ENP Newswire -
Release date- 25082014 -
According to the study, 65% of executives say their companies need to do more to harness digital technology to improve marketing effectiveness. In addition, 61% say their companies need to do more in terms of harnessing marketing data to improve effectiveness in complementary areas such as product development and logistics.
These are among the major findings of 'The race is on: Keeping pace with the Consumer Goods leaders in digital marketing and technology', a new study from Forbes Insights, commissioned by
'This study shows that many companies still have a long way to go to realize the full potential of digital marketing,' says
He added, 'The rapid shift to digital is providing businesses, across consumer industries, with more opportunities than ever before, to connect and engage with their customers. How well businesses are able to implement digital technology has a direct impact on business results and will keep them ahead of their competitors.'
Additional findings from the report include:
Forty-two percent of executives believe their current approach to digital marketing is too fragmented-rising to 47% among companies with greater than
Silos contribute to the challenge: Digital marketing is often organized as a separate function (37%), while e-commerce often operates as a separate business unit (39%).
Half of executives, 50%, report that in one or more instances, their digital marketing has failed to integrate with essential back-end processes.
Nonetheless, 20% of companies describe themselves as transformative. These are the leaders, companies that have already embraced a broad array of digital strategies: social, mobile, web and analytic tools and technologies transforming not only sales and marketing but also the overall business
To improve digital marketing effectiveness, companies are seeking closer alignment between marketing and IT.
Companies are looking to expand their use of external resources/providers for digital marketing
Forty-three percent of executives believe their IT departments are so busy they are unable to help with digital marketing technology needs.
Fifty-nine percent indicate that their companies are amenable to adopting a greater degree of technology outsourcing-specifically, a model where a third-party, full-service technology provider is able to assist with a greater degree of both front-end marketing and back-end operational processes.
Fifty-eight percent say they are open to working with consultants who can help manage both front- and back-end digital marketing processes.
The report titled 'The race is on: Keeping pace with the leaders in digital marketing and technology,' can be downloaded here: www.wipro.com/consumer-goods-transformation/
About Forbes Insights:
Forbes Insights is the strategic research and thought leadership practice of Forbes Media, publisher of
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in
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