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With growth likely to be sluggish, marketers are faced with the challenge of transforming to meet new customer expectations—with static or declining budgets.
As growth slowly returns to the corporate agenda, it is becoming clear that the recovery is likely to be both prolonged and sluggish. Companies will have to work harder to address new customer values and changing behavior, high levels of competition and sustained cost pressure.
To see how marketers view these opportunities and challenges, Accenture surveyed 400 senior marketing executives from companies in the United States, Canada, United Kingdom, Germany, France, Japan, China, India and Australia. All companies had annual revenues exceeding $1 billion except in the cases of India and Australia, where companies with revenues exceeding $500 million were included.
The changes in customer expectations will require marketing itself to change quite substantially. Marketers will have to become more responsible to the customer, not only in the sale of the product but also in following up on execution. Marketers will have to develop further the core capabilities that will enable them to do so.
Most respondents agreed that mastering analytics—to understand customers’ new needs—and innovation—to create new offers to meet those needs—will play key roles in the new marketing organization. Almost as important, marketers will have to develop capabilities in customer engagement to deliver the brand promise.
Six barriers to improving marketing performance were identified by the research. These are: inefficient business practice; lack of funding and other resources from senior leadership; poor integration with other functions; lack of technology or tools; required workforce skills; and access to key customer data.
Contact us to find out how Accenture can help your marketing organization transform to meet new customer expectations.
June 29, 2010
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