Marketing executives face several challenges as they try to both execute strategies and take care of day-to-day tasks, according to an Accenture study.
Namely, insufficient budgets, skills shortages and inadequate tools, insufficient integration with other business functions and a lack of access to the customer data they need all throw roadblocks in their way.
Additionally, only 23% of the marketers said their organizations excelled in customer analytics, innovation, customer engagement and marketing operations at the same time and 33% said they did not perform well in any of those areas. A mastery of customer analytics – cited by 65% of the marketers – is key to getting their jobs done.
Still Not Reaching Out
The three business issues the marketers most frequently said they want to address are customer retention and loyalty, new customer acquisition and sales numbers among existing customers. Yet at the same time many admitted to not making full use of the technologies at their disposal.
For example, marketers most frequently said they did not make effective use of online communities (cited by 43% of respondents); direct mail and telemarketing (37%); new digital marketing (34%); and online advertising (31%).
At the same time, customer expectations of their companies are changing, they noted:
- 72% of them said that “most or all” of their customers expect more value for money.
- 71% said customers have higher product quality expectations.
- 69% said customers are increasingly price sensitive.
- 68% said customers have higher customer service expectations.
- 66% said customers expect businesses to have greater respect for their time.
About the Study:
To complete the online study, 400 senior executives working for companies in nine countries, including Australia, Canada, China, France, Germany, India, Japan, the United Kingdom and the United States were surveyed between November 2009 and January 2010. The majority of the respondents (82%) worked for companies with annual revenues exceeding $1 billion. Others in Australia and India were employed by companies with revenues in excess of $500 million.