Here are four significant takeaways from the survey to help marketing leaders deliver in 2016:
Bigger budgets and bigger shoes to fill
2015 saw marketing budgets increase 10 percent to 11 percent of revenue, and two-thirds of marketers expect their budgets will grow in 2016. Areas of focus are social marketing, analytics, customer experience and digital commerce. But with this increase comes increased expectations; marketing is expected to drive profitable growth through the acquisition, retention and expansion of the most valuable customer relationships.
That’s a tall order. Now is the time to sync budget priorities with measurable outcomes. And digital commerce leads the charge in helping marketers show clear revenue impact.
Digital commerce on deck
Two main factors are driving marketers’ participation in digital commerce: The need to point to tangible results from marketing investments and the recognition that it takes more than just a commerce platform to sell online. If you build it, customers won’t necessarily come.
Digital marketing was one of the highest ranked areas of marketing technology investment for 2015 and a full 20 percent of marketers said digital commerce was the highest priority on their list, compared to 10 percent last year. While the total budget allocation across channels and categories is still evenly split, digital commerce represents a pathway for marketers to leverage their core skills in areas that show demonstrable impact on revenue. It’s time to book some revenue for all that hard work across the customer buying journey. While digital commerce was an area of increased focus, only social marketing ranked higher as a focus of investment in 2015.