View from the top: a survey of marketing business leaders on change and marketing by the Financial Times (FT) and Maxus
Marketing is changing, and only half of C-suite executives believe their company is prepared for what lies ahead.
A new study by Maxus and the Financial Times surveyed global business leaders to identify the challenges that marketers are facing as the media landscape evolves, with staggering results. Four out of five business leaders accept change is a part of life, but also feel underprepared for managing change in their organisation.
With the rapid development of the internet and with it mobile technologies, 41% of marketers have found the decline in traditional media a big threat, as reported on the Indian media website, exchange4media.
Although 61% of respondents saw technology as “the driver of change”, three-quarters identified data and analytics as a significant creator of opportunity, but only half felt that their company is in a position to manage and capitalise on these changes, as Marketing Week have discussed.
‘What’s interesting is that we are now seeing three dimensions of change: complexity and sophistication; sheer breadth and range; and staggering velocity,’ says Maxus Global chief development officer Richard Stokes.
So how are businesses addressing the rapid changes? People skills (51%), new technology (44%) and company culture (44%) led the way as the most important factors in capitalising on the changes, and surprisingly the specialisation of job roles was nominated as the least important with only 6%. Companies are not looking to hire people who are effective in one very specific area, they are looking for individuals that are adaptive, and can grow and develop with the market itself.
As the changes continue, it will be the marketers that are confident in identifying opportunities and are brave enough to try new things that will flourish whilst others are still mourning the decline of more traditional formats.