As the final few of months of 2018 approach, we’re starting to look to the year ahead. Since 2017, companies have begun to shift from data-generating to data-powered organizations, and it’s important to note how transparency practices, insights, and market spending are beginning to work together to deliver best value to a business and its customers.
To plan effectively for 2019, marketing leaders need a solid understanding
of the overall economic and competitive environment and the major trends impacting B2B marketing. In a joint effort, Duke University’s Fuqua School of Business, the American Marketing Association, and Deloitte, have created the CMO Survey, which seeks to capture senior level marketer’s opinions about important trends in marketing spending and practices.
Drivers of Future Growth
Survey participants were asked to rate the importance of five “drivers” of future organic growth in their business. They ranked the ‘right talent’ as their topmost priority whilst having the ‘right technology’ was listed only fourth out of the five possible choices.
So, while technology remains an important driver, respondents clearly believe that having the right talent to work with that technology is the best way to deliver actionable insights and improve business performance. Blended within these marketing best practices are marketing spend, new roles which will come of age, and governmental regulations of transparency, specifically the European General Data Protection Regulation (GDPR). The latter, in particular, will see an increased prominence in the U.S. as customers demand more data protection and privacy.
Changes to Marketing Spending
Overall marketing spending is expected to grow by about nine percent over the next twelve months:
- Digital Marketing is expected to increase by up to 14%.
- Social media and mobile marketing are expected to increase rapidly but are unlikely to have a major impact on company performance. Despite this, we should see an uptick of around 7% within the next three to five years.
- Marketing analytics will also expand over the next five years, although marketing leaders are still working out how best to maximize analytics potential value.
Introducing the Chief Data Officer
There has been a rise in senior level roles with the Data industry. One of the most crucial, newly developed C-suite executive role is that of Chief Data Officer or CDO. Whilst the CDO’s role is to derive value from Data, this is not a functional role, but a strategic one. However, as this is still fairly new within the industry, any company appointing a CDO are clearly presenting their mindset as a Data-driven business.
For those senior level Data professionals who understand agile platforms, methodologies, and can shift rapidly between centers of excellence and line-of-business, CDO could be your next role.
Data Governance Professionals
Though Data Governance strategies are key for all C-suite executives, there is also a place for an individual to hold a key role in Data Protection & Governance.
Following the introduction of GDPR in May 2018, businesses were put on alert to take greater care of their customer’s data. Though fines are potentially massive, many enterprises, especially in the U.S. are still not prepared. It’s important now, and will become increasingly so, for organizations to get a better handle on the governance of their data assets.
Extracting meaningful insights and increasing operational efficacy requires flexible, integrated tools that allow users to quickly ingest, prepare, analyze and govern data. Full transparency within an organization derives trust from customers and helps to draw more meaningful, timely insight conclusions.
For more about the trends that have dominated 2018, you can learn more here
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