Digital marketing, or termed by some as marketing 2.0, is a broad term that can encompass a multitude of discplines ranging from online advertising and social media to customer acquisition. So it doesn’t surprise me to see the results of this CMO survey show that most marketing executives aren’t garnering the results they anticipated out of their digital marketing initiatives.
I don’t necessarily think that’s a result of incompetence of poor execution. It’s simply a result, like most Web 2.0ish terms and practices, of a lack of definition, parameters, and best practices around this concept. I believe the key to marketers finding a place for Web 2.0 is for it to support what marketing is suppose to do best: help to retain current customers and identify new ones to assist sales with acquiring them.
In that sense, marketers are fully aware of digital marketing’s potential but not really sure how to tap it.
Take brand recognition as an example. I was a little disappointed that the survey found that brand-building was seen as much less important. There’s some real value to be offered around branding and social media.
The inefficient, old-school model of selling products by “buttering up” makes it nearly impossible to accurately gauge a customer’s perception of your brand and company. Before the Internet, perception management was subjective at best. With the arrival of the Internet, Web 2.0 capabilities combined with unstructured search functionality should allow any brand manager to plug RSS feeds and third-party statistical data into any CRM UI, alongside sales data.
And as long at those capabilities are leveraged within the right context of a business, that’s a very powerful tool that any CMO shouldn’t be passing up.