And how CMOs can mitigate losses.
, they’re happy to allocate 57% of their budgets to digital marketing activities and are planning to increase spending by another 16% in 2023.
Having a digital marketing arm simply isn’t enough. Digital marketing should be fully integrated across the company and used to drive and evaluate marketing decisions to reach its full potential. Unfortunately, that is not currently the case for most companies.When asked about digital marketing investments, marketing leaders historically have focused on optimizing their companies’ websites.
In fact, only 40% of marketers report having systems in place to track customer engagement in a way that informs their marketing roadmaps.
We recommend companies increase these investments with an eye toward more strategic-level experimentation that can offer opportunities for breakthrough growth. Too often marketers get bogged down in tactical experiments, such as whether customers like green or yellow, instead of testing the relevance of new offerings, innovations, or customer segments.