MARKETING
Challenges, Budgets, Digital Transformation & Skills
Many different types of businesses have struggled over the past few years, and as a result, the marketing profession has had to adjust its goals, duties, and skill sets.
A company stops innovating and evolving, and it often undergoes a transition. There is less of a need for radical change when a company moves in parallel with its market, updating its products, services, Digital Marketing, and proposal to attract new consumers and increase the lifetime value of its present clients.
Marketers’ responsibilities as senior executives now include acting as revenue and growth drivers and company accelerators. They must also develop strategies for attracting and retaining the talent they need to succeed in today’s highly competitive, customer-centric (CX-focused) e-commerce marketplace.
What are the most considerable difficulties facing marketers and managers overseeing them in this more digital world?
Most significant obstacles facing the business world of marketing?
The most effective forms of digital marketing use online and offline methods of reaching and interacting with consumers. However, chief marketing officers (CMOs) and other top marketers have difficulties as budgets get cut, and upper management expects data to make educated business decisions.
So, let’s take a look at four of the main obstacles:
Delivering Greater ROI on Marketing Budget
It is now much more straightforward for marketers to calculate their efforts’ return on Investment (ROI), thanks to the wealth of data available across digital platforms. However, that isn’t very easy because 20% of C-level marketers name increased return on investment as their top challenge.
Return on investment (ROI) is significant since it illustrates the worth of marketing activities and can help chief marketing officers evaluate the success of each campaign. This will allow them to develop and launch more effective advertising in the future with more reliable information.
Achieving a Positive Return-On-Investment is complicated. If you have evidence to support your proposal, your leadership team is more likely to endorse it. CMO, Americas, Tech Industry.
These days, top marketers place a premium on return on investment (ROI) because it aids in selecting the most productive marketing strategies. It reveals trends in consumer habits and demonstrates marketing’s effect on revenue.
Attracting New Talent to the Marketing Team
It’s widely known that there’s a worldwide skills gap in the digital realm. The Economist Group emphasized combining technology and skill for marketing success.
There is a critical lack of talent, especially in these vital sectors that are given below:
- UX designers
- General digital marketers
- PPC specialists
- Data analysts
- Search Marketing
- Martech
- CX specialists
- Search Marketing
It’s hardly surprising that in today’s highly competitive digital market, most of these positions are concerned with either boosting the customer experience or increasing brand awareness. What’s remarkable is that general digital marketing skills are valued almost as highly as PPC, CX, and data analysis expertise.
Unlocking the Power of Data to Push Growth
Marketers’ valuable resource is data. It helps marketing teams and their managers learn about their customers, find ways to personalize their communications and launch effective campaigns.
Data is abundant, but it can be challenging for many CMOs and senior marketers to know how and where to use it. Smaller businesses might sometimes struggle to find skilled personnel to manage their data and turn it into actionable insights.
This is because many organizations are either relatively small in size or have limited resources, so they need marketers that can handle everything from content marketing to sponsored search to social media marketing.
Similarly, businesses will have to rethink their strategies for gathering client information in light of the decline of third-party cookies. While tools like first-party and zero-party data make this possible, businesses still need to adapt their thinking and give customers incentives to trust their personal information.
Integrating Traditional & Digital Marketing
Traditional and online marketing need to work together in all fields. Nowadays, customers encounter several connections along the marketing funnel, expecting a consistent experience from the beginning to the end.
Therefore, CMOs and senior marketers emphasize multichannel marketing as a consumer engagement and retention strategy. In the words of one chief marketing officer in the nonprofit sector: “We need a better understanding of the need to be omnichannel focused and digitally seamless.”
Marketing Skills & Digital Skill Shortages
Senior and mid-level marketers on workforce capabilities found that both groups felt severely limited in digital marketing expertise, particularly in data analysis, digital marketing strategy, and user experience design.
It’s a worldwide challenge for business executives to find and keep employees with the right mix of digital skills. Research on digital skills and employment trends reveals an employer’s nightmare as the employment landscape shifts to favor workers. Companies also offer attractive compensation and benefits packages to attract and retain talented individuals.
Leaders face the additional difficulty of filling skill shortages within their organizations through the training of both current and incoming employees.
In 2023, What’s Next For Marketing?
Marketers, especially those with cutting-edge knowledge and experience, have a promising professional future. In addition, chief marketing officers and other top marketers can see positive results from their efforts using a data-driven, customer-centric approach.
MARKETING
Trends in Content Localization – Moz
Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.
Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.
Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.
MARKETING
How AI Is Redefining Startup GTM Strategy
MARKETING
More promotions and more layoffs
For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.
The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.
Dig deeper: How to overcome marketing budget cuts and hiring freezes
Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643.
Here are the median salaries by role:
- Senior management $199,653
- Director $157,776
- Manager $99,510
- Staff $89,126
Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.
One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%).
Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.
Dig deeper: Skills-based hiring for modern marketing teams
Employee turnover
In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”
Men and Women
This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.
In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.
Methodology
The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents.
Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.
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