run in parallel or are not integrated at all.
Google indicated that more needed to be done if companies were to exploit the potential for online marketing.
“The next two years will be decisive for the art and science of media marketing,” said Lorraine Twohill, Director of European Marketing Programmes. “This research clearly demonstrates the paradox between how deeply executives believe in the power of marketing – and increasingly online marketing - but how much more work is necessary to deliver on these expectations.”
More than 200 companies participated in the survey, measuring attitudes to online marketing and advertising. Of those companies, 70 of them generate annual revenues of at least $5bn.
The global study comprised 228 executives in the United States, Europe, Asia and elsewhere. Regional differences were negligible.
About The Survey:
The online survey was conducted in February 2006, and received 228 responses, 36% marketing executives and 30% CEOs from a range of industries. They were located in the following regions: Asia-Pacific (25%), North America (26%), Latin America (3.5%), Western Europe (30%), Eastern Europe (12%), and Middle East/Africa (4%). A total of 48% of respondents work at companies with more than $1 billion in annual revenue.
About the Economist Intelligence Unit:
The Economist Intelligence Unit, the business information arm of The Economist Group, publisher of The Economist, is the world's leading provider of country intelligence, with over 500,000 customers in corporations, banks, universities and government institutions. Our mission is to help companies do better business by providing timely, reliable and impartial analysis on market trends and business strategies. www.store.eiu.com
The University of Westminster is a charity and a company limited by guarantee.
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© 2008 New Media Knowledge.
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