New survey finds gaps between what marketers need and what agencies are delivering
Marketing functions have changed significantly over the last five years leaving a gap between what marketers need and what is delivered, according to Deloitte’s Relationship Reset: Chief Marketing Officer (CMO) Survey released today at FFWD Advertising and Marketing Week. This, and other findings from the survey suggest that as marketing functions continue to transform this will result in clear opportunities where in-house marketing departments can work with external agencies more effectively.
In partnership with the Institute of Communication Agencies (ICA), Deloitte surveyed over 300 CMOs and heads of marketing departments across the country about where the industry is heading, key challenges they face as marketing leaders and how they perceive external agencies add value. Marketers overwhelming believe (71 per cent) that harnessing data analytics is one of the most important challenges they face. Two- thirds (66 per cent) of marketers use analytics in making key decisions related to marketing. However, half of respondents (51 per cent) do not have the in-house skills to harness data and 44 per cent also do not rely on agencies for support with data analytics.
“This is an exciting time for the marketing industry. With the role of the marketer evolving it is necessary for the marketer-agency relationship to progress as well,” said Colleen Albiston, Chief Marketing Officer, Deloitte. “From our research there are clear gaps that marketers cannot fill in-house, and they will look to agencies for this support. Agencies have an important opportunity here that they shouldn’t pass up.”
82 per cent of CMOs believe that the marketing function is facing an increasing challenge to transform and acquire new skills. More than half (70 per cent) of CMOs believe that agencies need to help drive growth, and over 40 per cent foresee a heavier reliance on agencies over the next five years.
Additionally, 80 per cent believe that the expectations of marketing have increased dramatically, with 89 per cent of respondents agreeing that digitalization has changed the role and content of marketing. CMOs are viewed as being more influential to an organizations success over the past five years (75 per cent).
“The ICA is delighted to have collaborated with Deloitte on this important study to better understand the opportunities and challenges faced by Canadian marketers. It is clearly evident that our member agencies are important partners in driving business growth and innovation in this era of radical change.” Gillian Graham, ICA CEO.
About the Deloitte Relationship Reset: Chief Marketing Officer Survey
The research findings are based on a study conducted by Modus Research on behalf of Deloitte and in partnership with the Institute of Communication Agencies. Over 300 lead marketers at mid to large -size organizations (with 50+ employees) throughout Canada were surveyed over the phone. Results were then compared to a survey, of ICA members, commissioned by the ICA.