In a comprehensive 2011 IBM study, more than 1,700 chief marketing officers (CMOs) worldwide were interviewed about the current state of the industry. The findings highlighted key challenges, such as the explosion of data, social media, the proliferation of channels and devices, and shifting consumer demographics.
Four out of five CMOs recognized that the market will be highly complex over the next five years; however, fewer than half felt prepared to handle the complexity.
How can marketing professionals positively face and overcome these challenges? Here is just one example of an agency that continues to succeed:
- Objective: A mid-size agency that was looking to substantially grow had a need for multiple digital skills and capabilities. Limited expertise, bandwidth, and investments were inhibiting the agency from executing digital operations at optimal levels, from analysis of digital options to recommendations, execution, tracking, and optimization. As a result, employees with expertise in other areas were overloaded as they tried to help with the digital workload. For example, the agency’s web designer was also responsible for paid search.
- Solution: Centro collaborated with the advertising agency to help it master its digital media operations. The agency relied on Centro for digital expertise, experience at the regional and national level, and accessibility as digital media planning and operations were a core offering. Centro’s media logistics platform streamlined the digital campaign process. The Centro team helped the agency with digital media planning, execution, optimization, and monitoring of its campaigns.
- Results: As a result of the partnership, the agency benefited greatly from improved efficiency and effectiveness. The agency has grown substantially in staff and revenue (more than 50%), and it has won numerous awards for its creative work.
- Unlocked Expertise: The agency didn’t have to downsize with Centro’s partnership, instead the scope of work was changed, freeing up expertise that could be used in more strategic and creative areas (e.g., the web designer could solely focus on design).
- Time Savings: The agency estimated that it took at least 50% less time for Centro to do the work that was previously managed in-house.
- Cost Savings: The agency indicated that it would have taken a minimum of three full-time equivalents (FTEs) to do the work completed by Centro. Given the type of talent required along with benefits, this represents a cost savings between $300,000K and $400,000K per year.
Imagine what you could accomplish with more expertise, more time, and more money…