Top level support, the freedom to take decisions, plus investment in training are critical enablers for marketing transformation, according to a survey from the World Federation of Advertisers (WFA).
Some 56 senior leaders within 51 organisations, which spend more than $83 billion on global advertising, answered the WFA survey.
It found that the current state of transformation varies widely between multinational companies, with 37% ‘just beginning the journey’, 32% ‘progressing well’ and 22% ‘well advanced’.
The research, carried out in conjunction with Dentsu SCHEMA, the global management consultancy brand within Dentsu Aegis Network, identifies key differences between those who have made progress and those who are still in the early stages.
These differences include:
C-suite support, with half of ‘well advanced’ organisations having active support from senior and board-level leadership, compared to just 4% of organisations at the early stages of transformation.
Significant investment in the training and development needed for successful transformation, with a third of ‘well advanced’ organisations stating they invest, compared with only 4% of early stage and 6% of maturing organisations.
An executive leadership that views marketing as a proven driver of growth. This is the case at 43% of advanced organisations but only 15% of early-stage companies.
The capacity and freedom to succeed. Half of advanced organisations stated they significantly/completely gave this compared to 13% of early-stage companies.
A clear and actionable transformation roadmap. 82% of advanced organisations define a clear plan versus 25% of early stage companies.
Stephan Loerke, CEO at WFA said: “Marketing transformation for the data-driven digital economy isn’t new. Most multinational brand owners have been on a journey towards this for several years. But the change in business environment precipitated by Covid-19 has accelerated the need for brands to future fit their organisations.
“Naturally this includes a keen focus on e-commerce, customer experience, data and technology. However, the cultural and organisational elements of change are equally (if not more) important than ensuring that the right technology solution is in place. Advertisers will need to be highly focused on a clear roadmap to ensure their organisations are fit for the challenges of the future.”
