Marketers Lag In Utilizing Innovation, Technology In Brand Growth
Marketers are onboard with the idea that future brand growth will be tied to marketing innovation and technology, but, as a report from Association of National Advertisers (ANA) shows, not many are spending time learning how to utilize the tools. The report, “Marketing, Innovation, and Technology,” produced by the ANA’s Marketing Futures Program, found a significant disconnect between marketers who believe in the power of innovation and technology to build brands and those who actually learn about and implement those tools.
ANA’s survey of CMOs, vice presidents, senior directors and marketing managers found that 84 percent of respondents believe that future brand growth will be tied to marketing innovation and technology, yet 45 percent indicated they spend 25 percent or less of their time on both. In the report, ANA notes that marketers are time-poor, and with the demands of an expanded scope of work and the urgency of real-time issues, knowledge and training need to come in informative, mobile and bite-sized formats.
According to the report, despite acknowledging they are time-strapped, more than half of the respondents said they felt prepared to deal with issues pertaining to innovation and marketing technology that might arise in the next 24 months. This suggests there is an assurance that when challenges arise, the right talent and tools are within reach, the study said.
ANA also highlights in its report that marketers today are at the intersection of brand, product, experience, sales and technology. The current global health crisis is shifting the consumer journey to one that is predominantly digital, emphasizing the importance of innovation and marketing technology in future brand growth. Innovation and technology can help marketers identify new opportunities, produce new products and services, be more efficient with resources, generate less waste, and strengthen engagement with audiences. The top three areas seen to benefit the most from marketing innovation and technology are data and analytics, measurement and accountability, and customer experience.
For the full ANA report, click here.