Avi Dan makes some very good points in this AdAge article. Rapid change in technology and consumer behaviour is something every brand marketer should be paying close attention to. However, given the average 11% budget allocated to online marketing (in Canada), most aren’t. Failure is the consequence, as the tenure of the CMO will continue to decline from the current average of just 18 months.
- While consumers and retailers embrace these innovations, one group seems to be conspicuously lagging behind the rapid technological evolution of the marketplace: marketers. Consider this: Ten years ago, at the beginning of the decade, consumers spent 30 minutes online. Today it’s four hours, according to Media Metrix, twice as much time as they watch TV.
- In this decade broadband expanded from 3% to two-thirds of American homes. Yet marketers barely adjusted their approach. While investment in digital advertising has crept up some, roughly 90% of budgets is still spent on traditional channels like TV.
- A good place to start is reviewing the scope of their relationships with their agencies. CMOs must demand that all of their agencies, and not just the digital shop, become technologically savvy.
- Marketers should strive for mutuality and non-partisanship in brand stewardship. Today, it is ensconced with the “traditional” agency, while other disciplines play a supporting role. Of course, if you spend 90% of your budget with traditional agencies, that makes sense, but it also leads to silos and makes integration hard.
Posted via email from Flatacre
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