Whilst users are continually looking to social media for the latest products, trends and news, the relationship between digital media and social interaction has become key when proposing marketing strategies.
2014 is the year of collaboration. With Big Data entering the realms of social media, the internet of things and ecommerce, businesses need to rethink the way digital marketing operates and drives success. With layers of content constantly offered to customers, it is clear that businesses and brands alike need to develop strategies which combine a successful story with compelling content.
I have put together list of my own expectations for Marketing in 2014, outlining predictions and key starting points which marketers need to utilise, consider and develop to push their digital marketing tactics. When combined, these provide an outlook on the ways in which businesses will grow in 2014, along with a foundational approach to how collaborative techniques can boost marketing tactics.
1. CMOs will be more data-driven than the CIOs: In 2014, CMOs will take over the lead from IT as the department which most effectively collects, cleanses and leverages data about customers from a wide variety of sources from data bases to CRM systems and digital tools, to gain a full picture of the customer base. This provides an essential tool for gathering trends and identifying consumer behavior.
2. Convergence of CIOs and CMOs: As marketers’ technology spend increases, CMOs are gaining more power in the digital space and consequently need to work with the CIO more and more. In 2014 we will see the emergence of a new hybrid role where the CIO and CMO role will merge—the chief digital officer.
3. Social media’s equal share: As social media sites reach maturity, as shown for example by Twitter’s IPO, the CMO’s budget in 2014 will be equally distributed between brand, lead generation and social media. Social media continues to become more and more important, , driving even more lead generation through the funnel than traditional marketing tactics.
4. Marketing automation: More money will be spent for programs versus people as marketers drive to create more automated processes in 2014. 75 percent of marketing will be automated, while 25 percent will be customer unique. This is an important aspect for Digital Marketing. The relationship between programming data and identifying the potential of automated processes is a key issue which needs to be recognised.
5. Custom content: As more and more marketers are creating their own content to drive sales, the barriers between paid, earned and owned media will break down to one integrated content strategy. Currently, 43 percent have a documented strategy; in 2014 this figure will rise as the demand for customer based content increases.
6. Redefining ROI: As new platforms for marketing content arise, the definition of ROI will shift to ROE—“Return on Engagement” with customers, turning content into leads and sales. Metrics will shift from quantitative to qualitative.
7. Internet of Things: According to Forrester, 90 percent of consumers who have multiple connected devices switch between the devices to complete tasks. That is a lot of machine data about consumers and their products. CMOs will need to spend one-third of their time analysing data and using predictive analytics to make marketing decisions.
8. The quantified self: In 2014, mobile will drive more than 50% of the traffic to an organisation’s homepage. Companies will need to be mobile-first. Business Intelligence – pulling data from numerous devices and platforms and collating this information – will greatly support marketing.
9. Micro-content: Content will continue to get shorter, even after the boom of the six-second Vine video. Next year, try creating a brand message via a three-second story telling Wordeo or a Snapchat photo that lasts on your device no longer than 24 hours.
10. Collaboration continues to rule the world: In 2014, the emergence of an entirely new set of collaboration tools will burst on the scene, much like HootSuite. These will be leveraged across country and across time zones to make collaboration easier and seamless.
