By Mark Cameron
Another, far more important factor is that the consumer is driving real change in the market, forcing brands to interact in new ways. Social media and the consumption of content through digital channels have now reached near ubiquity. While this will not spell the end of TV, radio and newspapers, digital is capturing an increasingly larger proportion of market share. Furthermore, today’s consumer is sophisticated. When he/she wants something, he/she wants it personalised, and he/she wants it right away. Only the online environment can meet these kinds of demands.
The final part of the puzzle is that businesses simply do not have the skills required to keep up with the pace of change and are looking to invest. A 2012 IBM study—“Fast Track to the Future, The 2012 IBM Tech Trends Report”—found that across the four technology areas it explored—mobile, business analytics, cloud and social business—only one in ten organizations had all the skills it needed. Within each area, roughly one-quarter reported major skill gaps and 60% or more reported moderate to major shortfalls. An integrated approach to digital marketing would address all of these areas so it makes sense to invest wisely.
With all of this budget upheaval, the one thing that can be guaranteed is that the marketing industry is going through a major disruption. When it emerges from this phase it will be permanently altered—and this is a really big deal. As the famous management author Peter Drucker said, “Business has only two basic functions: marketing and innovation.”