A recent McKinsey report: Bullish on Digital shows that companies, across all industries, are making digital marketing and customer engagement a high strategic priority. This means that, increasingly, companies are creating branding and marketing materials meant to be shared online through social media, their website, as well as through email marketing. They are targeting and personalizing communications based on lead and customer data. They are also using analytics to test effectiveness and improve their campaigns.
CEOs are beginning to take digital marketing seriously, as well. According to the study, the percentage of CEOs that support, engage, or initiate digital initiatives rose to 55% in 2013 (compared to 46% in 2012.) This ‘wake up’ may not be surprising, as the C-Suite begins to see a direct correlation between more customer engagement, as well as revenue growth, and the use of digital campaigns. Many CEOs also believe digital initiatives will help them cut costs. In this study, 65% reported that their digital strategies will increase operating income over the next three years.
This surge in “Digital Leadership” is important because employees and managers most often attribute the failure of digital initiates to lack of interest from the C-Suite team. Some companies have even enlisted a Chief Digital Officer (CDO) to oversee all digital initiates. Overall this study highlights the promise, importance, and acceptance of digital strategies in the near and long term future.
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