The Digital Disconnect
We read many articles about online disruption, digital transformation and market change associated with the Internet - but none have really hit the nail on the head so effectively as The Rise of the CMO by Jake Sorofman.
Writing for the Harvard Business Review (Blog), Sorofman has highlighted some simple yet stunning insights into the slower than anticipated adoption of digital marketing.
Leading with this fact: “When it comes to marketing spending, analog still outstrips digital by a factor of three to one” (Source: Gartner’s 2013 digital marketing spending report) Sorofman asks how this could be the case, when digital marketing is plainly more accountable and most efficient at driving customer conversions and transactions.
Quote: “Assimilation to the new digital culture is incomplete”
The Blog makes mention of the “Digital Disconnect” (a leadership vacuum when it comes to adopting new digital strategies and technologies) amongst other factors. In our experience we see key decision makers looking to proactively ‘take control’ of their digital future, by pooling in the right resource to reduce risk, review profit potential and help manage customer relationships as part of the digital revolution. This article is refreshing because it digs into some of the detail behind slow adoption, including the transparency that digital measurement can bring, and the role of the Marketing Director within businesses that are looking to ‘digitise’.
Our advice? Digital disruption is an opportunity, not a threat. Consider that there is no single ‘one size fits all’ strategy that will work for your business, but instead gather your toolkit for modernization, by finding the right people, advice and suppliers to help manage your digital equity.