In mid December, IDC came out with their Chief Marketing Officer (CMO) predictions for 2014. The entire list of predictions can be found here. As you will see, many of the predictions involve something related to technology – digital marketing, data, analytics, etc. Not a big surprise. Here are some of the predictions that particularly caught our eye…
Prediction 2 – Innovative CMO and CIO pairs will throw out the rule book when it comes to IT’s support of Marketing
IDC believes that marketing IT requires agility, and process-heavy tradition should be set aside in favor of expediency and experimentation. We agree.
Prediction 5 – Multi-channel coverage becomes an opportunity and a challenge area, as CMOs integrate media silos
We have written a lot about how we feel that multi-channel is a good news/bad news situation for digital marketers (i.e., an opportunity and a challenge). The good news is that there are now so many different ways for marketers to reach their target audience. The bad news is all of the different data silos that have to be monitored in order to keep track of what’s happening.
Prediction 6 – 80% of customer data will be wasted due to immature enterprise data “value chains”
IDC says that poor data practices remain one of the biggest hurdles to marketing success. Some data is not collected at all; some data is trapped in other company systems; some data is collected but has no meaning; and some data is made available but too late for any relevant action to be taken. In October, we published a blog post about how important it is to have quality data in order for data-driven marketing to work.
Prediction 7 – By the end of 2014, 60% of CMOs will have formal recruiting process for people with data skills
Prediction 8 – Only 20% of marketers will receive formal training on analytics and customer data management
We feel that these two predictions are very much related. They point to the transition many organizations are going through to become data-driven. CMOs are recognizing the need to hire people with data skills but at the same time, they haven’t fully embraced the fact that analytics expertise is a requirement, not a specialty skill. All marketers will need to understand some level of analytics moving forward, otherwise they’ll be left behind.
Prediction 9 – Fragmented marketing IT point products and low adoption rate will inhibit companies’ ability to win customers
IDC believes that there is currently a highly fragmented marketing IT infrastructure and that the gaps in the infrastructure slow down the flow of data. As a result, they propose the need for accelerated platform development and are encouraging companies to demand more from technology vendors to quicken the evolution of platforms. Hint, we are working on something in this area 🙂
Prediction 10 – Digital marketing investment will exceed 50% of total program budget by 2016
This is a clear indicator that digital marketing is no longer an experiment. It is a discipline that organizations have to develop as a core competence, as we explained in a blog post last July.
What are your thoughts on these predictions? Do you agree? Disagree? Let us know your thoughts in the comments section below.
Start breaking down the data silos in marketing!