In this month’s issue of Marketing, David Brown says Canadian marketers are making social networks their top destination for digital display ads. More than one-quarter of all online display impressions were served through social media properties in 2012, according to a recent report from comScore called Canada: Digital Future in Focus.
According to Marketing, 75% of advertisers are purchasing media and/or sponsored content in social media (as opposed to using social media’s free tools, such as blogs and tweets). But the majority (70%) aren’t spending more than 10% of their budget in social.
In fact, digital marketing of all kinds is still outstripped by analog, according to Gartner’s 2013 digital marketing spending report.
In a blog for the Harvard Business Review, Jake Sorofman says today’s CMOs still aren’t fully assimilated into “digital culture.” While there are “digital converts” who Sorofman says have built world-class digital marketing organizations that reimagine brand engagement, and even reinvent business models, they’re not the norm.
Sorofman says the smart CMOs are hiring chief technologists or marketing technologists. Gartner found that 70% of marketing organizations already have a marketing technologist, and predicts that 25% of enterprises will have a chief digital officer by 2015. “In both cases, this role is the designated left brain to the CMO’s right,” says Sorofman.
Last year, Gartner predicted that by 2017, the CMO’s technology budget will exceed the CIO’s, a trend Sorofman chalks up to the fact that, more often than not, it’s the CMO who is expected to drive this digital transformation, which is dependent on technology.
Whether your company has a CMO or not, the point here is that it’s critical to find people who have a “digital brain” to help navigate these new marketing waters. If you’re farming out your marketing to a consultant or firm, make sure you’re choosing the right one. And if you are that CMO, be honest with yourself about your capacity to wield this new marketing tool effectively.