research also identifies improved targeting and access to internal resource as major drivers for digital success in the coming year.
Polling the views of senior marketers across a range of major market sectors, the study found that although investing in digital was a priority, many marketers do not fully understanding how best to exploit the channel. Making better use of digital channels was a high or medium priority for 85% of respondents, a clear demonstration of its accepted role in the marketing mix. However, 74% claimed to want to use digital channels more effectively.
While 70% of respondents cited customer retention as a high priority for 2010, a healthy 58% said the main focus for the year is customer acquisition. And those organisations ramping up acquisition activity are doing so in an increasingly targeted fashion, applying insight to add greater intelligence to making selections and developing relevant messages. In addition, two thirds of marketers plan to focus on
trigger-based activity to drive contacts with more timely and relevant offers, while 83% want to use customer insight to target new customers more effectively. Another challenge is the availability of skilled internal
resource – an issue that could impact on marketers’ digital aspirations. Some 63% of respondents felt a lack of internal resource could limit their ability to deliver against objectives, indicating that the effects of cutbacks within marketing departments are continuing to be being felt. Jim Hodgkins, Managing Director of Experian Marketing Services, comments: “The degree of personalisation and up-to- the-minute relevance possible via digital channels means using deep customer insight to get targeting right will be one of the key drivers of digital success in 2010. “Yet the focus on digital coupled with a desire to use digital channels more effectively highlights the need for marketers to really understand and drive value from such channels – not simply engage with them because of perceived competitor peer pressure.”
He adds: “What marketers should be focusing on is understanding which channels work for the individual customer and using this data insight, combined with marketing platforms and analytics, to create integrated marketing campaigns that blend the use of traditional and digital channels appropriately.” n
Young adults maximising access to
credit despite recession
Nearly one in 10 yound people has access to three or more current accounts with overdraft facilities.
Almost 10% of young people has access to current accounts with overdraft facilities, says Callcredit Information Group research. Some 7% of adults have three or more personal current bank accounts with an overdraft facility, rising to almost one in 10 (9%) among 18 – 24 year olds Of those who have more than one current account with
overdraft facilities, 14% have more than three providers, rising to 27% among 18 – 24 year olds. Of those people who have more than one current account with overdraft facilities, 2% of
18 – 24 year olds have their accounts with more than five providers and almost one in 10 adults (have overestimated their income when applying for credit. Around a quarter of mortgage holders say that a drop of up to £300 in monthly income would mean that they would be unable to meet their monthly mortgage repayments while 5% have stopped paying off their bills in full, reverting to minimum / fixed payments. “While the end of the recession may be in sight, it seems that many consumers continue to struggle in managing their finances,” said Graham Lund, Managing Director, Callcredit Information Group.
“What’s particularly concerning is the proportion of young people who appear to be targeting multiple providers for access to multiple overdraft facilities. Lending and borrowing responsibly to ensure affordability is vital for the recovery of the economy and lenders need to have a complete customer view – not only of accounts held with them but externally too – to ensure a consumer is not overburdened with credit.” n
56% rate marketing measurement
capability as non-existent or basic
An alarmingly high percentage of organisations have no mechanism in place to measure marketing success.
The Chartered Institute of Marketing has joined forces with Deloitte to launch a new benchmark survey to explore the challenges of marketing measurement and accountability facing both UK and international companies. The benchmark survey itself is still live but initial findings already reveal some underlying challenges for the marketing industry:
Less than 10% of organisations ‘always’ set clear KPIs for marketing initiatives.
19% of companies stated that they never established clear accountability for strategic marketing initiatives.
56% of companies rate their capability to measure marketing as “non-existent” or “basic”.
David Thorp, director of research and professional development at The Chartered Institute of Marketing, comment: “It’s concerning to see that even after the resource constraints of an economic downturn, many marketers are still not fully embracing the rigour and accountability that their businesses demand of them.” Nick Turner, head of marketing effectiveness at Deloitte added: “Marketing measurement and accountability is an issue that many organisations need to address. Our joint study will help us to understand how to align organisations around common customer related measures and understand marketing’s contribution to them. The insights will enable us to identify actionable steps and provide pragmatic solutions that companies can take.”
The statistics mentioned above are based on more than 100 UK and multinational organisations who have contributed so far in this Marketing Measurement and Accountability Study.
The benchmark survey is still open can be completed at
“Marketers should be
work for the individual customer and combining this insight with
marketing platforms and analytics to create
-Jim Hodkins, MD, Experian
April 2010 21
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