1 maart 2006 – Leading companies recognise the growing need to measure the effectiveness of their marketing campaigns, but admit that they spend little executive time doing it, according to a global survey compiled by the Economist Intelligence Unit.
The survey – sponsored by Google – also showed that leading companies believe marketing will play an increasing strategic role in their business, and that online advertising will be central to major campaigns. Over half believe that brand advertising will drive that growth.
Nigel Holloway, director of research in the Americas for the Economist Intelligence Unit, says:
"Online marketing is rapidly maturing, but companies have to make sure their actions catch-up with their aspirations. Executives must not lose sight of the need for specific yardsticks of success in every part of their marketing budget".
The survey also detected little apparent co-ordination between online ad spending with traditional media budget allocations. Integration of online and offline marketing remains the exception rather than the rule, with 52% of executives admitting their online and offline marketing efforts either run in parallel or are not integrated at all.
Google indicated that more needed to be done if companies were to exploit the potential for online marketing.
"More than 40 percent of executives say they will increase online advertising by adding new budget in the next two years," said Lorraine Twohill, Google director of European marketing programmes. "Yet, there exists a paradox between how deeply executives believe in the power of online marketing, and how much work is necessary to deliver on these expectations."
More than 200 companies participated in the survey, measuring attitudes to online marketing and advertising. Of those companies, 70 of them generate annual revenues of at least $5bn.
The global study comprised 228 executives in the United States, Europe, Asia and elsewhere. Regional differences were negligible.
Nigel Holloway, 1212 554 0656, nigelholloway@eiu.com
Sheila Allen, press liaison, +44 (0)20 7576 8188; sheilaallen@eiu.com
The results of this new survey will also be discussed at two exclusive Economist Conferences events for Marketing Directors:
London:
The Sixth Annual European Marketing Directors Summit
Steering the business through a changing global market place
The Carlton Tower, London
Wednesday, March 1st 2006
For further information contact: Rita Beidas
Tel: +44(0)20 7576 8122. Email: weurope_customerservice@economist.com
New York:
Fourth Annual Marketing Roundtable
Creating fresh ways to engage customers
Waldorf Astoria, New York City
Tuesday, March 14th 2006 – Wednesday, March 15th 2006
For further information contact: Elizabeth Bowen
Tel: (1.212) 554 0605. E-mail: americas_customerservice@economist.com
The online survey was conducted in February 2006, and received 228 responses, 36% marketing executives and 30% CEOs from a range of industries. They were located in the following regions: Asia-Pacific (25%), North America (26%), Latin America (3.5%), Western Europe (30%), Eastern Europe (12%), and Middle East/Africa (4%). A total of 48% of respondents work at companies with more than $1 billion in annual revenue.
The Economist Intelligence Unit, the business information arm of The Economist Group, publisher of The Economist, is the world’s leading provider of country intelligence, with over 500,000 customers in corporations, banks, universities and government institutions. Our mission is to help companies do better business by providing timely, reliable and impartial analysis on market trends and business strategies.
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